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Winterthur will Versicherung kaufen

Article Abstract:

Chairman Hubert Schultes says that the Swiss insurance company Winterthur would like to take over an insurance company in Austria and thus raise its premium income in the country from Sch 1.4bn to Sch 3bn, which it sees as the critical size for a non-niche insurer in Austria. However, no big insurers are for sale, and the ones that are, are too small, with premium incomes of no more than Sch 70mn. Currently the Swiss company is ranked 15th in life insurance and 20th in non-life insurance in Austria. In Austria, Winterthur is to intensify cooperation with the parent Credit-Suisse (CS). The Vienna branches of CS Private Banking and CS First Boston are to market insurance policies, while Winterthur field sales staff will sell CS investment funds.

Comment:

Likes to take over an insurance company in Austria & thus raise its premium income in country from Sch1.4 bil to Sch3 bil

Publisher: Unabhaengige Tageszeitungs fuer Oesterreich
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1998
Winterthur Schweizerische Versicherungs Gesellschaft, Article

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AUSTRIA: BIDDERS FOR POSTVERSICHERUNG

Article Abstract:

Competitors are eyeing Postversicherung, the insurance joint venture of Austrian Post AG (60%) and P.S.K., which uses the branches of its parents as a distribution channel. Those interested in taking over Postversicherung include Allianz in cooperation with Bawag bank; OBV ; Victoria (which is linked with the cooperative banking sector) and Wiener Stadtische, which cooperates with Postversicherung in the back-office sector. OBV, which has 38,000 of the 43,000 Post employees as clients, generated a premium income of Sch 1.7bn in 1999, up from Sch 1.6bn in 1998. Profit on ordinary activities fell from Sch 138.2mn to Sch 58.3mn.

Publisher: Unabhaengige Tageszeitungs fuer Oesterreich
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000

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Austria: Winterthur acquired by Zurich Kosmos

Article Abstract:

Zurich Kosmos, a subsidiary of Zurich Financial Services is to be one of the Top Ten Austrian insurers following its take over of the Austrian subsidiary of the Winterthur insurance company, part of the Credit Suisse Group. In 2002, Winterthur is to be merged with Zurich Kosmos. Their combined premiums are EUR 334mn. Winterthur intends to concentrate on core markets which have promising growth potential.

Publisher: Unabhaengige Tageszeitungs fuer Oesterreich
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
Winterthur S.p.A., Zurich Kosmos Versicherungen AG

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Subjects list: Austria, Insurance
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