FBS Reinsurance Nigeria (FBS Re) has said that one of its functions is to combat capital flight in insurance and reinsurance businesses in the country and across Africa.
Hannover Re's supervisory board has appointed Ms Brona Magee as a member of the executive board, effective 1 January 2025. She succeeds Dr Klaus Miller. In her new role, she will assume responsibility for the life and health reinsurance business group with Mr Claude Chèvre.
Hannover Re, one of the world's biggest reinsurers, increased its Group net income by 21% to EUR1.2bn ($1.3bn) in the first half-year and confirmed its full-year guidance for 2024.
The finalists for the 28th Asia Insurance Industry Awards have been revealed, with 47 of the region's top insurers, reinsurers, brokers, risk managers and service providers making the shortlist. The awards are well known for their stringent criteria and transparent selection process, overseen by a panel of expert judges from across the insurance industry.
Nexus has appointed Ms Seline Low as deputy head of accident and health reinsurance - Asia. Nexus is a a specialty managing general agent.
Lloyd's Insurance Company (China) has earned upgrades from AM Best of its Financial Strength Rating (FSR) to 'A+' (Superior) from 'A' (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to 'aa-' (Superior) from 'a+' (Excellent).
Aon has appointed Mr Ollie Barcock as leader of aviation reinsurance for Global ReSpecialty. In his new role, he will support the delivery of capital, customised data and analytics and consultancy services to the firm's aviation reinsurance clients.
Central Reinsurance Corporation (Central Re) Re posted a reported net profit of NT$2.1bn ($65m) in 2023, with a five-year return on equity of 7.0% (2019 - 2023), based on adjusted capital and surplus, notes AM Best.
The insurance industry in Cambodia is expected to see good growth in future years, according to the director-general of the Insurance Regulator of Cambodia (IRC), Mr Bou Chanphirou.
A high frequency of small to medium events resulted in global insured losses from natural catastrophes of $60bn in the first half of 2024, according to Swiss Re Institute's preliminary estimates.