Société Commerciale Gabonaise de Réassurance (SCG-Re) has achieved a listing on the Central African Securities Exchange (BVMAC), becoming the first reinsurance company approved by the Inter-African Conference on Financial Markets (CIMA) to be listed on the stock exchange.
Societe Tunisienne de Reassurance's earnings are strong, supported by a sound technical profitability, says Fitch Ratings as it affirms the reinsurer's National Insurer Financial Strength (IFS) Rating at 'AA(tun)'. The outlook is 'Stable'.
PICC Reinsurance Company's (PICC Re) profitability has gradually improved as it continues to build scale and tighten risk selection to reduce its underwriting losses while growing its investment income, says Moody's Investors Service (Moody's).
Global reinsurance giant yesterday announced plans to streamline its organisational structure by splitting the current Reinsurance Business Unit into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes.
With APAC's exposure to extreme weather events leading to unsustainable natural hazard losses and high inflation worsening them, reinsurers in the region will face challenges in their growth in 2023.
Hannover Re generated a group net income of EUR1.41bn ($1.54bn) in the 2022 financial year (2021: EUR1.23bn), based on preliminary unaudited key figures, the global reinsurer says in a statement. The net results are expected to be higher in 2023.
S&P Global Ratings says that for global reinsurance, it expects the hard market in short-tail lines will continue throughout 2023.
Cedants were, by and large, able to secure their required Nat CAT reinsurance limits during the 1 January renewal season. However, the reinsurance renewals came at a price, says Gallagher Re.
Preliminary data totals across Asia Pacific showed an insured loss for 2022 from Nat CAT events at $11bn, according to Gallagher Re.
Losses from the severe rainfall and floods that hit Auckland last week will be capped at NZ$50m ($32.4m), net of reinsurance cover, for the Brisbane-headquartered financial services group, Suncorp. The Group has a comprehensive reinsurance programme that provides protection for New Zealand losses.