Global reinsurance giant, Hannover Re, anticipates prices and conditions to remain on a sustained stable level for treaty renewals in property and casualty reinsurance as at 1 January 2025 and anticipates a balance of supply and demand in most markets.
With interest rates remaining higher for longer, Lloyd's is looking to achieve another year of strong overall earnings this year, according to Mr Tim Prince, director, analytics, at AM Best.
BMS Group has appointed Mr Richard Dudley as group chief broking officer, effective December 2024. In his new role, he will support the continued build-out of the London and Bermuda reinsurance platform.
The business risk exposure of African reinsurers is concentrated on a few commercial sectors, such as energy, infrastructure, and transportation, notes Fitch Ratings.
Higher property values, urbanisation and rising repair costs due to inflation are expected to drive demand for property (re)insurance, especially in areas with intensifying natural catastrophe risks, said Swiss Re.
The operating performance of Sierra Leone-headquartered WAICA Reinsurance Corporation (WAICA Re) is viewed as strong, considering it has reported robust return-on-equity (ROE) ratios in recent years, which have significantly exceeded the benchmark interest rates in the markets where it operates, says AM Best.
Turk Reasurans (Turk Re) recorded total assets of TRY23.6bn ($696m) as it marked the fifth anniversary of its founding this month, its general manager, Ms Selven Eren, told the local media. The company's equity of an initial paid-in capital of TRY600m ($17.7m) increased to TRY4.3bn over the last five years.
The April reinsurance renewals for 2024 in Japan were orderly and in general proceeded with stable terms and conditions, according to The Toa Reinsurance Co (Toa Re).
Major Asia Pacific reinsurance companies saw their composite's return on equity surge to 9.2% from 0.1% under IFRS 17, supported by a more stable investment environment and benign catastrophe activity, according to a new AM Best report.
China Reinsurance (Group) Corporation (China Re), has reported a net profit of CNY5.92bn ($835m) for the first half of 2024, almost three times (286%) the CNY2.07bn posted in the corresponding period in 2023.