Press release
25 September 2012
Compensa TU S.A. Vienna Insurance Group:
new player on the Latvian non-life insurance market
By establishing its Branch Office, Compensa TU S.A. Vienna Insurance Group has officially began its operations in Latvia. Compensa is owned by a leading Austrian Insurance Group and its emergence on the Latvian market means more choice and new insurance services for both corporate and private customers. This entry also marks an important step for Vienna Insurance Group, which is strategically focused on the CEE markets.
Compensa enters the Latvian market by introducing not only typical insurance products, but also promises a number of services that have not yet been available to local companies and private customers. Compensa’s market entry strategy involves gradual introduction of its insurance services. Detailed information regarding these services will be available within a month.
“Looking back at the past centuries, we can clearly see that the foundation of success of the company lies in its ability to provide services demanded by the times and the local markets. Together with the high-quality customer service, reliability and stability, Vienna Insurance Group has grown to become a leader in the CEE insurance market. The above qualities and accumulated experience will also be fully provided in Latvia.” – says Evija Dundure, Head of Compensa Latvian Branch.
In Latvia, the Austrian company has been known since 1999 through VIG’s daughter company Compensa Life offering mainly life and health insurance services. The newly established branch will operate as a separate division, providing movable and immovable property, transport and third party liability insurance.
Head of Compensa Latvian Branch Evija Dundure noted that active preparation for the company’s entry into the Latvian market has been ongoing since March 2012. During that period, a professional management team has been created with the ambitious task of adapting the Compensa services to the local needs and ensure full-scale company operations.
Vienna Insurance Group, the leading insurance group in Central and Eastern Europe, is a well-established European insurance group with almost 200 years of experience and an exceptional A+ rating by Standard&Poor’s. Today VIG is represented in 25 countries and manages assets worth 27billion lats. The Group owns 50 insurance companies offering life, non-life insurance and reinsurance services.
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About Vienna Insurance Group
The listed Vienna Insurance Group (VIG) is one of the leading insurance groups in CEE headquartered in Vienna. Outside of its home base in Austria, Vienna Insurance Group is also active, through subsidiaries and insurance holdings, in Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus. Moreover, Wiener Städtische Versicherung has branches in Italy and Slovenia; Donau Versicherung has a branch in Italy.
On the Austrian market, the Vienna Insurance Group (VIG) positions itself with Wiener Städtische Versicherung, Donau Versicherung and Sparkassen Versicherung.
In Poland, Vienna Insurance Group (VIG) is represented by InterRisk, Compensa Non Life, Compensa Life, Benefia Non Life, Benefia Life and Polisa Life.
For more information contact:
Katrīna Rubene
Mobile: 27766006
Email: [email protected]