VIG Re, a Czech Republic-based reinsurance company of Vienna Insurance Group (VIG), has established its second branch in Paris.
The opening of the new branch, according to VIG, is a logical step in the planned expansion of the VIG Re in the West European market.
The Paris office will be used by the company to serve customers in France, Belgium and Luxembourg.
Patrick Chevrel has been given the responsibility of the new office who has already overseen preparations for its launch for the past year.
Earlier, he was given charge of France, the Benelux countries, Portugal and Spain.
VIG managing board member and VIG Re supervisory board chairman Peter Thirring said: “In view of the increasing significance of the third-party business, we have expanded VIG Re’s geographical coverage in the West European regions that matter most to us by opening branches in Frankfurt and Paris”.
VIG has recognised its reinsurance business as a potential source of growth as part of its ‘Agenda 2020’ strategy. Subsequently, it developed the reinsurance unit into a niche player in the CEE region.
During the first half of 2018, VIG Re’s premium income stood at approximately €237m, an increase of €19m compared to last year while pre-tax profit surged by 18.5% to almost €14m.