1, 1997, Bundeslaender merged its operations with those of Austria-Collegialitaet, Austria's largest health insurance group.
In addition, Bundeslaender and Austria-Collegialitaet, as a combined entity, enjoy good capitalization and Standard & Poor's expects there to be potential for expense synergies.
Bundeslaender is a leading player in the relatively sheltered Austrian insurance market, ranking as the number four in the property/casualty sector and together with its subsidiary Raiffeisen-Versicherung AG, forming Austria's largest life insurance operation.
Bundeslaender is an integral member of the Raiffeisen Banking group.
Capital of Bundeslaender and Austria-Collegialitaet as a combined entity is good, with a risk-adjusted coverage of capital requirements consistent with a single-'A' range rating.
However Standard & Poor's believes Bundeslaender has a unique opportunity of leveraging its expertise in the newly liberalizing economies of Eastern Europe.
In property/casualty business Bundeslaender posted a combined ratio of 101.