The Lufthansa Group has merged its captive insurance companies Delvag Rückversicherungs-AG (Delvag Rück) and Delvag Luftfahrtversicherungs-AG (Delvag), effective 7 March.
According to Delvag, the aim of the merger is a long-term strengthening of the combined capital base and competitiveness.
In October 2015, the executive boards of Delvag and Delvag Rück opted for a new entrepreneurial course that involved the merger of the two companies.
Under the merger, the board has opted to change the company name from Delvag Luftfahrtversicherungs-AG to Delvag Versicherungs-AG.
The new executive board will include Frank Hülsmann and Reiner Siebert, the firm’s headquarters will remain in Cologne.
The former Delvag Rück staff will continue to write reinsurance business as a new reinsurance division within Delvag Versicherungs-AG.
Hülsmann said: "With the merger of Delvag Rück and Delvag, we are bundling our competencies in the areas of direct insurance and reinsurance. What's more, in this way we can make our internal organisational structures, our decision-making processes and control mechanisms much more effective, and put more focus on the development of our business.”
Siebert added: "Our new company name, Delvag Versicherungs-AG, clarifies our position of being more than a specialist aviation insurer. The merger enables us to further develop other segments, which will be to the benefit of our reinsurance business in particular. This will enable us to be an even more trustworthy, experienced and innovative player in the international insurance market.”
