Vienna Insurance expands business to northern Europe

Vienna Insurance Group is set to expand its operations in Sweden, Norway, Denmark and Finland as parts of its strategy to further bolster its footprint in Europe, setting up offices in Stockholm, Copenhagen and Oslo.

The austrian company has developed a team of underwriters to provide insurance solutions to corporate customers through brokers in these markets.

Vienna Insurance Group CEO Elisabeth Stadler said: “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.

“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.”

In March this year, Vienna Insurance acquired Gothaer Towarzystwo Ubezpieczeń (Gothaer TU) to strengthen its non-life insurance business in Poland.

In February, the Austrian insurer acquired certain stake in mutual insurance association Towarzystwo Ubezpieczeń Wzajemnych “TUW” through InterRisk.

Vienna Insurance concluded the merger of bancassurance companies Pojišťovna České sporitelny and Kooperativa in Czech Republic in January.