The insurance companies of the Vienna Insurance Group in Poland have started 2009 with strong growth. With unconsolidated premiums written of more than approx. EUR 61 million they achieved a considerable increase of around 50 percent in comparison to January 2008.

Although the insurance market in CEE remained relatively stable in the first nine months of the 2008, the industry is in for some major changes in the leader least at the end of the year. In the non-life sector, German group ALLIANZ will likely cede its number one position in the region to its close competitor, the Austrian-based VIENNA Insurance Group, according to The Insurer Magazine.

VIG Re, the VIENNA Insurance Group's own Central and Eastern European reinsurer, has made an important start in its very first year of business.

STANDARD & POOR's Ratings Services said today that it raised its insurer financial strength and counterparty credit ratings on POLSKIE TOWARZYSTWO REASEKURACJI S.A. (POLISH Re) to 'BBB' from 'BBB-'. At the same time, the ratings were removed from CreditWatch, where they had been placed with positive implications on Sept. 8, 2008.

In the coming years, GDP growth in CEE will be more moderate. This holds true in particular for those countries with significant domestic imbalances like Latvia or the Ukraine. Additionally, the massive credit expansion seen in recent years in many countries in CEE was to a considerable extent powered by foreign banks.

VIENNA Insurance Group saw premium volume increase by 16% in 2008, to EUR 8.30 billion, boosted in part by growth in its Central and Eastern European operations, according to preliminary financial data released by VIG.

Austrian insurer has decided to take over the shares in the Group's insurance companies in Albania, Bulgaria and Croatia that are held by TBIH.

Slovenia's biggest reinsurer SAVA Re posted EUR 4.6 million in net profit in the first nine months, down by 41% as compared to the respective period last year, according to Slovene Pres Agency.

German-based group ALLIANZ posted EUR 3.2 billion in premiums in New Europe in the first nine months of 2008, an increase by 11 percent comparing to similar period of the last year. Operating profit increased by more than 3 percent to EUR 272 million, compared to EUR 263 million in the same period of last year.

ZAVAROVALNICA Triglav Group, Slovenia's largest insurer, reported a 10% annual rise in its nine-month gross premium income to EUR 772.3 million, in line with its earlier estimates, according to Slovene Press Agency. The company sees its group premium income standing at EUR 1 billion in 2008.