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{{Short description|Hungarian multinational financial services company}}
{{Infobox company
{{Infobox company
| name = CIG Pannonia Nyrt.
| name = CIG Pannonia Nyrt.
| logo =
| logo = CIG Pannonia logo.svg
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{Budapest Stock Exchange|CIG|isin=HU0000097738}}<br/>''[[BUX|BUX Component]]''
| traded_as = {{Budapest Stock Exchange|CIG|isin=HU0000097738}}<br />''[[BUX|BUX Component]]''
| industry = [[Insurance]], [[Financial Services]]
| industry = [[Insurance]]<br />[[Financial services]]
| location_city = [[Budapest]]
| location_city = [[Budapest]]
| location_country = [[Hungary]]
| location_country = [[Hungary]]
| foundation = 2007
| foundation = 2007
| area_served = Central Europe
| area_served = Central Europe
| key_people = Dr. Mária Király ([[Chairman]])<br>Dr. Gabriella Kádár ([[CEO]])
| key_people = Péter Bogdánffy ([[Chairman]])<br />István Fedák ([[CEO]])
| products = Life and Non-life Insurance, Commercial & Consumer, Life & Retirement Insurance
| products = Life and Non-life Insurance, Commercial & Consumer, Life & Retirement Insurance
| revenue = {{Increase}} US$ 105.77 million <small>(2017)</small><ref name="AR2017">{{cite web |url=https://www.worldreginfo.com/wdoc.aspx?file=CIG_Pannonia/2/C7477CF3-D387-4107-A631-64319E68C11F/394274_rfa_2017_en_hu0000097738.pdf|title= Annual Report 2017}}</ref>
| revenue = {{Increase}} US$ 105.77 million <small>(2017)</small><ref name="AR2017">{{cite web |url=https://www.worldreginfo.com/wdoc.aspx?file=CIG_Pannonia/2/C7477CF3-D387-4107-A631-64319E68C11F/394274_rfa_2017_en_hu0000097738.pdf|title= Annual Report 2017}}</ref>
Line 21: Line 22:


'''CIG Pannonia Life Insurance Plc.''' is a Hungarian [[multinational corporation|multinational]] financial services company headquartered in [[Budapest]]. Its core business and focus is life and non-life insurance.
'''CIG Pannonia Life Insurance Plc.''' is a Hungarian [[multinational corporation|multinational]] financial services company headquartered in [[Budapest]]. Its core business and focus is life and non-life insurance.
At present, CIG Pannonia is engaged in the life insurance business in [[Hungary]], [[Romania]] and [[Slovakia]].
At present, CIG Pannonia is engaged in the life insurance business in [[Hungary]], [[Romania]] and [[Slovakia]].{{when|date=May 2024}}


==History==
==History==


=== Foundation ===
=== Foundation ===
On 26 October 2007, the company was founded by well-known and acknowledged public figures and insurance experts from Hungary; its original name was CIG Central European Insurance Company. CIG was supported by the U.S. Inverstment bank [[Lehman Brothers]].<ref>{{Cite web|url=https://www.cigpannonia.hu/en/about-us/our-founders|title=Our founders|last=|first=|date=|website=www.cigpannonia.hu|url-status=live|archive-url=|archive-date=|access-date=2019-12-05}}</ref> It also had a successful partnership with [[Brokernet]], one of Hungary's largest financial agencies.<ref>{{Cite web|url=https://bbj.hu/economy/cig-pannonia-signs-strategic-cooperation-agreement-with-brokernet_55677|title=CIG Pannónia signs strategic cooperation agreement with Brokernet|website=Budapest Business Journal|language=en|access-date=2019-12-05}}</ref> In 2008, the company became market leader in niche markets like regular-premium, unit-linked life insurance products and closed the year with a turnover of US$ 13 million. In 2009, CIG held a 3% market share in domestic life insurance and generated over US$ 40 million in sales.<ref>{{Cite web|url=https://www.cigpannonia.hu/en/about-us/achievements|title=Achievements|last=|first=|date=|website=www.cigpannonia.hu|url-status=live|archive-url=|archive-date=|access-date=2019-12-05}}</ref>
On 26 October 2007, the company was founded by well-known and acknowledged public figures and insurance experts from Hungary; its original name was CIG Central European Insurance Company. CIG was supported by the U.S. Inverstment bank [[Lehman Brothers]].<ref>{{Cite web|url=https://www.cigpannonia.hu/en/about-us/our-founders|title=Our founders|last=|first=|date=|website=www.cigpannonia.hu|url-status=live|archive-url=https://web.archive.org/web/20191205135408/https://www.cigpannonia.hu/en/about-us/our-founders |archive-date=2019-12-05 |access-date=2019-12-05}}</ref> It also had a successful partnership with [[Brokernet]], one of Hungary's largest financial agencies.<ref>{{Cite web|url=https://bbj.hu/economy/cig-pannonia-signs-strategic-cooperation-agreement-with-brokernet_55677|title=CIG Pannónia signs strategic cooperation agreement with Brokernet|website=Budapest Business Journal|language=en|access-date=2019-12-05|archive-date=2019-12-05|archive-url=https://web.archive.org/web/20191205140538/https://bbj.hu/economy/cig-pannonia-signs-strategic-cooperation-agreement-with-brokernet_55677|url-status=dead}}</ref> In 2008, the company became market leader in niche markets like regular-premium, unit-linked life insurance products and closed the year with a turnover of US$13 million. In 2009, CIG held a 3% market share in domestic life insurance and generated over US$40 million in sales.<ref>{{Cite web|url=https://www.cigpannonia.hu/en/about-us/achievements|title=Achievements|last=|first=|date=|website=www.cigpannonia.hu|url-status=live|archive-url=https://web.archive.org/web/20120513160336/http://www.cigpannonia.hu:80/en/about-us/achievements |archive-date=2012-05-13 |access-date=2019-12-05}}</ref>


On 1 January 2010, the company changed its name to CIG Pannonia Life Insurance Ltd. Later that year, the insurer commenced operations as a public limited company. The company's shares have been listed on the [[Budapest Stock Exchange]]. The first trading day was November 8, 2010.<ref name=":0">{{Cite web|url=https://www.worldreginfo.com/wdoc.aspx?file=CIG_Pannonia/2/C7477CF3-D387-4107-A631-64319E68C11F/394274_rfa_2017_en_hu0000097738.pdf|title=Annual Report 2017|last=|first=|date=2018-03-12|website=|publisher=CIG Pannonia Life Insurance Plc.|url-status=live|archive-url=|archive-date=|access-date=2019-12-20}}</ref>
On 1 January 2010, the company changed its name to CIG Pannonia Life Insurance Ltd. Later that year, the insurer commenced operations as a public limited company. The company's shares have been listed on the [[Budapest Stock Exchange]]. The first trading day was November 8, 2010.<ref name=":0">{{Cite web|url=https://www.worldreginfo.com/wdoc.aspx?file=CIG_Pannonia/2/C7477CF3-D387-4107-A631-64319E68C11F/394274_rfa_2017_en_hu0000097738.pdf|title=Annual Report 2017|last=|first=|date=2018-03-12|website=|publisher=CIG Pannonia Life Insurance Plc.|url-status=live|archive-url=https://web.archive.org/web/20191220125150/https://www.worldreginfo.com/wdoc.aspx%3Ffile%3DCIG_Pannonia/2/C7477CF3-D387-4107-A631-64319E68C11F/394274_rfa_2017_en_hu0000097738.pdf |archive-date=2019-12-20 |access-date=2019-12-20}}</ref>

⚫
Between 2011 and 2015 CIG started its 100% non-life subsidiary, which focuses on domestic SMEs, Institutions of the state and local authorities, companies, professional chambers and associations.<ref name=":0" /> Throughout the years the subsidiary grew and stayed profitable. On the other hand, 2015 was the year when CIG broke up with Brokernet, setting up an all-time low at 135 HUF. This event disappointed many individual investors and speculants.<ref name=":1">{{Cite web|url=https://www.gurufocus.com/news/752588/cig-pannonia-the-hungarian-insurance-company-as-a-value-investment|title=CIG Pannonia, the Hungarian Insurance Company as a Value Investment - GuruFocus.com|website=www.gurufocus.com|access-date=2020-01-16}}</ref> As a result, the stock became an unpopular investment in 2016. Between 2016 and 2018 the company attracted another institutional investor, the Konzlum Plc. They bought a 24.85% stake in CIG pushing up the stock price between 400 and 500 HUF.<ref name=":1" />


⚫
Between 2011 and 2015 CIG started its 100% non-life subsidiary, which focuses on domestic SMEs, Institutions of the state and local authorities, companies, professional chambers and associations.<ref name=":0" /> Throughout the years the subsidiary grew and stayed profitable. On the other hand, 2015 was the year when CIG broke up with Brokernet, setting up an all-time low at 135 HUF. This event disappointed many individual investors and speculants.<ref name=":1">{{Cite web|url=https://www.gurufocus.com/news/752588/cig-pannonia-the-hungarian-insurance-company-as-a-value-investment|title=CIG Pannonia, the Hungarian Insurance Company as a Value Investment - GuruFocus.com|website=www.gurufocus.com|access-date=2020-01-16}}</ref> As a result the stock became an unpopular investment in 2016. Between 2016 and 2018 the company attracted another institutional investor, the Konzlum Plc. They bought a 24.85% stake in CIG pushing up the stock price between 400-500 HUF.<ref name=":1" />
=== Regional expansion ===
=== Regional expansion ===
The first step of the Company’s regional expansion was the launch of the sale of its products in Romania in May 2009. Later, in September 2010, the Company began its sales activities in Slovakia as well.
The first step of the company's regional expansion was the launch of the sale of its products in Romania in May 2009. Later, in September 2010, the company began its sales activities in Slovakia as well.
On 1 September 2010, the Company became a public limited company and is now called CIG Pannónia Life Insurance Plc. (CIG Pannónia Életbiztosító Nyrt.). The subscription procedure in October 2010 was highly successful and drew massive public interest. Later, after the initial public offering, the Company requested to be listed on the [[Budapest Stock Exchange]] and from 2011 listed on BSE's prime market.<ref>{{Cite web|url=https://www.marketwatch.com/tools/quotes/lookup.asp?lookup=cigpannonia&country=hu|title=Stock Ticker Symbol Lookup - MarketWatch|website=www.marketwatch.com|access-date=2019-12-05}}</ref><ref>https://www.bloomberg.com/quote/0CK:GR/profile</ref>
On 1 September 2010, the Company became a public limited company and is now called CIG Pannónia Life Insurance Plc. (CIG Pannónia Életbiztosító Nyrt.). The subscription procedure in October 2010 was highly successful and drew massive public interest. Later, after the initial public offering, the Company requested to be listed on the [[Budapest Stock Exchange]] and from 2011 listed on BSE's prime market.<ref>{{Cite web|url=https://www.marketwatch.com/tools/quotes/lookup.asp?lookup=cigpannonia&country=hu|title=Stock Ticker Symbol Lookup - MarketWatch|website=www.marketwatch.com|access-date=2019-12-05}}</ref><ref>{{cite web |url=https://www.bloomberg.com/quote/0CK:GR/profile |title=0CK Profile & Executives - CIG Pannonia Life Insurance PLC - Bloomberg |website=www.bloomberg.com |url-status=dead |archive-url=https://web.archive.org/web/20140421081923/http://www.bloomberg.com/quote/0CK:GR/profile |archive-date=2014-04-21}}</ref>


In April 2012 CIG started a cross-border service in [[Poland]] in the non-life segment. Followed by the [[Baltic states|Baltic States]] in 2013. The company launched their cross-border service in the non-life segment in [[Italy]] in September 2014 and in Spain in September 2017.<ref name=":0" />
In April 2012 CIG started a cross-border service in [[Poland]] in the non-life segment. Followed by the [[Baltic states|Baltic States]] in 2013. The company launched their cross-border service in the non-life segment in [[Italy]] in September 2014 and in Spain in September 2017.<ref name=":0" />


== Products and business model ==
== Products and business model ==
The main products include unit-linked life insurance and [[Pension insurance contract|pension insurance]], but CIG also sells traditional life insurance, funeral insurance, endowment and term life insurance and health insurance. Its subsidiary operates the property insurance business not only in [[Hungary]] but also in many European countries through cross-border services.<ref>{{Cite web|url=https://www.bse.hu/pages/company_profile/$issuer/3356|title=Company profile|website=Bet site|language=en|access-date=2020-03-19}}</ref>
The main products include unit-linked life insurance and [[Pension insurance contract|pension insurance]], but CIG also sells traditional life insurance, funeral insurance, endowment and term life insurance and health insurance. Its subsidiary operates the property insurance business not only in [[Hungary]] but also in many European countries through cross-border services.<ref>{{Cite web|url=https://www.bse.hu/pages/company_profile/$issuer/3356|title=Company profile|website=Bet site|language=en|access-date=2020-03-19}}</ref>


CIG is primarily active in the life insurance sector. The most profitable products are pension insurance and unit-linked insurance.<ref>{{Cite web|url=https://www.gurufocus.com/news/752588/cig-pannonia-the-hungarian-insurance-company-as-a-value-investment|title=CIG Pannonia, the Hungarian Insurance Company as a Value Investment - GuruFocus.com|website=www.gurufocus.com|access-date=2020-03-19}}</ref>
CIG is primarily active in the life insurance sector. The most profitable products are pension insurance and unit-linked insurance.<ref>{{Cite web|url=https://www.gurufocus.com/news/752588/cig-pannonia-the-hungarian-insurance-company-as-a-value-investment|title=CIG Pannonia, the Hungarian Insurance Company as a Value Investment - GuruFocus.com|website=www.gurufocus.com|access-date=2020-03-19}}</ref>


== Management ==
== Owners and management ==
⚫
Former Minister of Finance and chairman of the central bank [[Zsigmond Járai]] was appointed to chair the supervisory board, which represents the owners. [[Béla Horváth]], former top executive of various Hungarian insurance companies, was appointed as the chairman of the board of directors. The position of the CEO has been filled by dr. Ottó Csurgó since 18 April 2012, who is also the CEO of CIG Pannónia First Hungarian General Insurance Plc.
⚫
The company is heir in spirit to the First Hungarian General Insurance Company (Első Magyar Általános Biztosító Társaság) founded in 1857 by [[Henrik Lévay]]. In those days, as well as nowadays, Hungary lacked an insurance company run by Hungarian management, focusing on the Hungarian market and supported and privately financed by recognized and credible [[Hungary|Hungarian]] personalities. Back then, just like today, it was necessary to have a professional leader with an intimate knowledge of the local economy and the opportunities of the insurance market, who had the organisational expertise necessary to build an entire new insurance company, who had significant past achievements and could convince major supporters to back the cause of founding a new insurance company.


In September 2020, the company liquidated its Hungarian subsidiary, CIG Pannónia Pénzügyi Közvetítő Zrt,<ref>{{Cite web |title=Beszántja pénzügyi közvetítő cégét a CIG Pannónia |url=https://www.portfolio.hu/uzlet/20200909/beszantja-penzugyi-kozvetito-ceget-a-cig-pannonia-447992 |access-date=2022-09-12 |website=Portfolio.hu |date=9 September 2020 |language=hu}}</ref> in which Hungarikum Alkusz Kft, owned by [[Erik Keszthelyi]] and [[Lőrinc Mészáros]], subsequently acquired a 25% stake.<ref>{{Cite web |title=Közel 25%-os tulajdonrészt szerzett a Hungarikum Alkusz a CIG Pannóniában |url=https://www.portfolio.hu/uzlet/20200929/kozel-25-os-tulajdonreszt-szerzett-a-hungarikum-alkusz-a-cig-pannoniaban-450704 |access-date=2022-09-12 |website=Portfolio.hu |date=29 September 2020 |language=hu}}</ref> From 1 October 2020, István Fedák took over as CEO, replacing Gabriella Kádár,<ref>{{Cite web |title=Új vezérigazgató a CIG EMABIT élén |url=https://www.portfolio.hu/uzlet/20201001/uj-vezerigazgato-a-cig-emabit-elen-451174 |access-date=2022-09-12 |website=Portfolio.hu |date=October 2020 |language=hu}}</ref><ref>{{Cite web |title=Távozik a CIG Pannónia vezérigazgatója, meg is van a leendő utódja |url=https://www.portfolio.hu/uzlet/20200727/tavozik-a-cig-pannonia-vezerigazgatoja-meg-is-van-a-leendo-utodja-442614 |access-date=2022-09-12 |website=Portfolio.hu |date=27 July 2020 |language=hu}}</ref> who had previously held the position for 6 years.<ref>{{Cite web |title=CIG Pannónia Életbiztosító Nyrt (BUSE:CIGPANNONIA) Stock Price & Quote Analysis |url=https://simplywall.st/stocks/hu/insurance/buse-cigpannonia/cig-pannonia-eletbiztosito-nyrt-shares |access-date=2022-09-12 |website=Simply Wall St |language=en}}</ref> From January 2021, Zoltán Polányi became chairman of the board of directors and the other CEO alongside Fedák.<ref name="cigpannonia.hu">{{Cite web |title=Vezetőség {{!}} CIG Pannónia Biztosító |url=https://www.cigpannonia.hu/rolunk/vezetoseg |access-date=2022-09-12 |website=www.cigpannonia.hu}}</ref>
=== Beginnings ===
⚫
Former Minister of Finance and chairman of the central bank [[Zsigmond Járai]] was appointed to chair the Supervisory Board, which represents the owners. [[Béla Horváth]], former top executive of various Hungarian insurance companies, was appointed as the Chairman of the Board of Directors. The position of the CEO has been filled by dr. Ottó Csurgó since 18 April 2012, who is also the CEO of CIG Pannónia First Hungarian General Insurance Plc.
⚫
The Company is heir in spirit to the First Hungarian General Insurance Company (Első Magyar Általános Biztosító Társaság) founded in 1857 by Henrik Lévay. In those days, as well as nowadays, Hungary lacked an insurance company run by Hungarian management, focusing on the Hungarian market and supported and privately financed by recognized and credible [[Hungary|Hungarian]] personalities. Back then, just like today, it was necessary to have a professional leader with an intimate knowledge of the local economy and the opportunities of the insurance market, who had the organisational expertise necessary to build an entire new insurance company, who had significant past achievements and could convince major supporters to back the cause of founding a new insurance company.


In October 2021, CIG Pannónia announced that Hungarikum Biztosítási Alkusz Kft. had acquired 55.5 percent of the voting shares in the listed company, making it the majority shareholder.<ref name="cigpannonia.hu"/> In September 2022, Hungarikum increased its ownership by a further one and a half percent.<ref>{{Cite web |title=EGYÉB TÁJÉKOZTATÁS a szavazati jogot biztosító részvények bejelentés szerinti – határértéket el nem érő – változásáról |url=https://www.cigpannonia.hu/rolunk/hirek/2022/09/02/egyéb-tájékoztatás-a-szavazati-jogot-biztosító-részvények-bejelentés-szerinti-határértéket-el-nem-érő-változásáról |access-date=2022-09-12 |website=Default |language=hu}}</ref>
=== Today ===
Gabriella Kadar joined the company in 2009 as alternative sales channel director. Prior she worked as fund manager, marketing and business development director for [[ING Group]] and Deloiette Hungary from 1994.<ref name=":2">{{Cite web|url=https://www.cigpannonia.hu/en/about-us/management|title=Management|last=|first=|date=|website=www.cigpannonia.hu|url-status=live|archive-url=|archive-date=|access-date=2020-04-14}}</ref> She became the current CEO in 2014.<ref>{{Cite web|url=https://simplywall.st/stocks/hu/insurance/buse-cigpannonia/cig-pannonia-eletbiztosito-nyrt-shares|title=CIG Pannónia Életbiztosító Nyrt (BUSE:CIGPANNONIA) - Share price, News & Analysis|website=Simply Wall St|language=en|access-date=2020-04-14}}</ref> Dr. Gabriella Kádár graduated from the Faculty of Law of [[Eötvös Loránd University|ELTE]]. After being admitted to the Bar, she obtained qualifications in insurance law.<ref name=":2" />


==References==
==References==
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{{Portal|Companies}}
{{Portal|Companies}}
{{BUX companies}}
{{BUX companies}}
{{Major insurance companies}}


[[Category:Companies based in Budapest]]
[[Category:Companies based in Budapest]]
[[Category:Financial services companies established in 2007]]
[[Category:Financial services companies established in 2007]]
[[Category:Companies listed on the Budapest Stock Exchange]]
[[Category:Companies listed on the Budapest Stock Exchange]]
[[Category:Companies in the BUX]]
[[Category:Industry in Hungary]]
[[Category:Industry in Hungary]]
[[Category:Hungarian brands]]
[[Category:Hungarian brands]]

Latest revision as of 10:09, 4 June 2024

CIG Pannonia Nyrt.
Company typePublic
BPSE: CIG
BUX Component
IndustryInsurance
Financial services
Founded2007
Headquarters
Budapest
,
Hungary
Area served
Central Europe
Key people
Péter Bogdánffy (Chairman)
István Fedák (CEO)
ProductsLife and Non-life Insurance, Commercial & Consumer, Life & Retirement Insurance
RevenueIncrease US$ 105.77 million (2017)[1]
Websitecigpannonia.com

CIG Pannonia Life Insurance Plc. is a Hungarian multinational financial services company headquartered in Budapest. Its core business and focus is life and non-life insurance. At present, CIG Pannonia is engaged in the life insurance business in Hungary, Romania and Slovakia.[when?]

History

[edit]

Foundation

[edit]

On 26 October 2007, the company was founded by well-known and acknowledged public figures and insurance experts from Hungary; its original name was CIG Central European Insurance Company. CIG was supported by the U.S. Inverstment bank Lehman Brothers.[2] It also had a successful partnership with Brokernet, one of Hungary's largest financial agencies.[3] In 2008, the company became market leader in niche markets like regular-premium, unit-linked life insurance products and closed the year with a turnover of US$13 million. In 2009, CIG held a 3% market share in domestic life insurance and generated over US$40 million in sales.[4]

On 1 January 2010, the company changed its name to CIG Pannonia Life Insurance Ltd. Later that year, the insurer commenced operations as a public limited company. The company's shares have been listed on the Budapest Stock Exchange. The first trading day was November 8, 2010.[5]

Between 2011 and 2015 CIG started its 100% non-life subsidiary, which focuses on domestic SMEs, Institutions of the state and local authorities, companies, professional chambers and associations.[5] Throughout the years the subsidiary grew and stayed profitable. On the other hand, 2015 was the year when CIG broke up with Brokernet, setting up an all-time low at 135 HUF. This event disappointed many individual investors and speculants.[6] As a result, the stock became an unpopular investment in 2016. Between 2016 and 2018 the company attracted another institutional investor, the Konzlum Plc. They bought a 24.85% stake in CIG pushing up the stock price between 400 and 500 HUF.[6]

Regional expansion

[edit]

The first step of the company's regional expansion was the launch of the sale of its products in Romania in May 2009. Later, in September 2010, the company began its sales activities in Slovakia as well. On 1 September 2010, the Company became a public limited company and is now called CIG Pannónia Life Insurance Plc. (CIG Pannónia Életbiztosító Nyrt.). The subscription procedure in October 2010 was highly successful and drew massive public interest. Later, after the initial public offering, the Company requested to be listed on the Budapest Stock Exchange and from 2011 listed on BSE's prime market.[7][8]

In April 2012 CIG started a cross-border service in Poland in the non-life segment. Followed by the Baltic States in 2013. The company launched their cross-border service in the non-life segment in Italy in September 2014 and in Spain in September 2017.[5]

Products and business model

[edit]

The main products include unit-linked life insurance and pension insurance, but CIG also sells traditional life insurance, funeral insurance, endowment and term life insurance and health insurance. Its subsidiary operates the property insurance business not only in Hungary but also in many European countries through cross-border services.[9]

CIG is primarily active in the life insurance sector. The most profitable products are pension insurance and unit-linked insurance.[10]

Owners and management

[edit]

Former Minister of Finance and chairman of the central bank Zsigmond Járai was appointed to chair the supervisory board, which represents the owners. Béla Horváth, former top executive of various Hungarian insurance companies, was appointed as the chairman of the board of directors. The position of the CEO has been filled by dr. Ottó Csurgó since 18 April 2012, who is also the CEO of CIG Pannónia First Hungarian General Insurance Plc. The company is heir in spirit to the First Hungarian General Insurance Company (Első Magyar Általános Biztosító Társaság) founded in 1857 by Henrik Lévay. In those days, as well as nowadays, Hungary lacked an insurance company run by Hungarian management, focusing on the Hungarian market and supported and privately financed by recognized and credible Hungarian personalities. Back then, just like today, it was necessary to have a professional leader with an intimate knowledge of the local economy and the opportunities of the insurance market, who had the organisational expertise necessary to build an entire new insurance company, who had significant past achievements and could convince major supporters to back the cause of founding a new insurance company.

In September 2020, the company liquidated its Hungarian subsidiary, CIG Pannónia Pénzügyi Közvetítő Zrt,[11] in which Hungarikum Alkusz Kft, owned by Erik Keszthelyi and Lőrinc Mészáros, subsequently acquired a 25% stake.[12] From 1 October 2020, István Fedák took over as CEO, replacing Gabriella Kádár,[13][14] who had previously held the position for 6 years.[15] From January 2021, Zoltán Polányi became chairman of the board of directors and the other CEO alongside Fedák.[16]

In October 2021, CIG Pannónia announced that Hungarikum Biztosítási Alkusz Kft. had acquired 55.5 percent of the voting shares in the listed company, making it the majority shareholder.[16] In September 2022, Hungarikum increased its ownership by a further one and a half percent.[17]

References

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  1. ^ "Annual Report 2017" (PDF).
  2. ^ "Our founders". www.cigpannonia.hu. Archived from the original on 2019-12-05. Retrieved 2019-12-05.
  3. ^ "CIG Pannónia signs strategic cooperation agreement with Brokernet". Budapest Business Journal. Archived from the original on 2019-12-05. Retrieved 2019-12-05.
  4. ^ "Achievements". www.cigpannonia.hu. Archived from the original on 2012-05-13. Retrieved 2019-12-05.
  5. ^ a b c "Annual Report 2017" (PDF). CIG Pannonia Life Insurance Plc. 2018-03-12. Archived (PDF) from the original on 2019-12-20. Retrieved 2019-12-20.
  6. ^ a b "CIG Pannonia, the Hungarian Insurance Company as a Value Investment - GuruFocus.com". www.gurufocus.com. Retrieved 2020-01-16.
  7. ^ "Stock Ticker Symbol Lookup - MarketWatch". www.marketwatch.com. Retrieved 2019-12-05.
  8. ^ "0CK Profile & Executives - CIG Pannonia Life Insurance PLC - Bloomberg". www.bloomberg.com. Archived from the original on 2014-04-21.
  9. ^ "Company profile". Bet site. Retrieved 2020-03-19.
  10. ^ "CIG Pannonia, the Hungarian Insurance Company as a Value Investment - GuruFocus.com". www.gurufocus.com. Retrieved 2020-03-19.
  11. ^ "Beszántja pénzügyi közvetítő cégét a CIG Pannónia". Portfolio.hu (in Hungarian). 9 September 2020. Retrieved 2022-09-12.
  12. ^ "Közel 25%-os tulajdonrészt szerzett a Hungarikum Alkusz a CIG Pannóniában". Portfolio.hu (in Hungarian). 29 September 2020. Retrieved 2022-09-12.
  13. ^ "Új vezérigazgató a CIG EMABIT élén". Portfolio.hu (in Hungarian). October 2020. Retrieved 2022-09-12.
  14. ^ "Távozik a CIG Pannónia vezérigazgatója, meg is van a leendő utódja". Portfolio.hu (in Hungarian). 27 July 2020. Retrieved 2022-09-12.
  15. ^ "CIG Pannónia Életbiztosító Nyrt (BUSE:CIGPANNONIA) Stock Price & Quote Analysis". Simply Wall St. Retrieved 2022-09-12.
  16. ^ a b "Vezetőség | CIG Pannónia Biztosító". www.cigpannonia.hu. Retrieved 2022-09-12.
  17. ^ "EGYÉB TÁJÉKOZTATÁS a szavazati jogot biztosító részvények bejelentés szerinti – határértéket el nem érő – változásáról". Default (in Hungarian). Retrieved 2022-09-12.
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