The story
History
Development until 2003 - independent companies
The essential insurance companies, which belong to the VHV group are founded in 1875 and 1919 as mutual insurance companies.
The "VHV" was established as a self-help institution for the construction industry in 1919. Today VHV is the market leader in the field of construction and is also known as an insurer of major projects such as the Elbphilharmonie, Düsseldorf Stadtbahn or the Reichstag building.
In 1937, motor vehicle insurance was introduced at the VHV, which has developed into one of the most important lines of business today. In the 1950s, more than 24,000 companies signed an insurance policy with the VHV. This turned VHV insurance into the second largest liability insurer in Germany. In order to insure cross-border construction projects in Austria, VHV founded its subsidiary VAV in 1973. In 1991, VHV successfully established the guarantee service, which in particular allows clients of the construction industry to increase their financial scope. The "hanoverian life insurance" (in German: Hannoversche)has emerged from the Prussian Official Association in 1875 and is known as Germany's oldest direct insurer. In 1935, the VHV Life insurance also opened for people who were not Prussian officials. Each brand consists of independent companies.
In 2003 both companies merged and became the VHV Group.
Development 2004-2009 - restructuring
In 2004 the special insurer VHV Lebensversicherung AG was founded.
As a result of restructuring after the merger, VHV solutions GmbH was founded in 2005. VHV solutions is the central service company of the group and is responsible for claims settlement and contract handling.
In 2006 VHV acquired the Wave Management AG headquartered in Hamburg, which carries out the group's asset management.
The group's asset management company, WAVE Management Inc., invests the funds that are generated by the insurance companies.
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In order to enter the direct insurance market, the Hannoversche Direktversicherung AG, was founded and since autumn 2007, it has also been selling motor vehicle products especially via internet. In 2007, VHV also founded the Al Ahli Takaful Company in Jeddah City, Saudi Arabia, as a joint venture with the National Commercial Bank and the FWU. In 2008 the VHV Group entered the French insurance market. In addition, a stake of 7.4 percent was acquired in the Swiss insurance company Nationale Suisse in 2008, which was the basis for a long-term cooperation.
Due to the rising number of customers and employees, a new headquarter was built at VHV-Platz 1, which was completed in 2009.
Development since 2009 - digitization and internationalization
Since 2009 the VHV has strengthened its internationalization tendencies in order to reduce its dependency on the German insurance market.
In 2011 the Wave Management AG moved to Hannover and concentrated its business activities there.
Since 2012 VHV Group has had a liaison office in Turkey for 3 years, which has resulted in experience and overview regarding Turkish insurance market. In the Italian insurance market, VHV is intensifying its cooperation with the insurance company ITAS. In 2015 VHV-Group founded a reinsurance company, VHV Reasürans AŞ, in Istanbul to enter the Turkish insurance market. Moreover, the VHV Lebensversicherung was merged in 2015 with the Hannoverschen Lebensversicherung in order to reduce costs, which arise as a result of regulatory requirements.
In 2015 the VHV Group was the first important car insurance company in Germany, which offered a telematics tariff.
In addition the VHV Group is cooperating with various insurtechs e.g. wefox since 2017. In order to increase cost efficiency, Hannoversche Direktversicherung 2017 was merged with VHV Allgemeine Versicherung. At the same time, the largest digitization project "go digital" in the company's history was started. For the first time in 2017, more than 3 billion premiums were collected. One-third of the premiums are for life insurance and two-thirds for non-life insurance.
Foundation
Since December 1, 2014 a VHV Foundation promotes projects in the fields of education, integration, culture and science.
From Wikipedia’s article on VHV Group, shared under CC BY-SA 4.0.4