LVM Agricultural Insurance Association Münster

LVM Agricultural Insurance Association Münster a. G.
legal form	Mutual insurance association
founding	1896 in Münster
Seat	Munster , Germany
management	Mathias Kleuker (CEO); ; Eckhard Uhlenberg (Chairman of the Supervisory Board) ;
Number of employees	3,890
sales	3,621.0 million EUR (premium income )
Branch	Insurance
Website	www.lvm.de
	As of December 31, 2018

The LVM Landwirtschaftlicher Versicherungsverein Münster a. G. is one of the 20 leading primary insurance groups and one of the five largest motor vehicle insurers in Germany. The company is based in the city of Münster .

Brief portrait

The LVM group of companies offers a complete product portfolio in the areas of insurance, provision and financial services. Around 3.5 million private individuals and companies are customers of LVM Versicherung in these matters and have concluded around 11.6 million contracts.

Around 2,300 shop stewards - that's the name of the independent commercial agents (according to § 84 HGB ) of LVM Versicherung - work together with their 4,700 employees across Germany in sales and on-site customer service. In 2017, they were supported by over 3,700 employees from the company headquarters in Münster.

legal form

LVM Versicherung consists of the parent company , LVM a. G., and its subsidiaries. The legal form of the parent is mutual insurance association (VVaG for short). A special feature of this legal form is that the insured persons of the insurance association are themselves the association members.

The LVM subsidiaries are stock corporations (short: AG) whose shares are 100 percent owned by the parent company LVM a. G. are located.

history

LVM Versicherung was founded in 1896, when Westphalian farmers founded the insurance association against liability for farmers in the province of Westphalia . The aim was to set up a self-help organization to protect farmers from a wide variety of liability risks. In 1916 the membership exceeded 20,000. The assets under management amounted to the equivalent of more than 500,000 euros.

The association survived the post-war period of the First World War with the inflation period in the early 1920s because the contributions were no longer paid in Reichsmarks , but in rye. After the introduction of the Rentenmark and the end of inflation, the stored rye was sold at a profit. In 1926 the insurance association opened up to people who were not farmers and who lived in communities with fewer than 8,000 inhabitants. At the same time, motor vehicle liability and animal insurance were included in the offer.

LVM office building

The office buildings of the association were badly damaged by the Second World War . At the same time, the stock of insurance and financial reserves decreased. During the period of the economic miracle , the portfolio increased tenfold between 1948 and 1955 due to the motor vehicle liability insurance, the Agricultural Insurance Association Münster a. G. renamed insurance association. At the same time, the regional limitation was lifted in 1955, thus opening up the range to other customers. By 1969 the offer was extended to the whole of the Federal Republic of Germany and West Berlin . There were also expansions in the offer, for example through general accident insurance and property insurance.

Sculpture "Two horses for Münster" (Stephan Huber, 2002) on or in the office tower (LVM 1)

Sculpture “Body and Soul” (Duk-Kyu Ryang, 2015) at the “Kristall” office tower (LVM 4 and 5)

The transformation into a group of companies began in 1970 when LVM Rechtsschutzversicherungs-AG was founded as a subsidiary. LVM Lebensversicherungs-AG followed a year later . 1973 all restrictions on the group of persons were lifted. Another subsidiary was founded in 1981, LVM Krankenversicherungs-AG . Only shortly afterwards, in 1984, the premium income exceeded the limit of one billion DM for the first time. The limit of two billion DM fell after German reunification in 1990 and the many new customers in the new federal states. Due to the increasing expansion, the administration buildings were also expanded, including the 73 m high office tower on Kolde-Ring, completed in 1999.

Office building (LVM 6)

The LVM insurance group has been cooperating with the American investment house Federated Investors, Inc. since 2000 and distributes its own family of funds through the agencies. On July 1, 2002, LVM took over Augsburger Aktienbank , Germany's oldest direct bank, and since then has also been selling the bank's products through its own agencies. On October 10, 2002, the previous subsidiary, LVM Pensionsfonds -AG , started business operations. In 2004, premium income exceeded the two billion euro threshold for the first time.