FBC Reinsurance (FBC Re) has returned to profitability in the year to 31 December 2023, chalking up pre-tax profits of $7.3bn, compared to a loss of $2.6bn for the previous year.
Global reinsurer MS Reinsurance, part of the world-leading insurance group MS&AD, has produced a net profit of $366m for 2023, a significant turnaround from a net loss of $50m for 2022.
International tax advisory firm Ernst & Young (EY) has raised concerns about the potential negative impacts of the proposed amendments to the VAT Act, 2013, particularly regarding the insurance sector.
Thai Reinsurance Public Company (THRE) has reported a net profit of THB57m ($1.58m) for the first quarter of 2024, 418% higher than in 1Q2023 due to improved reinsurance results.
The amount of capital needed for the proposed establishment of a reinsurance company in Egypt with a high credit rating is estimated at $150m to $250m, according to Mr Gamal Sakr, African Reinsurance Company's regional director for North East Africa & Middle East.
The net profits of Kuwait Reinsurance Company increased during the first quarter of 2024 by 40.1% year on year to KWD4.05m ($13.2m), according to quarterly financial statements lodged by the reinsurer with Boursa Kuwait.
New York-listed and Bermuda-headquartered reinsurer, Everest, has launched officially its Australian Insurance operations after receiving approval from the Australian Prudential Regulation Authority. The business will operate under the name Everest Insurance Australia with offices established in Sydney and Melbourne.
With the publication of annual reports in recent weeks, the world's three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.
US-based life and health reinsurer Reinsurance Group of America (RGA) is targeting further strong growth in Asia on the back of recently closing a $4.7bn deal in Japan.
International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed.