Earnings of global reinsurance companies should remain favourable in 2H24 and 2025, as pricing is generally adequate and underwriting discipline should be maintained, Fitch Ratings says in a new report.
Peak Reinsurance's net profit reached a record level of $200m in 2023, supported by improvements in reinsurance service results and investment performance under new international accounting standards, notes AM Best.
The Gabonese Commercial Reinsurance Company (SCG-Re), a subsidiary of the Gabonese Strategic Investment Fund (FGIS), is expanding into East Africa, and to Tanzania in particular.
A key ongoing shift in financial reporting to the International Financial Reporting Standards (IFRS) 17 is underway, representing a significant accounting change that has necessitated the segmentation of performance analysis in the reinsurance market, according to a new AM Best report.
Peak Re has appointed Mr Peter Hämmerli as head of business operations. In his new role, he will contribute to the ongoing development and enhancement of Peak Re's business operations team as it expands in the global reinsurance market.
Dr Mohamed Farid, the chairman of the Financial Regulatory Authority (FRA) has called on insurance companies to adjust their operations to the recently enacted Unified Insurance Law.
Although higher interest rates and more favourable mortality trends have led to improved conditions for life/annuity (L/A) reinsurance companies, they have also created more competition, with some backed by alternative investment managers or large private equity firms, according to a new AM Best report.
Bennelong Funds Management and Leadenhall Capital Partners have now opened the LCP Insurance Linked Securities (ILS) Fund for investment.
TQR, a listed reinsurance brokerage business, is confident that its performance in the second half of this year will continue to grow.
Central Reinsurance Corporation, Taiwan's sole domestic reinsurer, has reported a 59% jump in net profits after tax to NT$1.87bn ($58.83m) for the first six months of this year, compared to the corresponding half in 2023, according to interim financial statements released by the reinsurer.