(1 466 CZK, -1,48%) has decided to establish its own reinsurance company that will be based in Prague, said Guenter Geyer CEO of Wiener Staedtische VIG’s unit. The reinsurance company should launch full operation next year. is already active in the Czech market through insurers Kooperativa and Ceska podnikatelska pojistovna (CPP). Company goal is to collect premiums worth of EUR 300m in the next 2-3 years.
We see it as a right step for as it would make itself more visible on the Czech market but currently we see it as neutral for today’s trading.