Miami-headquartered managing general agent and coverholder at Lloyd's, XS Global, has boosted its reinsurance capacity with the launch of XS Global (DIFC).
Madrid-headquartered MAPFRE RE has obtained official approval on 2 July 2024 from the National Financial Regulatory Administration (NFRA) to open its branch in Beijing. This makes MAPFRE RE the 15th reinsurer to be operating in China.
There is good potential for the growing institutional and private wealth investor base in Asia, including Singapore, to invest in insurance linked securities (ILS), according to Mr Lim Cheng Khai, executive director of the Financial Markets Development Department of the Monetary Authority of Singapore (MAS).
Paris-headquartered CCR RE has been profitable since its creation as a stand-alone company in 2016, with earnings from both underwriting and investment activities. Since inception, the company has experienced strong growth, notes AM Best.
Insurance experts have listed several issues and recommendations that should be placed on the agenda of Egypt's reshuffled government's to advance the insurance industry.
Aon has appointed Ms Marguerita Silitonga as president director of Reinsurance Solutions in Indonesia. In her new role, she will be responsible for developing and executing strategy, driving growth and managing all operations for Aon's Reinsurance Solutions in Indonesia.
Schroders Capital, the private markets business of Schroders Group, has launched an innovative tokenisation pilot designed to enhance the way insurance-linked securities (ILS) investments are invested and managed. The proof of concept was a collaboration with global reinsurance company, Hannover Re.
The reinsurance market in South Africa has stabilised and possibly reached its peak, according to Gallagher Re, one of the largest global reinsurance brokers.
The board of directors of Saudi Reinsurance Company has recommended an increase in the company's capital by issuing 26,730,000 new ordinary shares (representing 30% of the company's current capital) with a nominal value of SAR10 ($2.67) per share, with suspension of preemptive rights, at an offer price of SAR16 per share.
In recent years, the global reinsurance market has been influenced by changes in climate-related risks, rising catastrophic losses and economic uncertainties. The market continues to lean towards a hard market stance, and Taiwan is no exception. Reinsurers see opportunities arising from rate increases and improvements in terms and conditions in this hard market. Additionally, after P&C insurers paid over TWD270bn ($8.3bn) due to COVID-19, the demand for reinsurance increased as insurance companies aimed to protect capital from volatile underwriting result. According to statistics from Taiwan Insurance Institute, gross written premiums grew by 10.6% in 2023. Meanwhile, reinsurance premiums ceded grew by 20.8%, with the majority of the increase in fire insurance. The improved reinsurance conditions in recent years may attract new market participants and increase competition in the Taiwanese reinsurance market.