Dmitry SHAYDULIN: Back in 2010 we opened our ﬁrst operation office in Moscow and have been essentially expanding our activities in the Russian market since then. GLINSO started overseas operations in early 2011 in order to take advantage of the best business opportunities. We provide tailor-made service solutions to our clients around the world. Today we work with over one hundred fifty companies, who deal with inward and outward reinsurance. Besides Russia GLINSO currently operates in the Middle East, in Africa, in Southern and South-Eastern Asia and in Europe. We have built a strong partnership with companies in over 30 countries, based on trust and long-terms relations. We successfully ﬁnd attractive terms when placing facultative risks or treaty programs and offer reliable alternative capacities to our partners. We would like to take this opportunity to thank all our partners for their trust and conﬁdence.
XPRIMM: Please, tell us a few words about the company's result in 2014. Which are the biggest contracts concluded by GLINSO and major claims handled in the previous year?
Dmitry SHAYDULIN: Analyzing GLINSO's financial results for the previous years we can notice a significant growth of ceded premiums. For 2014 reinsurance premiums ceded were more than USD 15.5 million, while two years ago they were slightly below USD 5.0 million. Several large contracts can be distinguished: Catastrophic excess of loss treaty from Asia, CAR/EAR treaty from Russia and Marine P&I from the Middle East. Claims are the main issue of any insurance company. We are very proud to say we do our best to fulfill all our obligations fully and in a timely matter.
To collect claims on time is one of the brokers' most important duties. GLINSO are actively engaged in claims handling processes. In 2014 we recovered around USD 3,5m in losses. At the same time when we place inward and outward business it gives our clients double motivation with regards to additional premium flow that is very important especially within high volatility periods such as the one we face now. We never stop exploring new business areas and regions bringing our added value to our clients and helping them in mastering their portfolios for the mutual benefit.
XPRIMM: What are the main objectives for 2015?
Dmitry SHAYDULIN: In 2015 GLINSO became part of Unison Brokers network. This is the TOP-5 broker's network in the world represented in more than 210 countries. Such a membership gives GLINSO a unique opportunity to have constant access to the markets of all these countries and at the same time to provide service to all the network members. This year Unison Brokers celebrate their 10th anniversary in Miami during their annual event called Independence Day and GLINSO will be there of course. Unison Brokers is a network of independent brokers and this network is in fact number one horizontal integration broking group in the world.
We also set our focus on Latin American countries. Having received positive echo from this region we plan to expand our overseas activities in the direction offering Russian capacities and attracting more and more business.
It is also to mention that one of the broker's quality and skill emblems worldwide is the binders in place brokers can offer. We at GLINSO are proud that in 2014 we arranged a European rated binder we can offer our clients to place their business.
So despite difficulties we are keeping calm and going forward steadily and professionally.
XPRIMM: How do you evaluate the Russian re/insurance market for 2014? What were the effects of the sanctions imposed and their impact on the economical situation of the market players and on the market as a whole?
Dmitry SHAYDULIN: One has to say openly and frankly that sanctions do not go without impacting the Russian market. As one of the consequences the downgrade to ВВ+. The participation of Western reinsurers in obligatory treaties as it was within all previous years nowadays is sort of questionable. The Russian cedants keep eyes on alternative markets and risks transfers. Western reinsurers have unfortunately to lose the shares they kept in "privileged" areas like state-owned-property or perfectly-well-guarded-cargo. At the same time the Top 10 Russian companies that are still quite strong generate up to 80% of the national premium. With this in view the overall picture inspires optimism with regard to further market stability. We remember that no Russian insurer went bankrupt in 2008 and the Russian government and insurance associations are monitoring the situation.
The Russian reinsurance market is not pretending to be a worldwide leader. However, along with the leading markets we always need supporting markets. And as a supporting capacity, we are quite successful. Regarding the sanctions - it's just a political matter. We do business, not politics.
XPRIMM: What are your forecasts for the forthcoming year - solutions proposed by the GLINSO for the market and also for its clients?
Dmitry SHAYDULIN: Russian insurance market has its niche on the international reinsurance market so the companies interested in developing their international book have good opportunities to have their share of the business from the growing Asian, African and Latin American markets. And for this niche the existing companies' international ratings may be sufficient what some the companies are proving actually. There is no one solution that can help everybody in any situation. Depending on what our partners would like to achieve on the international market GLINSO can offer the tailor-made solution for any particular partner, line of business and the region. And go to the success together!