Anglo-Elementar Versicherungs-AG
The Anglo-elementary Versicherungs-AG was founded in an Austrian property and life insurance, the end of 1897 and in 1997 with the Vienna Alliance merged was.
history
At the end of the 19th century, conditions prevailed on the insurance market in Austria-Hungary that did not allow any competition. The insurers in the Austro-Hungarian monarchy had come together in a monopoly and dictated the premiums, especially for fire insurance for industrial risks .
In mid-June 1896, a group of industrialists defended themselves against this monopoly and formed a mutual insurance association , the “Insurance Association of Austrian & Hungarian Industrialists in Vienna”. Until recently, this company counted well-known industrial companies such as the sugar industry or companies in the Vorarlberg textile industry among its customers.
The insurance industry reacted to the establishment of this insurance association by threatening foreign reinsurers with breaking off their business relationship if they should start a business relationship with the newly established insurance association. Thereupon the industrialists raised a share capital of four million crowns for the establishment of a joint-stock company, which should act as reinsurer for the insurance association.
At the end of 1897 the "Österreichische Elementarversicherungs Actien Gesellschaft" was founded. Its first general director was Gustav Ullmann. Both the insurance association and the Elementar AG, which incidentally were run in personal union, had to cope with the loss of the largest share of customers after 1918 due to the loss of the former crown lands and later also the world economic crisis of the 1930s.
In 1921 the British "Commercial Union Assurance Company" acquired the majority of the shares and the company name was changed to "Anglo-Elementar Versicherungs AG".
In 1938, the Commercial Union transferred its ownership interests to “Colonia” in Cologne , and the company's name was changed to “Allgemeine Elementar-Versicherung”. A foster brother of Adolf Hitler by the name of Josef Mayerhofer, who had previously been station manager in Attnang-Puchheim , was appointed director. He ran the company without any relevant specialist knowledge, but with a lot of common sense, and the insurance industry owes it to him for what is still known today as the “administrative cost contribution (VKB)”. His close relationship with the Reich leadership enabled him to successfully protect some employees with “not entirely Aryan blood” from persecution by the regime.
The company was initially placed under public administration as "German property" in 1945 , until the Commercial Union bought back the shares in 1954. General directors at this time were Bittner, Tschiedel, Hajek and Rafaseder.
In 1977 the Commercial Union sold the shares in Anglo-Elementar to Allianz AG in Munich. In 1992 there was an administrative partnership with the Wiener Allianz under the first joint general director Erik Skreiner (until 1996) and finally in 1997 the merger with the Wiener Allianz. After 99 years, the company, which was briefly called "Anglo" and later "Elementar" by employees and customers, ceased to exist.
In 2001, the “Insurance Association of Industrial Corporation”, which had previously been converted into a stock corporation, was finally merged with what is now “Allianz Elementar Versicherungs-Aktiengesellschaft”.
Individual evidence
- ↑ Josef Mayerhofer at “Google Books” accessed on March 31, 2013
- ↑ Commentary in "Börse-Express" accessed on March 31, 2013