VIG Re, the reinsurance arm of Vienna Insurance Group, has announced the increase of its registered capital by €100 million in 2023, and the authorisation of its Board of Directors to increase the registered capital by an additional €50 million in the following two years.
VIG Re explained that its General Meeting on 7 December 2023 approved the increase of the registered capital by the amount of €100,000,000 by the subscribing of 10,000 pieces of book-entry ordinary registered shares in the nominal value of €10,000 each.
The firm’s registered capital therefore now equals €226,850,500.
The General Meeting also authorised the Board of Directors to increase the registered capital by issuing a maximum of 5,000 pieces of book-entry ordinary registered new shares, each with a nominal value of €10,000. The firm noted that the authorisation is granted for 2 years.
VIG Re said that the bodies of the current shareholders have already approved to subscribe the new shares equivalent to their current shareholding.
Johannes Martin Hartmann, CEO and Chairman of the Management Board of VIG Re, commented, “The boost in our capital will enable us to offer greater coverage amid to our customers at a time when the presence of solvent reinsurers with a vocation for long-term service is required.
“In addition, reinforcing our balance sheet will provide us with additional flexibility for our retrocession protection and enable us to optimize our underwriting risk in view of a growing market demand.
“Moreover, we will invest part of the proceeds to strengthen our digital and analytical skills in underwriting and automatization of our backend processes.”
