AUSTRIA: INSURANCE MERGER CLEARED
Article Abstract:
The shareholders' meeting of the Austrian insurance group BARC has approved the new structure of the group that will become Uniqa Versicherungen AG on 1 November 1999. Uniqa, which is created in the merger of Bundeslander, Austria Collegialitat and Raiffeisen-Versicherung, will be Austria's biggest insurance company. Uniqa Versicherungen AG will be the holding company for the life, medical and accident insurance company Uniqa Personenversicherung AG, the non-life subsidiary Uniqa Sachversicherung AG, Raiffeisen-Versicherung AG (which will develop towards non-life insurance and use Raiffeisen banks as distribution channel), Salzburger Landes-Versicherung AG and Collegialitat Versicherung AG. The new structure is hoped to yield synergies e.g. in terms of joint reinsurance activities and capital investment, to improve customer contacts, and to abolish competition within the group.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1999
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AUSTRIA: GENERALI TO BOOST FINANCIAL SERVICES
Article Abstract:
Upon the conviction that sufficient yields in insurance business can be gained only on Eastern markets, the Austrian Generali insurance group is to boost asset management services. A new financial services strategy for Generali Capital is to be drawn up by the 4th quarter of 1999 for launch in January 2000. Generali Capital, which is to cooperate with the group of three regional banks, is to increase the number of staff from 10 to 100 in the next five years. Beside securities and investment fund business, Generali Capital is to expand in the field of real estate. A new subsidiary, Immobilien AG, is to set up a property fund. Beside property as provision for old age, the new company is to offer mortgage loans.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1999
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AUSTRIA: INSURERS' DISPUTE ABOUT HOLOCAUST FUNDS
Article Abstract:
According to the law on compensations to holocaust victims, Austrian insurance companies will have to pay US$ 25mn. However, the insurers have not been able to reach agreement about the division of the costs. Some insurers do not accept the division of the costs on the basis of market shares, claiming that they have nothing to do with the holocaust crimes. Some insurers are threatening not to participate in the compensations.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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