Two insurance companies may soon merge

One of the Vienna Insurance Group’s strategic goals is to develop in bank insurance; planned merger is a part of this.

Bank, illustrative stock photoBank, illustrative stock photo(Source: Sme)

The Slovak life bank insurance company Poisťovňa Slovenskej Sporiteľne will merge with the Kooperativa insurance company as of April 1, 2018, if local authorities approve the step.

This is in line with the strategic goals of the Vienna Insurance Group (VIG) – Kooperativa's parent company – one of which is to develop in the field of bank insurance.

“For this purpose we established a project team in spring 2017 dealing with the optimisation of products, sale and revenue items,” said Elisabeth Stadler, chairperson of the board of the Vienna Insurance Group, as quoted by the Sme daily. “In doing this, we are focusing considerably on boosting non-life and medical insurance where we see a huge potential. The calculations concerning Slovakia has shown that we can achieve the biggest benefit for clients, the bank and the insurance company by connecting the resources and competences of both companies.”

In connection with the planned changes and goals within the concern in Slovakia, Kooperativa will expand its board in a new position.

Starting on November 1, 2017, Franz Kosyna, a board member who has been in the Vienna Insurance Group since 1983, is taking over responsibility for cooperation with Slovenská Sporiteľňa.

A change has also been made in the management of Poisťovňa Slovenskej Sporiteľne, effective as of October 16, 2017. Board member and deputy CEO of Kooperativa, Kurt Ebner, has assumed the position of board chairman in Poisťovňa Slovenskej Sporiteľne, while he will still oversee the sections he has been tasked with in Kooperativa.

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