Vienna Insurance Group

History of Vienna Insurance Group dates back to 1824, with the founding of the k.u.k. priv. wechselseitige Brandschaden Versicherung.

In the end of the 1980s, the company started expanding in central and eastern Europe, founding Kooperativa in Czechoslovakia.In 1994, the company was transformed into a corporation, and 11% of the stock was introduced on the Vienna Stock Exchange, in the form of preferred shares. Those were changed into common shares in 2005, as the company increased its capital by about €900 million to finance acquisitions.

In 2006, the brand Vienna Insurance Group was introduced as a global brand. In central and eastern Europe, subsidiaries use it next to their original name.

In 2008, a new capital increase permitted the acquisition of the insurance business of Erste Group, which turned VIG to the market leader in central and eastern Europe. Simultaneously, a long-term sales agreement was signed with Erste Group. In the same year VIG founded ViG Re, a reinsurance company located in Prague, Czech Republic.During the 2010 shareholder meeting, it was decided to create a 100% subsidiary for the insurance business in Austria, Wiener Städtische Versicherung AG Vienna Insurance Group.In March 2014, it was revealed that PZU and Vienna Insurance Group were in the race to acquire rival Lietuvos Draudimas for around $147 million.