User:Gothaer Group/sandbox

Gothaer Group
Legal form: Mutual insurance society

Founded: 2 July 1820

Head Office: Cologne, Germany

Chief Executive: Dr Karsten Eichmann

Employees: 5,910

Turnover: €4.51 billion (2014 premium income)

Industry: Insurance

Website: www.gothaer.de

Gothaer Versicherungsbank VVaG

Head Office in Cologne
With over 4.1 million members and premium income in excess of 4.5 billion euros, the Gothaer Group ranks among Germany’s major insurance groups and is one of the country’s largest mutual insurance societies.

Lines of Business
Working with both in-house and self-employed sales representatives, as well as with brokers and direct sales, the Group companies offer products in the fields of property, health and life insurance [|life insurance]. Gothaer insures industrial, business and private customers, with asset management and investment forming another area of business.

Sites
Gothaer has had its head office in Cologne for decades, and all core Group companies have been based in the city for several years. Cologne is home to Gothaer Versicherungsbank VVaG, Gothaer Allgemeine Versicherung AG, Gothaer Lebensversicherung AG and Gothaer Krankenversicherung AG.

Other major sites can be found in Göttingen (primarily life insurance) as well as Hamburg and Stuttgart (corporate customer competence centre) and Berlin (Gothaer claims service centre).

Gothaer is represented by sales and/or broker offices at more than 30 locations across Germany.

History
Back in 1820, Ernst Wilhelm Arnoldi established the ‘Feuerversicherungsbank des Deutschen Handelsstandes’ – a company run by merchants, for merchants – in the Thuringian town of Gotha. Arnoldi therefore set up a more personal kind of business than the capital-oriented PLCs of the time. The liberal ethos of mutual assistance and solidarity between members remains intact today. Gothaer was one of Europe’s first interregional mutual insurance companies – where the company belongs to the policyholders. Just like mutual banks, there are no external shareholders, which makes it possible to act solely in the interests of members at all times.

From 1820 to 1968
The headquarters of what was Gothaer Lebensversicherung on Bahnhofstrasse in Gotha. The building now houses the town’s courts.


 * 1820 – Gothaer Feuerversicherungsbank für den Deutschen Handelsstand is established as a mutual insurance society by Gotha-based merchant Ernst-Wilhelm Arnoldi. It is now one of Germany’s oldest insurance companies.


 * 1827 – Arnoldi sets up a second company, Gothaer Lebensversicherungsbank für Deutschland.


 * 1830 – Gothaer Feuerbank is renamed Gothaer Feuerversicherungsbank für Deutschland.


 * 1842 – The company faces its first serious challenge – the Great Fire of Hamburg and its devastating consequences. E.W. Arnoldi, who had died a year earlier, does not witness the event. A three-day blaze ravages the entire city centre of Hamburg. Gothaer Feuer, the German fire insurer that bears the brunt of the claims, pays out some 1.4 million thalers of compensation over a three-year period. For the first and only time ever, the members have to pay an additional contribution of 93% of the annual premium.


 * 1846 – A support fund is set up for bank staff.


 * 1854 – A fire lasting several days in Memel once again puts Gothaer Feuer to the test, with 800,000 thalers due in compensation. Although the members are not asked to pay an additional contribution, the no-claims bonus for the year is cancelled.


 * 1869 – Bank officials are given a pension entitlement.


 * 1878 – The bank now insures a sum of 2.7 billion marks spread amongst 150,000 members, with 80% receiving a no-claims bonus. Business is boosted by 950 agencies. Gothaer Feuer takes out reinsurance for the first time.


 * 1879 – The next step in providing social security to parts of the population is the establishment of the Witwen- und Waisen-Versorgungsverein (a society to provide for widows and orphans).


 * 1883 – Gothaer Feuer becomes the first mutual society to join the Verband Deutscher Privat-Feuerversicherungsgesellschaften (Association of German Private Fire Insurers) and the premium cartel for private fire insurers operating in Germany.


 * 1902 – Gothaer Lebensversicherungsbank für Deutschland is renamed Gothaer Lebensversicherungsbank auf Gegenseitigkeit and Gothaer Feuerversicherungsbank für Deutschland is renamed Gothaer Feuerversicherungsbank auf Gegenseitigkeit, thus reflecting the mutual character of both organisations.


 * 1903 – A typewriter is used for the first time at the offices of Gothaer.


 * 1910 – The obligation for subsequent contributions is once again halved, to twice the amount of an annual premium.


 * 1913 – The sum insured reaches 7.4 billion marks, with 74% of members receiving a no-claims bonus.


 * 1921 – The bank is relieved of its foreign-currency obligations with the sale of the Swiss arm of the business. Several small insurance companies are established in the period up to 1924.


 * 1923 – Establishment of Gothaer Transport-Versicherungsbank AG.


 * 1924 – Gothaer Allgemeine Versicherungs AG is set up to handle the emergent motor insurance business, and Gothaer Transport settles in Cologne. The companies are intertwined by means of stakes in each other. People started talking about the ‘Gothaer Group’.


 * 1925 – The first punched card machines (made by a company called Powers) are introduced at the company to enable high-volume tasks to be performed more quickly and accurately. The machines were replaced by addressing machines in 1930.


 * 1930 – Gothaer Transport trades under the name Gothaer Kraftfahrzeug und Transportversicherungsbank Akt. Ges. and now also sells motor insurance.


 * 1931 – The subsequent contribution amount is once again reduced, now amounting to half the annual premium.


 * 1933 – The 43-hour week is introduced.


 * 1936 – Gothaer Feuer now has 3,400 agencies, a premium income of 12 million Reichsmarks and 25 administrative offices. Barmer Verein Krankenversicherung auf Gegenseitigkeit is founded in Berlin.


 * 1936 - Barmer Verein Krankenversicherung auf Gegenseitigkeit is renamed Berliner Verein Krankenversicherung auf Gegenseitigkeit due to an appeal of a competitor.


 * 1940 – The Gothaer Feuer pension fund is established, resulting in a harmonisation of pension provision and the introduction of pensions for professional representatives.


 * 1940 – Gothaer Feuer takes over Gothaer Kraftfahrzeug- und Transportversicherung AG, making it a composite insurer for the first time. Gothaer Transportversicherung is also renamed to Gothaer Transport- und Rückversicherung AG.


 * 1945 – In February, the Gothaer Bank building is destroyed in the war. In the same year, the insurance industry in Central Germany is nationalised, causing Gothaer Feuer to relocate its head office to Cologne in April 1946. The move is quite an adventure in some ways, as the state authorities don’t want the relevant paperwork to cross the border. The life insurance company and Gothaer Allgemeine move to Göttingen.


 * 1946 – The portfolios of Dresdner Feuerversicherung, which also suffered the same fate, are taken over until 1950.


 * 1948 – Gothaer Feuer starts using IBM punched card machines. The first electric typewriters were used ten years later. Four years after that, the company began processing data electronically with an IBM 1401 computer. The IBM 360 was deployed in 1968.


 * 1957 – Following completion of the bank building in Cologne, the years that follow see the following investments and new companies: stake in Roland Rechtsschutzversicherung (1957), Aachener Bausparkasse (1965), Nothilfe Krankenversicherung V.a.G. (1967), Gothaer Group (1968).

From 1968 to 1996

 * 1968 – The Gothaer Insurance Group is founded, with each parent company holding a 26% stake in its subsidiaries.


 * 1969 – Gothaer now boasts premium income of 234 million Deutschmarks, 10,500 agencies, 397 field officers and 49 administrative offices.


 * 1970 – Gothaer Feuerversicherungsbank auf Gegenseitigkeit is renamed to Gothaer Versicherungsbank VVaG.


 * 1974 Gothaer Transport und Rück starts trading as Gothaer Rückversicherung AG, concentrating on the reinsurance business.


 * 1980 – Gothaer Krankenversicherung AG is founded as a subsidiary of Gothaer Leben and Gothaer Versicherungsbank, with its head office in Cologne.


 * 1990 – Gothaer Finanzholding AG is established as an instrument for shared investment policy. Gothaer Krankenversicherung relocates its head office to Göttingen.


 * 1991 – Gothaer Allgemeine relocates its head office to Cologne. The portfolios are transferred to Gothaer Versicherungasbank. Gothaer-Namur Kreditversicherung is established.


 * 1992 – Gothaer Risk Management GmbH is founded as a subsidiary of Gothaer Allgemeine Versicherung AG, with its head office in Cologne.


 * 1994 – The Gothaer Insurance Group outsources its data processing to Informationsverarbeitung und Dienstleistungen GmbH (IDG). Gothaer has a 50% stake in the company, as does IBM.


 * 1996 – Gothaer Versicherungsbank moves into its new premises in the Zollstock area of Cologne, right next to Berlin-Kölnische Versicherung a.G.

From 1997 to the present day

 * 1997 – The Gothaer Insurance Group forms a horizontal entity with Berlin-Kölnische Versicherung. The new entity is called Parion. Berlin-Kölnische Sachversicherung a. G. and Gothaer Versicherungsbank VVaG become Gothaer Versicherungsbank VVaG, and Gothaer Lebensversicherung a.G. and Berlin-Kölnische-Lebensversicherung a. G. become Gothaer Lebensversicherung a. G. Dr Wolfgang Peiner (who would later go on to become a finance senator in Hamburg) is appointed Managing Director of Parion.


 * 1998 – Asstel is established as the Group’s direct insurer, with its head office in the Mülheim area of Cologne.

Gothaer Versicherungsbank VVaG outsources some of its claims management to the Gothaer claims service centre in Berlin.
 * 1999 – Gothaer Krankenversicherung AG and Berlin-Kölnische Krankenversicherung AG renamed Berlin-Kölnische Speziale Krankenversicherung AG.


 * 2000 – Parion takes over IBM’s interest in IDG and positions the company as an independent business below Gothaer Versicherungsbank.

The German Federal Financial Supervisory Authority (BaFin) rules that Gothaer Versicherungsbank VVaG has to have an insurance product if it is to continue. It chooses the Gothaer member protection policy. This contains a travel accident insurance policy that was offered to all Gothaer members and Gothaer Group policyholders free of charge. Berlin-Kölnische Speziale Krankenversicherung AG is renamed Berlin-Kölnische Krankenversicherung AG and once again relocates its head office to Cologne. The Gothaer Group becomes a vertical group.
 * 2001 – Parion takes over Limmat Industrieversicherungs AG in Stuttgart. The portfolios of Gothaer Versicherungsbank VVaG are transferred to Limmat before the company is renamed Gothaer Allgemeine Versicherung AG. The empty shell of Gothaer Versicherungsbank VVaG is put at the head of the new Gothaer Group.

Gothaer takes over A&O Autoversicherung Oldenburg AG, a regional motor insurer. Gothaer Pensionskasse AG, the first new pension fund following German pension reform, is established. It offers solutions for occupational pension schemes.
 * 2002 Gothaer Credit Versicherung AG (formerly Gothaer-Namur) ceases trading.


 * 2003 – Start of the new Gothaer brand campaign, ‘Die Gothaer’. Berlin-Kölnische Krankenversicherung AG is renamed Gothaer Krankenversicherung AG, meaning the name Berlin-Kölnische Versicherung no longer exists.


 * 2004 – Gothaer Rückversicherung AG ceases trading.


 * 2005 – Gothaer sets up Gothaer Kunden-Service-Center GmbH (GKC) to process applications. Gothaer acquires MLP Versicherung AG and renames the company Janitos Versicherung AG, with its head office in Heidelberg. Takeover of the industrial business of Inter Allgemeine Versicherung AG.


 * 2006 – Gothaer Lebensversicherung AG moves its head office from Göttingen to Cologne. As a result, all core Group businesses and the Group head office are now located in Cologne. The former main administrative office in Göttingen loses its status and becomes the Göttingen site. Alongside a few general administrative areas, some of the operating activities of Gothaer Kranken- und Lebensversicherung remain in Göttingen.


 * 2010 – As part of its strategy of expanding into the growth regions of Central and Eastern Europe, the Gothaer Group acquires an interest in Polish non-life insurer Polskie Towarzystwo Ubezpieczeń S.A (PTU) that was previously held by Polish chemicals company CIECH S.A. and its subsidiaries.


 * 2013 – Change at the top of the Group. As of 1 January 2014, Dr Werner Görg hands on the baton as Chief Executive to Dr Karsten Eichmann.


 * 2013 – The Gothaer Group announces its entry onto the Romanian insurance market as Gothaer Asigurari Reasigurari. This comes after Gothaer Finanzholding AG acquires a majority stake in Platinum Asigurari Reasigurari.


 * 2014 – Asstel Lebensversicherung AG is amalgamated into Gothaer Lebensversicherung AG. In terms of new life insurance business, Asstel therefore only offers Gothaer products.

External agency ratings
Gothaer is appraised annually by independent rating agencies such as Fitch and Standard & Poor’s.

Sustainability as a Business Field of the Future
At a very early stage, Gothaer was already addressing the subject of renewable energies as a significant future trend. In fact, it was one of the first companies to insure wind power plants. Bit by bit, Gothaer built up expertise in assessing the risks involved and set up a separate department with specialised engineers. What started as a niche product in 2001 has evolved down the years into a new business field with a premium volume of some €61 million in 2014. Gothaer now insures wind power plants the world over and is a market leader, both in Germany and elsewhere.