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History

When the Company was founded, the major players of the domestic insurance market were multinational companies. There was a clear need for an insurance company founded in Hungary and run by Hungarian management.

The Company was founded on 26 October 2007 by well-known and acknowledged public figures and insurance experts from Hungary; its original name was CIG Central European Insurance Company Ltd (CIG Közép-Európai Biztosító Zrt.). 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 our time, this person was Béla Horváth, who was the visionary, founder and first president of the Company. He helped found the Hungarian insurance company of the 21st century, which would follow in its historic predecessor's footsteps.

The Company launched its sales activities in the domestic market on 26 May 2008 with its own network, independent insurance brokers, a tied-network of insurance brokers and brokerage firms. In the course of its activities, the Company established a highly significant partnership with BROKERNET, Hungary's largest financial agency, whose founders were also founders and owners of the Company. The two companies made a strategic cooperation agreement in July 2008, which has been renewed a number of times since. (Please find a description of our partners in the next part of this document.)

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 (BSE) in category B of shares. CIGPANNONIA shares were first traded on the BSE on 8 November 2010. The successful introduction of the share to the exchange won the Company the prestigious “Stock Exchange Listing of the Year” award. Since 1 April 2011, the shares have been included in both the BUX and BUMIX baskets, and due to the growing weight they are given, they are currently sixth in the ranking.