On Nov. 26, 2002, the EU Commission approved the creation of Industrieschutz Insurance Broker GmbH (IIB) retroactively from Oct. 1, 2002. IIB is a joint venture of Siemens Financial Services GmbH (51%) and Aon Jauch & Hьbener GmbH - Versicherungsmakler (49%). The company is managed on an equal basis. The purpose is to provide industrial insurance brokerage services via IIB, in particular for companies that are affiliated to the Siemens Group or companies with which the Siemens Group has close business relations. All group insurance will continue to be managed by the Siemens affiliated broker, Versicherungsvermittlungs und Verkehrskontor GmbH (VVK), which is also part of Siemens Financial Services.
From the perspective of Siemens Financial Services, the joint venture with an internationally operating insurance broker yields substantial growth potential for the "third-party business," that is business with external clients that are not part of the Siemens Group.
