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ONGC renewal cost falls 12 pc to USD 12.9 mn, GIC Re leads the reinsurance deal in 2018-19
Almost 10 per cent of ONGC has been retained by the four state owned insures, New India Assurance(NIA), United India Insurance(UII), Oriental Insurance Company(OIC) and National Insurance Company(NIC). Among the four, NIA at three per cent has retained the maximum.
SoftBank said to near deal for $9.6b stake in Swiss Re
There may also be a strategic logic. The purchase potentially would create an in-house insurer for SoftBank’s many stakes in the so-called gig economy, from Uber Technologies Inc. to WeWork Cos. Son could even potentially disrupt the$700 billion motor insurance market that is the most important business line for reinsurers.
Laurent Rousseau to become Deputy CEO of SCOR Global P&C
Douglas Lacoss, who currently serves as Chief Reserving Actuary at SCOR Global P&C, is promoted to Chief Underwriting Officer for the EMEA treaty business, replacing Laurent Rousseau.
Lloyd’s announces an aggregated market loss of £2bn for 2017
key financial figures are:
• Aggregated market pre-tax loss of £2bn (2016: Pre-tax profit of £2.1bn)
• Gross written premiums of £33.6bn (2016: £29.9bn)
• Major claims for 2017 were £4.5bn (2016: £2.1bn)
• Net investment return of £1.8bn (2016: £1.3bn)
• Combined ratio of 114.0% (2016: 97.9%)
“International reinsurers have taken a cautious stance & we have not seen an increase in competition in an already competitive Indian market”
French major SCOR has set up its reinsurance branch in India. Outlining the company’s Indian strategies, in an exclusive interview with Asia Insurance Post, he says, this is an exciting time for (re)insurers in Asia and in India in particular, with rapidly expanding markets and an extremely dynamic environment.We expect the P&C Indian insurance and reinsurance markets to continue growing at a pace of 15 pc per annum in the medium to long term. Edited Excerpts
GIC Re’s new Lloyd’s Syndicate to begin ops in Apr
Alice Vaidyan, CMD, GIC Re, said,“The Indian official reinsurer wishes to be the 10th (currently 12th) largest reinsurer in the world at the end of the current fiscal and the Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources.”
“Munich Re is again poised for growth”
“Our target for 2018 is slightly higher than the profit guidance for the previous year. Our growth initiatives in reinsurance are benefiting from tailwinds as prices rise. We are investing heavily in digitalisation and are cutting costs to prepare for digital transformation and make Munich Re fit for the future,”Joachim Wenning, Chairman of the Board of Management
SCOR raises $ 625 million through innovative bonds
This is the first transaction for a restricted Tier 1 instrument with a principal write-down feature in USD, which provides the Group with the greatest financial flexibility and strongest quality of capital for a debt instrument
XL Catlin appoints Claudia Thyme as Director Emerging Markets Development
Brendan Plessis, Head of Emerging Markets said,“ “We recognize the tremendous opportunities in a number of high growth markets to help build resilience by driving (re)insurance penetration and believe this is the right time to further strengthen our team.” ”
Swiss Re’s net profit declines to USD 331 million in 2017, USD 4.7 billion of natural catastrophe losses
Group Chief Executive Officer, Christian Mumenthaler, said: “2017 was clearly a challenging year for the industry – and Swiss Re. However, we believe the outlook for our industry is now more positive than it has been during the last four years.”