VIG Re, the reinsurance company of Vienna Insurance Group, announced the increase of its registered capital by the amount of EUR 100,000,000 in 2023 and the authorization of VIG Re’s Board of Directors to increase the registered capital by additional EUR 50,000,000 in the following two years.

On 7 December 2023, the General Meeting of VIG Re approved the increase of the registered capital by the amount of EUR 100,000,000 by subscribing of 10,000 pieces of book-entry ordinary registered shares in the nominal value of EUR 10,000 each. The registered capital of the Company therefore now equals EUR 226,850,500.

In addition, the 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%

"The boost in our capital will enable us to offer greater coverage amid to our customers at a time when the presence of solvent reinsurers with a vocation for long-term service is required. In addition, reinforcing our balance sheet will provide us with additional flexibility for our retrocession protection and enable us to optimize our underwriting risk in view of a growing market demand. Moreover, we will invest part of the proceeds to strengthen our digital and analytical skills in underwriting and automatization of our backend processes,” commented Johannes Martin Hartmann, CEO and Chairman of the Management Board of VIG Re.