Group restructure is on it’s way

In its meeting on 22^nd June 1999 the supervisory board of BARC Versicherung Holding has given the green light for the planed restructure of the group and has agreed to propositions on a new structure and a common market brand. These items will be submitted for approval at the general meeting of BARC Versicherungs-Holding AG and it’s sister companies to be held in September. 

According to these proposals the new brand name UNIQA (spoken UNIKA) will be introduced on the market not only for the group’s holding but also for all the core insurance companies. This means that the names “Bundesländer” and “Austria-Collegialität” will be replaced by UNIQA. The main intention of this measure is to establish a strong corporate identity and to strengthen and clearly define the company’s position on the insurance market.

Better cards in the competition game

“The decision to part from these two traditional and successful insurance names was not an easy one. We nevertheless are convinced that with the new brand UNIQA we shall have the better deck of cards in the hard and most difficult European market” declared CEO Herbert Schimetschek at a press conference held on Wednesday 23^rd of June 1999. “For us, UNIQA is not only a brand name, it is also a promise and a programme. It is the promise to deliver a quality unique in Austria. We shall keep this promise by adapting our products and services to the individual needs of our present and future customers on the threshold of a new millennium and where old and traditional paths in the insurance business will have to be questioned” said Mr.Schimetschek.  

A programme for the next millennium

In itself the new brand UNIQA is a programme for the future of the BARC Versicherungs-Holding  and the many challenges to be mastered in the new millennium. Among others, some of the main items in this programme will be the intensive training of all our employees, the development of new products and services and a critical survey of the market and the individual needs of the consumers. Part of this will be one of the largest opinion polls about the “future expectations” of the Austrian population. This project known as “UNIQA survey” will start in July and will be an anonymous market research addressing every single Austrian household. The name UNIQA is the result of a very intensive market study conducted by an internationally renown agency specialized in company identity. The decision was taken after numerous market studies in Austria and abroad, consumer’s opinion and a survey conducted within the company itself. Already in the course of this year, the deadline has still to be decided, UNIQA will be used as follows:

The future holding company will be called “UNIQA Versicherungen AG” and will primarily be used as stock brand name.

The future property insurance company will be named “UNIQA Sachversicherung AG”.

The future life, health and accident insurance company will be named “UNIQA Personenversicherung AG.   

Both companies will address the public through the brand UNIQA. The division in two units, one for the property insurance and the other for the insurance of persons has been effected accordingly to the European trend and because of financial and juridical reasons.

Raiffeisen-Versicherung, Salzburger Landes-Versicherung and Collegialität Versicherung will keep their former identity towards the public but will demonstrate their affiliation to the common group by the addition “a company of the UNIQA Group Austria”

The international sister companies will adopt the new brand strategy as of the year 2000.

Listing on the Vienna Stock Exchange 

Other decisions of the General Assemblies in September will lead to the conversion of mother company of the group Bundesländer AG to UNIQA Versicherung AG. Through this measure  this group holding will be the only one listed on the Vienna Stock Exchange. As announced the holders of preferential shares and participation certificates will become ordinary share holders of the new company.

The company conversions, name changes and market image will in no way affect the clauses of the insurance contracts. The transcription of the former BUNDESLÄNDER and Austria-Collegialität contracts to the new risk bearers will also take place in autumn 1999 and will not enhance any costs for the customers.