UAE: Dubai Insurance Co, a top 5 insurer, receives ratings boost

...reinsurance. The associated counterparty credit risk is mitigated partially by the use of a panel of financially sound reinsurance partners. The assessment also considers the material share of equity...

Global: MS Reinsurance appoints new directors

...MS Reinsurance has appointed Dr Frank Ellenbürger as fourth independent director and Mrs Yasuko Fukuda as third shareholder representative director. Both appointments are subject to approval by the Swiss Financial Market Supervisory Authority. Dr Ellenbürger He will also become chair of the audit committee....

Thailand: THRE sees 1Q2024 net profit jump by 418%

...reinsurance market. Reinsurance results showed a profit of THB41m in 1Q2024, improving 783% from 1Q2023 mostly because of a pr...

Egypt: Insurance industry discusses feasibility of forming a national reinsurer

...reinsurance company....

Kuwait Re's 1Q net profits surge by 40% to over US$13m

...The net profits of Kuwait Reinsurance Company increased during the first quarter of 2024 by 40.1% year on year to KWD4.05m ($13.2m), according to quarterly financial statements lodged by the reinsurer with Boursa Kuwait....

Australia: Bermuda-headquartered Everest launches operations Down Under

...reinsurance and insurance solutions....

SIRC announces Swiss Re incoming group CEO as speaker on first day

...Reinsurance!’ and is scheduled to take place between 4-7 November at the Sands Expo and Convention Centre in Singapore. Once again, Asia Insurance Review wi...

Kenya: Reinsurance CEO draws attention to financial lines

...The insurance sector can play a pivotal role in Kenya's economic recovery. In particular, financial lines can provide the stability that businesses in the country look for, according to Mr Steven Oluoch, CEO of MNK Re Kenya....

Qatar: Listed insurers post small increase in combined net profits in 1Q

...Reinsurance (QGIR), Qatar Islamic Insurance, Damaan Islamic Insurance (Beema) and Al Khaleej Takaful Insurance....

Asia: RGA aims for more growth in the region

...US-based life and health reinsurer Reinsurance Group of America (RGA) is targeting further strong growth in Asia on the back of recently closing a $4.7bn deal in Japan....

Morocco: Takaful business gains momentum

...reinsurance sector — Technical and financial indicators 2023”, ACAPS said that the figure...

Middle East: Wary reinsurers adjust Nat CAT coverage

...International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed....

Malaysia: Takaful operations push MNRB's after-tax profit to historic high

...reinsurance/retakaful business amounting to MYR362.4m, primarily fuelled by strong underwriting results coupled with robust investment performance. Overall, the Group’s profitability was furthe...

Saudi Re's 1Q net profit surges by 184%

...reinsurance result. The latter in turn was due to a 60% growth in reinsurance revenue growth, a 4% fall in reinsurance expenses, and an increase in net investment income by 65%....

Global: BMS Re makes new appointments

...reinsurance career at ProLink. Most recently, Ms Fick worked as a vice president senior treaty underwriter at Swiss Re. Mr Cu...

Global: Aon appoints new executive managing director of capital advisory

...Aon has appointed Mr Will Allen as executive managing director of capital advisory within its reinsurance solutions. In his new role, he will be responsible for sourcing capital from global organisations to support Lloyd's of London programmes, as well as risk transfer programmes involving the London market and Aon's client base....

Asia Pacific: More focus expected on profitability in the short term in P&C reinsurance sector - Hanover Re

...reinsurance market in the short term, coupled with a greater focus on profitability,...

Middle East: IFoA to stage its first conference in the region

...reinsurance programmes and their optimisation....

Bahrain: Nasco Insurance Group acquires Crescent Global Insurance Services

...reinsurance underwriting operations in the UK and other European countries. Its desire to exit its retail broking operations is well known and its departure from the Bahraini domestic retail market r...

Morocco: Insurance industry shows higher profitability in 2023 despite slowest revenue growth in recent years

...reinsurance sector — Technical and financial indicators 2023”,  ACAPS notes that...

French global reinsurer confident of bigger contribution from China

...reinsurance in the coming decade, he said. The sector's growth prospects would be underpinned by China's robust economic growth potential in the next 10 to 20 years, as well as by the current...

Hong Kong: World Bank issues second CAT bond

...The Insurance Authority (IA) has announced the issuance and listing of a catastrophe bond, amounting to $150m in Hong Kong by the International Bank for Reconstruction and Development of the World Bank Group, offering protection against storm risks in Jamaica over the next four hurricane seasons....

Asia-Pacific: Hannover Re derives nearly 20% of gross reinsurance revenue from the region in 2023

...reinsurance revenue, which increased marginally by 1.8% to EUR24.5bn in 2023...

Tunisia: Biggest insurer's net profit drops in 2023

...The Tunisian Insurance and Reinsurance Company (STAR), Tunisia's biggest insurer, has announced that its net profit fell by 15.47% to TND26.97m ($8.64m) in 2023 from TND31.90m in 2022, according financial statements lodged with the Tunis bourse....

Egypt: Regulator prepares studies on forming national reinsurer

...reinsurance company is a priority in supporting economic growth, especially attracting funds for investments....

Global: BMS appoints new managing director

...reinsurance and healthcare. He is also a respected veteran on healthcare liability and risk management issues, and brings a deep understanding of how underwriters think and operate, having establishe...

Hong Kong: Peak Re posts highest-ever net profit in 2023

...reinsurance underwriting and asset management....

Oman Re posts sharp 83% climb in after-tax profits in 1Q2024

...reinsurance revenue for 1Q2024 stood at OMR10.1m, similar to 1Q2023. The company says in a statement that its unwavering commitment to exc...

11th Middle East Insurance Industry Awards 2024 open for nominations

Hong Kong: Insurance federation appoints 2024-25 Governing Committee

Africa Specialty Risks launches first African-focused syndicate writing business at Lloyd's

...Reinsurance and Smart Follow divisions through Syndicate 1969. Through Syndicate 1971, it offers digital & embedded risk programmes. Apollo’s Strategic Partner Syndicates business supports...

UAE: Insured losses from April floods could reach US$850m

...reinsurance arrangements to cater for such an event. Below are some considerations:...

Reinsurers urged to prepare for public sector cyber attacks

...The reinsurance industry must brace itself for cyber attacks targeting government and election infrastructure in 2024 according to a leading cyber risk analysis....

New Zealand: Insurers echo call to act on Nat CAT risks

...reinsurance costs, which is insurance for insurers and spreads the financial risk of major local events across the global market....

Insurers must build resilience, consistency amid volatile risk landscape

...reinsurance industry, attracting global talents and technical expertise to access key markets in the Middle East, Asia and Africa,” said Dubai International Financial Centre (DIFC) COO Alya Al...

Taiwan: 3rd biggest non-life insurer's long-term ICR outlook turns 'Positive'

...reinsurance dependency remains moderate and is placed with reinsurer panels of good credit quality. Its risk-based capital ratio also remains at a healthy level....

UAE: Insurance sector in DIFC posts record-high premiums in 2023

...reinsurance firms, including the first re-domiciliation of a Guernsey-based captive....

India, Middle East, and Africa rates dip in all major product lines

...reinsurance and capital costs in CAT-exposed portfolios, as well as capacity demand and ongoing loss activity, particularly in India and Africa....

New Zealand: Non-life insurer Tower expected to lower expense ratio through IT transformation

...reinsurance programme, and a conservative investment strategy. Business profile...

Africa: Maksure Risk Solutions approved as Lloyd's Registered Broker

...Maksure Risk Solutions, an Afro-Global independent specialist insurance and reinsurance broker has been granted full Lloyd's Registered Broker Status....

Chedid Capital acquires remaining 20% stake in Groupe Ascoma

...reinsurance investment group. Powered by a network of 64 subsidiaries and 1,600 employees from 50-plus nationalities across three continents, Chedid Capital today manages more than EUR1bn in premiums...

Agricultural insurer highly exposed to CAT risk

...reinsurance arrangements help keep its net modelled losses to a manageable level relative to its capitalisation....

NAFR stipulates main responsibilities in developing green insurance

...reinsurance companies in developing catastrophe models to improve the industry's catastrophe risk pricing capabilities. They are also to carry out pricing reviews of green insurance products, imp...

Japan: CAT reinsurance market at turning point

...;Reinsurance Market Dynamics April 2024” report, Aon points out that 1 April is the key renewal period for Japan, with more than 95% of reinsurance renewing, including some of the world’s...

Global insured losses from Nat CAT events in Q1 2024 estimated at $20bn

...reinsurance broker Gallagher Re said the economic losses from all natural perils at an estimated $43bn in Q1 were 17% lower than the most recent 10-year Q1 average. Estimated insured losses in Q1 202...

Appetite to write political violence risks is decreasing

...Reinsurance capacity and the general appetite to underwrite political violence risks is reducing as insured losses from civil unrest grow according to a new report by Allianz Commercial....

UAE: Floods expected to have earnings impact

...reinsurance policies, depending on the reinsurance coverage companies have in place. This implies that the liability of those insurers would be capped at a set amount....

Malaysian Re and Chinese insurance giant CPIC sign MOU to develop health plans

...Reinsurance Working Committee to support the establishment of the ASEAN Renewable Energy Pool, conceptualised by the reinsurer and under the oversight of the ASEAN Insurance Council....

India govt open to selling stake in GIC Re, LIC in FY24/25, says report

...The Indian government is open to a minority stake sale in General Insurance Corporation of India (GIC Re) and Life Insurance Corporation of India (LIC) in the current financial year which started on 1 April 2024, after assessing investor appetite, reported Reuters....

Namibia: State-owned reinsurer' outlook amended to 'Positive', reflecting sovereign prospects

...reinsurance peers, (ii) its geographic concentration in Namibia both in terms of operations and assets, and (iii) less robust risk management capabilities relative to its global peers....