The President of RNRC (Russian National Reinsurance Company) Nikolay GALUSHIN announced on October 23 that the company held a competitive selection of an insurance broker to organize a retrocession program for 2019, at that an Indian company became the leader of the program, writes Finmarket.

ERGO Group AG announced the sale of 100% of its life business in Russia to ROSGOSSTRAKH. The parties already signed an agreement and the deal is subject to approval by the regulatory authorities, as ERGO informed on its official website.

GWP of RNRC (Russian National Reinsurance Company) amounted to RUB 8.8 billion (+68% y-o-y) from January to September this year, as reported by the Financial director of the company, Olga KRYMOVA.

Bank of Russia decided to increase requirements to international credit ratings of the foreign reinsurers, whose obligations under insurance contracts are accepted to cover insurance reserves, according to the press release of the Central Bank.

On October 24, S&P Global Ratings raised its issuer credit and financial strength ratings for the Russia-based INGOSSTRAKH Insurance Co. to 'BBB-' from 'BB+.' The outlook is stable.

ASIA Insurance, one of the leaders in the Uzbek insurance market, posted a 120.5% increase in premiums in the first 9 months of this year, in comparison to the same period from 2017, according to a recent press release from the insurer.

Canadian group Fairfax Financial Holdings Limited (Fairfax), does not plan to merge the recently acquired Ukrainian AXA units with its insurance company Colonnade Ukraine, First Vice President of AXA Insurance Andriy Peretiazhko said at a press conference on Tuesday, Interfax reports.

Rating firm MOODY's affirmed the Baa1 IFS rating of Assicurazioni GENERALI SpA. Concurrently it has affirmed the ratings of debt instruments issued or guaranteed by GENERALI (Baa2 senior debt; Baa3 senior subordinated debt; Ba1(hyb) junior subordinated debt). The outlook remains stable.

SCOR Group's net income reached EUR 342 million for 3Q2018, resulting in a return on equity (ROE) of 7.6%. GWP totaled EUR 11,336 million, up 7.4% y-o-y at constant FX, the Group announced in a press release.

On October 19, S&P Global Ratings assessed the industry and country risk in the Property/Casualty (P/C) insurance sector of Russia (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-2) as high, due to country risks outweighing industry risks.

The Agricultural Ministry of Armenia previously announced that around the end of 2018 and beginning of 2019, insurers would start to sell agro insurance policies. However, as of now, launch of the agro insurance project is not yet determined and no memorandums are signed with insurers, as member of the Agricultural Alliance and Council to the CEO of NAIRI company, Artak MARTIROSYAN, announced.

CHUBB has appointed Judy GONSALVES as Vice President of CHUBB Group and Division President of Bermuda.

GONGBAO was the only bidder in the final stage of binding financial offers for the buyout of a 75% stake in Greece's leading insurer.

AON has announced that it is taking another significant step to realize the full potential of its AON United growth strategy by establishing a New Ventures Group and assigning a team of proven senior leaders to further accelerate the creation of new value sources for its clients.

TALANX, the Germany's third-largest insurer, announced it planned ambitious targets for 2019 and beyond, targeting a combined positive effect on annual profit of around EUR 50 million.

The Italian Group, GENERALI, has entered into an agreement with the German Group Union Asset Management Holding AG to acquire a 100% stake in the Polish asset management company Union Investment TFI S.A., a move that will significantly strengthen GENERALI's presence in Poland.

The European Commission has announced that Swiss Re will be part of the Technical Expert Group for Sustainable Finance. Claudia BOLLI, Swiss Re's Head of Responsible Investing, will assist the European Commission specifically on the development of low carbon benchmarks.

AXA announced on 23 October it had entered into an agreement with Fairfax Financial Holdings Limited, through its subsidiary FFHL Group Ltd., ("Fairfax") to sell all its insurance operations in Ukraine and exit the Ukrainian market.

End investors, Insurance-Linked Securities (ILS) funds, and buyers - the three groups active in ILS - have predominantly weathered 2017 loss activity with a view that reinsurance products backed by 'alternative' capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson.

Swiss Re expects the global reinsurance industry to consolidate as the distinction between insurers and reinsurers become increasingly blurred, an executive from the Swiss Group said in Baden Baden, reports Reuters.