Reinsurer capital has rebounded to 2019 levels after an initial drop due to the impact of COVID-19, according to Aon's latest Reinsurance Aggregate (ARA) report.
Being the midst of the peak hurricane season, many reinsurers will be desperately hoping that this will be a benign year for catastrophes given how balance sheets are already stretched due to the effects of COVID-19.
Deutsche Ruckversicherung will start writing business in the Middle East, focussing on traditional property and casualty reinsurance business, the company says in a statement.
Reinsurers in the Middle East and North Africa (MENA) have demonstrated resilience in a difficult operating environment, notes AM Best.
The capital base of the world's leading reinsurers has remained resilient, after a strong capital markets recovery in the second quarter of this year, says Aon's Reinsurance Aggregate (ARA) report. The capital has rebounded to 2019 levels.
The 4 August Beirut port explosion has led to significant uncertainty in the Lebanese insurance sector.
In an interview hosted by Aon's reinsurance solutions, Swiss Re Reinsurance CEO Moses Ojeisekhoba addressed the impact of the COVID-19 pandemic and said that the crisis should make the industry realise that swift and positive change is achievable.
Saudi Re, the sole reinsurance company in Saudi Arabia, has received a Shariah certificate for its offerings from the Shariyah Review Bureau (SRB).
Helios Investment Partners has launched Africa Specialty Risk Group (ASR), a reinsurance business focused on the provision of risk mitigating insurance solutions.
Fitch Ratings has removed Lloyd's of London (Lloyd's), Lloyd's Insurance Company (China) and Lloyd's Insurance Company from Rating Watch Negative (RWN).