Peter Hagen is to become new head of Vienna Insurance Group (VIG), one of the leading insurers in Europe.The businessman, who joined the company in 1989, will succeed Günter Geyer as CEO on 1 June 2012. He is currently also a member of the supervisory boards of steel industry giant Voestalpine and the Vienna Stock Exchange (WBAG).Geyer has worked for VIG since 1974. He has been the driving force behind the firms expansion in Central and Eastern Europe (CEE). Geyer, who has headed VIG since 2001, said Hagen was his favoured choice as successor.VIG also announced today that board member Franz Kosyna will become deputy chief in June of next year.VIG achieved a pre-tax profit of 505 million Euros in 2010, up by 15 per cent. The insurance company did especially well in Poland last year where it managed to increase its earnings by 25.7 per cent to 754 million Euros.VIG has around 25,000 employees in 24 countries. It entered the WBAG in 1994. One VIG stock was worth 40.55 Euros at 11am today, up from 38.66 Euros on 25 January.