When CIG was founded, most of the major players in the Hungarian insurance market were multinational companies. There was a clear need for an insurance company founded in Hungary and run by Hungarian management.
CIG Central-European Insurance Ltd. was founded in 2007. The company has been active in the Hungarian market as CIG Pannónia Life Insurance Plc. since September 1, 2010. Barely six months after its start, CIG became the insurance company with the largest portfolio premium in newly acquired regular premium payment unit-linked life insurances, a position the company has held ever since. On May 26, 2009, one year after its start, CIG opened a branch in Romania. The company’s goals include expanding its service in the Central and East European region.
CIG was founded by well-known Hungarian personalities, and it is run by topnotch Hungarian professionals. CIG is headed by CEO Csaba Gaál, who was previously Director of Product Development. The chairman of the board is former CEO Béla Horváth, who has served as the chief executive at several leading insurance companies in Hungary. The chairman of the supervisory board is Zsigmond Járai, former Minister of Finance and chairman of the central bank.
This initiative is not without precedent in Hungary. CIG wants to be a worthy successor to Első Magyar Általános Biztosító Társaság, an insurance company 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. Just as 150 years ago, there was again a need for someone with an intimate knowledge of the local economy and the opportunities available in the insurance market. Someone was needed who had the organizing genius to build an entire insurance company, and whose past achievements could convince major supporters to back the cause of founding the company.