BELARUS Re is the first and only specialized reinsurance Company in the Republic of Belarus. The company was established by Resolution No. 1463 of the Council of Ministers of the Republic of Belarus as of November 4, 2006 "On the Establishment of RUE Belarusian National Reinsurance Organization" in accordance with the Decree of the President of the Republic of Belarus No.530, dated 25 August 2006, "On the Insurance Operations".
Currently, BELARUS Re is subordinated to the Ministry of Finance of Belarus.
BELARUS Re, in accordance with the legislation of the Republic of Belarus, is the sole company that cooperates with foreign insurance and reinsurance organizations on reinsurance of risks insured on the territory of the Republic of Belarus. BELARUS Re is the only company ceding risks insured on the territory of the Republic of Belarus among foreign insurance and reinsurance companies or brokers. The organization cooperates with more than 70 companies out of 17 countries. Starting 2010 the process of rating BELARUS Re has been conducted by the international rating agency Standard & Poor's International Services.
XPRIMM: What is your vision about the strategic development of the company? How different is your strategy compared with the existing one?
Andrey T. UNTON: The company's development strategy will not be significantly changed in comparison with the existing one. Efforts will also be made to improve the national reinsurance system, to implement international practices and global standards in the company's system. In addition, developing the international cooperation in the field of reinsurance remains a priority. This is considered a promising field, contrary to the so-called "soft market" and a much higher loss ratio against the national level. The company continues to place great emphasis on building long-term mutually beneficial relationships with partners. The principle of maximum information transparency as well as the practice of publication of the full audit reports prepared by international auditors will be reserved. The company will also continue to obtain a financial strength rating from the biggest rating companies of the world.
XPRIMM: How do you evaluate the company's results for 1H2014?
Andrey T. UNTON: The comparison of the first half of this year with the same period of the last year shows that there are two different tendencies; in particular written premiums have seen a decline of 25% in the first half of 2014. This results from the fact that there was a sharp rise in it in 2013 due to conclusion of engineering risks reinsurance contract for the Belarusian nuclear power station. At the same time, during that period the amount of the premiums received exceeded the figures of 2013 by 10%. The loss ratio for the last few years has been at a pretty low level - in the range of 20 - 30%. The analysis of the reinsurance portfolio shows that the growth of an active company that is typical for the start-up phase changes more smoothly with the annual increment of 10%, not to count big one-time risks such as the construction of the Belarusian nuclear power station.
Note: Andrey T. UNTON was born in Minsk in 1974. He graduated from the Belarusian State Economic University (Finance and Banking department) in 1996 and has occupied different positions at BELVNESHECONOMBANK OJSC since then. Andrey UNTON worked at finance and banking organizations of the Russian Federation from 2007 till 2009. He became Deputy Director General of EXIMGARANT of Belarus in 2009 and came to work at BELARUS RE (RUE Belarusian National Reinsurance Organization) in September, 2009. He is married and has two children. His hobbies are football and chess.