VIG RE zajišťovna, a.s. becomes the first reinsurer licensed in the Czech Republic

On 8 August 2008 the Czech National Bank granted a licence to carry on reinsurance activities to the company VIG RE zajišťovna, a.s. This company is the first reinsurer licensed in the Czech Republic. VIG RE zajišťovna, a.s. is authorised to take on reinsurance risks in all branches of life and non-life insurance and carry on activities relating to reinsurance (consulting, intermediation, education, investigation of reinsurance losses).

In carrying on reinsurance activities, a reinsurer partially assumes the risks of insurance companies, acting as the insurer’s insurer. Insurance companies that use reinsurance do not have to pay all insurance claims by themselves but share this obligation with the reinsurer to a pre-defined degree.

Pavlína Bolfová
CNB spokesperson