Branch offices are planned in Stockholm, Copenhagen and Oslo, Finnish customers will be serviced within the framework of the freedom to provide services.
With its nearly 40% market share, Vienna Insurance Group holds a leading position in corporate insurance in Austria, as well as one of the largest corporate insurers in Central and Eastern Europe. The Group services customers operating in Austria and abroad via a large network of partners in 70 countries worldwide.
"We are using our long-standing experience and highly developed expertise in this business not only to offer on-site support for our business partners in Northern Europe through our local offices. At the same time, we are taking the opportunity to intensify an attractive line of business in profitable markets," explains the Vienna Insurance Group's CEO, Elisabeth STADLER.
A team of underwriters with years of experience, in-depth knowledge of the local markets and the brokerage business will form the centerpiece of VIG's activities in these markets. Distribution will be carried out via well-established local insurance brokers. VIG's product range will focus on classic industrial P&C business.
"For the Vienna Insurance Group, the expansion of operations in Northern Europe means the targeted use of specific business opportunities in markets. However, we are still clearly committed to a strategy focused on Central and Eastern Europe, which has involved organic growth as well as the acquisition of existing insurers, or setting up new companies," comments Elisabeth STADLER.
With the development of business activities in Northern Europe, VIG will establish a geographical bridge between Northern Europe and the Baltic States - particularly Scandinavian and Finnish companies are actively operating in the Baltics, where VIG is the clear market leader.