VIG Re, the reinsurance company of Vienna Insurance Group, announced the increase of its registered capital by the amount of EUR 100 mn in 2023 and the authorization of VIG Re’s Board of Directors to increase the registered capital by additional EUR 50 mn in the following two years.
The registered capital of the Company therefore now equals EUR 226,850,500.
General Meeting of VIG Re approved the increase of the registered capital by the amount of EUR 100 mn by subscribing of 10,000 pieces of book-entry ordinary registered shares in the nominal value of EUR 10,000 each.
The boost in capital will enable to offer greater coverage amid to customers at a time when the presence of solvent reinsurers with a vocation for long-term service is requiredJohannes Martin Hartmann, CEO and Chairman of the Management Board of VIG Re
General Meeting authorised the Board of Directors to additional increase the registered capital by issuing a maximum of 5,000 pieces of book-entry ordinary registered new shares, each with a nominal value of EUR 10,000. The authorisation is granted for a period of 2 years.
The bodies of the current shareholders have already approved to subscribe the new shares equivalent to their current shareholding.
The shareholding structure of the Company remains therefore unaltered:
- VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe, Vienna 55%
- WIENER STÄDTISCHE VERSICHERUNG AG Vienna Insurance Group, Vienna 15%
- DONAU Versicherung AG Vienna Insurance Group, Vienna 10%
- Kooperativa pojišťovna, a.s., Vienna Insurance Group, Prague 10%
- KOOPERATIVA poisťovňa, a.s., Vienna Insurance Group, Bratislava 10%
Reinforcing balance sheet will provide with additional flexibility for retrocession protection and enable to optimize underwriting risk in view of a growing market demandJohannes Martin Hartmann
“Moreover, we will invest part of the proceeds to strengthen digital and analytical skills in underwriting and automatization of backend processes,” commented Johannes Martin Hartmann.
As part of the Vienna Insurance Group , whose history reaches back to 1824, VIG Re has been bringing energy to the industry since its founding in 2008 by establishing ourselves as a core player in the reinsurance market in Austria and CEE.