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CIG Pannónia general insurance unit to start business activities in 2011

CIG Pannónia First Hungarian General Insurance Company (CIG Pannónia EMABIT), a unit of CIG Pannónia Life Insurance, will start business activities in 2011, the company told MTI.

CIG Pannónia EMABIT is headed by Ottó Csurgó, who was deputy-CEO of general insurance company OTP/Groupama Garancia Biztosító until May 2010.

CIG Pannónia EMABIT wants to enter the market by offering products to companies and institutions first and to retail clients later.

The company has HUF 835 million share capital at present. CIG Pannónia Life Insurance will inject HUF 500 million into its unit, putting HUF 150 million into share capital and HUF 350 million into reserves.

CIG Pannónia Life Insurance also said it was issuing 1.13 million new shares for its management incentive program. (MTI-Econews)