New FOODprint Publication

In the latest edition of GrECo’s Food & Agri client magazine, FOODprint, we place our focus on a key challenge faced by this industry: the impacts of climate change.

Agriculture serves as a crucial foundation for the food supply chain in every society, playing a pivotal role in the subsequent processing and distribution of food.

In the latest edition of GrECo’s Food & Agri client magazine, FOODprint, we place our focus on a key challenge faced by this industry: the impacts of climate change. We delve into the forthcoming EU regulations, explore
advancements in the insurance sector, and observe alternative risk and insurance solutions.

Efficiency and effectiveness are paramount in ensuring the success of this industry. While digitalization offers numerous advantages, it is imperative to address the potential cyber exposures that arise from relying on this technology. Additionally, the risks of employee misconduct and third-party criminal activities can significantly impact the financial stability of any Food & Agriculture enterprise.

Maksym Shylov

Group Practice Leader
Food & Agriculture

T +48 22 39 33 211

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New FOODprint Publication

In the latest edition of GrECo’s Food & Agri client magazine, FOODprint, we place our focus on a key challenge faced by this industry: the impacts of climate change

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Webinar “Climate risks in Food & Agri industry”

In our recent webinar “Climate Risks in Food & Agriculture: Compliance With New European Regulations, Risk Assessment, Mitigation and Alternative Risk Transfer” we shared information about the new EU regulations and requirements in the area.

GrECo Group and AXA Climate have conducted the first mutual webinar on climate risks concerning EU regulations, adaptation and insurance. More than 50 participants attended this event.

Hu-Ann Pham, who is the Head of Industry Adaptation at AXA Climate introduced current European regulations and requirements related to physical climate risks and talked about how to adapt industrial assets in food & agriculture to climate change.

Lucile Dauger, who is the Agri-Product Manager of AXA Climate, presented how companies in food & agriculture can be better prepared for ongoing and future climate changes.

Maksym Shylov, GrECo Group Practice Leader in food and agriculture, outlined the main ways to insure weather risks, and crop and parametric insurance in particular for agriculture and the whole food supply chain.

You can find the full webinar recording on our Youtube profile.

Maksym Shylov

Group Practice Leader
Food & Agriculture

T +48 22 39 33 211

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Parametric insurance – rapeseed: Bessé and GrECo sign an exclusive distribution partnership agreement

Bessé, leading French insurance consulting firm, and GrECo, largest independent risk and insurance management advisor in Eastern Europe, announce the signature of an exclusive partnership agreement to extend the distribution of the parametric solution “Rapeseed Germination.” Based on an innovation developed by Bessé in collaboration with AXA Climate, the joint project between Bessé and GrECo now enables the deployment of a European parametric insurance solution.

A unique innovation for the agro-food industry

Bessé, with its strong focus on innovation, is a pioneer in the field of parametric insurance. In France, the teams have developed a unique insurance product for stakeholders in the oilseeds sector in response to growing climate risks affecting the cultivation of rapeseed: increasingly dry summers deteriorate the growth potential of this crop, from the earliest stages of its development. The solution developed can cover the risk associated with rapeseed germination and is particularly designed for seed companies and grain dealers’ organisations.
Unique on the market, this product is the only solution that can determine the quality of rapeseed germination at field scale, through biomass measurement.

This innovation, developed by Bessé’s experts, is gaining popularity among agro-food operators: almost 80,000 hectares are already covered in France, and it was deployed for the first time in Romania in 2022.

Working together to develop a European parametric insurance solution

Satisfaction in France and confirmation of the solution’s ability to meet the rapeseed crop insurance requirements open new development perspectives in European countries with a strong agricultural sector.
This situation has naturally led Bessé to collaborate with GrECo in CEE. After working together for several months to understand the needs of the stakeholders in these countries and adapt the solution to local particularities, the partners have signed an exclusive distribution agreement, which is already being deployed in the sector.ion.  

Jean-Philippe PAGES
Head of Bessé Large Risks Department

We are delighted to have signed this distribution agreement with GrECo. Like us, they have agro-food experts in their teams as well as solid knowledge of agricultural and parametric insurance. I am proud of this joint project that has led to the development of a European insurance solution that meets the new needs of the agro-food industry. This partnership also confirms the pertinence of Bessé’s strategy and supports our ambition to continue to innovate for our customers.

Shylov Maksym, GrECo Practice Leader Food & Agriculture

Maksym Shylov
GrECo Group Practice Leader in the Food & Agriculture industry

GrECo’s strategy is to specialise in dedicated industries and solutions, such as food and agriculture.  The specific needs and individual risk and insurance situations of our clients drive us to provide the best service as well as tailored solutions. The start of the cooperation with Bessé is a clear step towards implementing this business model. Together, the two companies are forging a common path with the ecological challenges and digitalisation of agriculture, which in turn requires the development and implementation of innovative risk advisory and insurance solutions. We are very pleased about the start of this project

About Bessé
Bessé teams are experts in insurance brokering and consulting for professionals. 500 employees apply their innovation capacity on a daily basis in their specific areas of expertise to support their customers, helping intermediate-sized businesses and large corporations to protect their activities and employees. Over 60 years, with the same values and the same independent spirit, Bessé has gradually emerged as one of France’s leading firms. Bessé’s teams, regularly acknowledged for their quality of service and advice, strive to build long-lasting, trust-based relationships with their clients. No.1 broker in the Risk Managers’ satisfaction survey 2023 (Golder & Partners and OMC). In 2022, Bessé recorded a turnover of €131 M.

Petra Steininger

Head of Group Communications

T +43 664 548 55 58

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GrECo Slovenia and Allianz Partners Join Forces With Bike Insurance

GrECo Slovenia and Allianz Partners have been writing a successful and unique story with bike and e-bike insurance for over a year already. Our partner network includes more than ten big and recognizable specialized bike shops that achieve excellent sales results.
 
In April 2023, we greet in our portfolio the company Extreme Vital, one of the largest specialized bike shop in Slovenia. Extreme Vital stores are known for high-quality products, professional and motivated employees, and excellent sales and after-sales customer support. Company is present in the Slovenian market for over 25 years already, and at the moment, they have five branch stores in different locations across the country.
 
They recognized the extraordinary potential and added value for the customer in our unique insurance solution, as casco insurance for bikes and e-bikes offers exceptional coverage such as classic theft (outdoors) and burglary, robbery and vandalism, damage to the bicycle in the event of falls and traffic accidents, additional coverage for e-battery, mobile assistance.
 
Visit the Extreme Vital stores and check their quality and affordable offers. Ask them also about our casco insurance for bicycles and e-bikes.

Alma Ribanovic

Group Practice Leader Affinity

T +43 664 962 40 17

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Statement of the Executive Board

In 2022, GrECo boosted revenues despite a very challenging trading environment.

Key Metrics and Highlights

GrECo International Holding AG increased its total consolidated revenues by 22.7% to 132.2 million EUR in 2022. This substantial growth was driven by extraordinary organic growth combined with major acquisitions. Profits before tax remained stable with 14.9 million EUR in 2022.

Corporate Developments

In line with our risk-based approach, we look at risks from a business perspective. We consider the specific business environment, speak our clients’ language, and understand the challenges they face in their industry sector. For our clients, insurance provides important solutions. We help our clients to properly manage risks in this rapidly changing environment and turn challenges into opportunities before they result in losses.
 
Our specialty-led approach is the core element of our corporate strategy. To support it, we have attracted the best talents and have formed industry-focused practices to provide our clients with innovative concepts that meet their specific needs. This solid foundation thrives on our teams’ outstanding quality of work, their commitment and passion as well as an unwavering focus on achieving the best results for our clients in an increasingly complex risk environment.

Attracting and developing talent is at the heart of our strategy

Being an attractive place to work is of paramount importance to us. As the global economy changes and risk and insurance management services become more complex, we are investing heavily to stay at the forefront with the specialist knowledge, skills and abilities that are important for the future. Therefore, we will continue to devote significant resources to attracting and developing talented people and creating an environment where talent thrives.

Outlook

While the Group considers the factors within its control intact, external factors, such as the ongoing war in the Ukraine, related sanctions, increasing inflation and the potential of further disruptions in supply chains, present a serious risk. However, we remain confident that our core businesses will continue their solid performance and believe that our client-focused specialty strategy will fuel our growth over the long term.
 
Our strong growth, both organically and inorganically, confirms that we are on the right track with our corporate strategy. It also shows that talent, entrepreneurs and brokers are interested in joining our enthralling course. A financially sound and competitive company with outstanding employees has been the foundation of GrECo’s journey so far. Before we continue our exciting journey, we want to thank all our great colleagues: We greatly appreciate and always admire the outstanding efforts and value you contribute every day!

Ante Banovac, GrECo Head of Group Sales & Market Coordination

Ante Banovac

Executive Board Member/COO

T +43 5 04 04 372

Georg Winter

CEO

T +43 664 962 39 06

Neubrand_Georg, GrECo Group Leadership Member

Georg Neubrand

CFO

T +43 664 402 60 54

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New Horizon Risk Thought » Fast Forward Publication

We are excited to announce the release of the 2nd Horizon Risk Thought » Fast Forward publication!

The theme of this year’s edition is “Beyond globalisation” and it concentrates on the geopolitical transformation and therefore looks at all its challenges from various angles.
 
We are undergoing times of permanent change. This change takes place in different fields and segments. They, in turn, are interlinked at various levels. HORIZON’s risk-oriented approach aims to define and outline the key areas of change affecting your company. In doing so, we take a close look at the systemic influences of ecological, geopolitical, technological and social transformation on your company’s risk landscape.
 
For the 2nd year in a row, we gathered insights from experts and risk specialists and present their findings in one publication. We hope to shine a light on multiple areas of risk and ways to mitigate them.

Click here and read the full publication.

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GrECo Women´s Voices

We celebrate the International Women’s Day 2023 with the start of our series GrECo Women´s Voices. We invited our colleagues to share their thoughts, challenges and aspirations.

What are your current professional challenges?

Vesna Raičković, Serbia:
At this moment, my greatest challenge is learning and practicing some new skills, which help me in my daily work.

Krystle Lippert, Austria:
I chose to start studying again next to my full-time job. So, structuring everything accordingly to be able to focus and give work projects the attention needed can be challenging from time to time. It’s also fun though and a great opportunity to grow, that I am thankful for.

Krystle Lippert
Austria

I chose to start studying again next to my full-time job. So, structuring everything accordingly to be able to focus and give work projects the attention needed can be challenging.

Jelena Savić, Serbia:
Even though I have over 20 years of experience in international companies, it has always been a challenge to collect feedback from colleagues in different markets with various language proficiency, understand the needs of the users and represent them to the development team. Overall, I’m proud of my commitment to diversity, equity, and inclusion, and I’m grateful for the opportunity to work for a company that values these principles as well.
 
Tiina Pajusalu, Estonia:
My main challenge is working with people from the different business cultures. I have always liked to be a part of international companies and working with colleagues from different countries. I have also been involved in several integration teams, teaching and mentoring our new colleagues.

Jovana Pavlović Radovanović, Serbia:
My current professional challenge is learning to take small steps of improvement every day, rather than strive for perfection. Also, I made my goal to use the opportunity to brush up my German language skills, since now I am working with many nice German speaking colleagues.

What are your ideas on your future professional development?


Sandra Catherine Lebrun Carmina, Romania:
In general, I feel that the more experience I have, the more I could teach others. I believe that transferring my know-how via formal and informal teaching (especially using digital learning opportunities) would also help me move to the next level in my professional life, in order to concentrate on new products and new competences.
 
Jelena Savić, Serbia:
I am always excited when I can grow with the company I work for and gain new skills and expertise. Being able to keep up the pace in an ever-changing market where technologies are advancing so fast, is only possible if I constantly develop myself and be up to date with professional trends.

Jelena Savić
Serbia

Being able to keep up the pace in an ever-changing market where technologies are advancing so fast, is only possible if I constantly develop myself and be up to date with professional trends.

Petya Ivanova, Bulgaria:
For me, it is very important to develop my knowledge and expertise and to improve my professional and soft skills in Health & Benefits. It is no longer about insurance, employers have to focus on their employees mental and physical well-being.

Barbara Schaffer-Stockhammer, Austria:
To be an Account Manager for international clients is perfect for me. But it’s becoming more and more important to work together as a team with my colleagues. Otherwise, it is not possible to keep the work-life balance.
 
Jovana Pavlović Radovanović, Serbia:
The mindset shifts that have been brought to us (due to the mixture of hybrid work models being widely accepted, new generation entering the labor market and digitalization of working and learning) are very fertile soil for further development of knowledge on how and why people learn. What a time to be a learning professional!

How do you fill up your batteries (on and off work)?


Monika Hálová, Czech Republic:
I am recharged by my 3 children. Watching their development, their wins, losses, love, laugh and tears, all this regularly charges my batteries. In the summer, I love hiking in the mountains or just sitting and watching the sea.
 
Krystle Lippert, Austria:
At work batteries are boosted when projects are successful and hard work pays off. Also, thanks my colleagues, there is never a day without a good laugh, which helps keeping refreshed.
 
Tiina Pajusalu, Estonia:
A good way to fill up my batteries is gardening. To see how flowers bloom in the garden, the plants grow from the seed, the taste of home-grown tomatoes and cucumbers – it makes me happy.

Tiina Pajusalu
Estonia

To see how flowers bloom in the garden, the plants grow from the seed, the taste of home-grown tomatoes and cucumbers – it makes me happy.

Any Luminita Morosan, Romania:
My batteries are usually easy to fill up because I like working and also my job. So, I fill myself up with the satisfaction of achievements..
 
Irina Pavlova, Latvia:
Long walks and travel also add positive emotions and fill me up. At work, coffee breaks recharge and invigorate me.

How are you coping with all the current changes?


Monika Hálová, Czech Republic:
Digitalization is a step in the right direction. I really appreciate working from home. It saves me 2 hours a day when I don’t have to commute to work, which I can use for housework or a walk.
 
Sandra Catherine Lebrun Carmina, Romania:
I believe we need make a balance between digitalization and the classic approach in professional and personal life. For example, when building a relation with a client, we also need some face-to-face meetings to connect and to build trust. In personal life, we will always need the opportunity to be close to our loved ones and to hug them when something goes wrong or just because we feel so.

Sandra Catherine Lebrun Carmina, Romania

When building a relation with a client, we need some face-to-face meetings to connect and to build trust.

Petya Ivanova, Bulgaria:
I think the best advice is to approach change with a positive and curious mindset rather than with fear or resistance. It is good to be open to new ideas, perspectives, and experiences.

Irina Pavlova, Latvia:
I am trying to look at the positive sides of the digitalization process, such as a high mobility and saving time.
 
Tiina Pajusalu, Estonia:
Since I live nearly 25 km from my office and there is usually traffic during rush hours, working remotely saves time for me. At the same, I wouldn’t like to be working from home for more than few days per week, because I need my colleagues around, communication with them and office team spirit.

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GrECo Health & Benefits hires Practice Leader in Croatia

Danijela Jurcic

Danijela Jurcic joins GrECo Health & Benefits in Croatia, further reinforcing the wider group strategy to become the employer of choice across the Central, Eastern and Southeastern Europe (CESEE) region.

Furthering its already significant foothold in the Croatian market, GrECo has appointed Danijela Jurcic as Health & Benefits Practice Leader for Croatia, in a newly created country leadership role. This role further reinforces Adam Riley’s Health & Benefits group strategy to become the leading risk management adviser and employer of choice throughout the CESEE region. Working with Adam and Robert Fucak (General Manager, GrECo Croatia), Danijela is now responsible for building the local Health & Benefits business in Croatia.   
 
Danijela joins from Alliant Employee Benefits, based in the United States.

Adam Riley, GrECo Specialty, Health & Benefits commented: “We warmly welcome Danijela to GrECo and are delighted she has joined us to develop the Health & Benefits business in one of our key countries, Croatia.
 
We have been recruiting across our countries, and this is our third senior hire for the Health & Benefits business this year. Attracting high-calibre individuals and top talent is a key part of the people strategy within Health & Benefits and the wider GrECo Group, and the appointment of Danijela truly reflects this. GrECo is renowned for its people, reliability, stability, and independence.
 
She will play a key part in building our local Health & Benefits business in Croatia and will join my senior leadership team to support the wider growth strategy across the group to become the leading Health & Benefits consultancy across CESEE.
 
By building our capabilities locally, further enhances our value proposition for clients, partners, and carriers. I am looking forward to working with Danijela to continue the success of our Health & Benefits business across the CESEE region, and personally wish her every success in this new leadership role.

Adam Riley, Cert PFS 

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144

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Management change at GrECo Czech Republic

Radovan Škultéty

Radovan Škultéty appointed as new General Manager.

The Czech insurance broker and risk management advisor announced changes in the personal composition of the Board of Management. The board division Sales & Service Delivery has been taken over by Radovan Škultéty. Petr Poděbradský will continue to head the second board department for Finance & Administration.

Radovan Škultéty has more than 20 years’ work experience in the industry. He started his career as a Casualty Underwriter at Zurich Insurance Company in Slovakia. In 2002 he joined Marsh Slovakia as an Account Executive and then was appointed as Chief Commercial Officer followed by Country Manager for Triglav Slovakia. Since 2009 Radovan has been with AON as Country Manager for Slovakia and after that as CEO of AON Czechia. Radovan is holding a MBA degree from the University of Economics in Vienna and the University of Minnesota.
 
“I am honored to shape the future of GrECo`s operation in Czech Republic together with the experienced team. My focus will be to further develop our industry specializations on the Czech market,” says Radovan Škultéty.
 
Ante Banovac, COO GrECo Group and responsible for Czech Republic on group level is delighted that “with Radovan we appointed one of the foremost experts in risk advisory and an experienced manager with a strong track record. Together with our market-leading Specialty teams located throughout the CEE region he will be sharpening our industry focus and deliver state-of-the-art solutions for the benefit our Czech clients.”

The appointment is valid with immediate effect.

Petra Steininger

Head of Group Communications

T +43 664 548 55 58

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GrECo Health & Benefits bolsters its senior team

Preslava Gencheva joins GrECo

Preslava Gencheva joins Adam Riley to further build the Health & Benefits business across the Central, Eastern and Southeastern Europe (CESEE) region.

With its continued success, GrECo has appointed Preslava Gencheva as Deputy Group Practice Leader, Health & Benefits, in a newly created group leadership role. This role further reinforces Adam’s Health & Benefits strategy to become the leading risk management adviser and employer of choice throughout the CESEE region. Closely working with Adam, Preslava will support him in building, developing and the day-to-day running of GrECo’s specialist Health & Benefits business across its 17 CESEE countries.
 
Preslava joins from Karoll Financial Group where, for 14 years, she held several roles, more latterly Commercial Director. In a client-facing role, she successfully developed sales and marketing strategies, efficiencies for sales and operational processes, and managed sales across their 70 offices and 200 colleagues.

Adam Riley, GrECo Specialty, Health & Benefits commented: “We warmly welcome Preslava to GrECo and are delighted she has joined us at this very important juncture in our growth. Preslava is highly regarded and well-respected in our profession, bringing significant experience, insights, and a fresh outlook to GrECo Health & Benefits. We continue to attract high-calibre individuals and top talent, and the appointment of Preslava truly reflects how, as an independent family-run risk specialist business. GrECo is renowned for its people, reliability, stability, and independence.
 
She will play a key part in our growth strategy as the leading Health & Benefits consultancy across CESEE, which further enhances our value proposition for clients, partners, and carriers. I am looking forward to working with Preslava to continue the success of our Health & Benefits business across the CESEE region, and personally wish her every success in this new group leadership role.
 
So, Preslava, welcome to GrECo! Why did you decide to join our company?
When Adam and I started talking, I already knew of GrECo, and seen the business become the leading specialist insurance broker & consultant across the CESEE region. I had also heard in the market about the refreshing new strategy Adam had created since he joined in July last year, as well as the new direction and journey the GrECo Health & Benefits business is headed and knew this was the natural next step in my career!
 
The creation of this new role to help Adam run, build, and develop GrECo´s growing Health & Benefits business is so important as it reflects the demands of clients and employers across countries in which they operate.
 
What do you feel employers are looking for from a H&B partner?
Employers are looking for a specialist consultancy who understands their business, their employee requirements and above all else is seen as their true partner to provide sustainable long-term H&B solutions. Having talked with many HR and Benefit professionals, it is clear Health & Benefits is no longer just about insurance solutions, it is now about developing & providing appropriate risk management solutions for employers, which are both relevant and sustainable for their multinational and multigenerational workforce, now and able to evolve in the future.
 
Employers are expecting much more from their broker – more sophistication, wider knowledge, and are looking for their Health & Benefits adviser to provide appropriate and tailored solutions and delivering true thought-leadership. This is where GrECo Health & Benefits really adds tremendous value!
 
Tell us about the Preslava, outside of work.
I am married, with one son. Healthy living has become more and more important and plays a key part in my family life. For me this is to care for my physical and mental state and, as a family, we practice this through taking part in active sports including snowboarding, paddling, mountain tracking and tennis, and taking care of my mind by reading good books and meditation!

Thanks, Preslava. A final word from you?
Joining GrECo in their next phase of strategic growth is hugely exciting and provides an amazing opportunity to help build and run their Health & Benefits business. I look forward to working with Adam and being part of his team and its future strategy to become the leading Health & Benefits risk management adviser and employer of choice across the CESEE region, further enhancing the value proposition for clients, partners, and carriers!

Adam Riley, Cert PFS 

Group Practice Leader Health & Benefits

T +44 (0) 7507 788 144

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