TRANSSIBERIAN Re: 35% growth for net written premiums in 1H2013

8 August 2013 — Olesea ADONEV
transsibreTRANSSIBERIAN Re reported reinsurance premiums of RUB 368.4 million in 1H2013, up 18.5% over the same period of last year, out of which 38% came from foreign partners, according to the report of the Russian reinsurance company.

In the same period, retrocession premiums went down to 5.8% out of gross written premiums or RUB 21.3 million from 17.2% in 1H2012, respectively, RUB 53.7 million. Net written premiums earned by TRANSSIBERIAN Re in 1H2013 grew by 35% as compared with the first half of 2012, reaching RUB 347 million.

The main share of the corporation's reinsurance portfolio holds Property - 84.4% or RUB 310.9 million. In the Liability reinsurance segment RUB 31.9 million were collected in the first half of 2013, or 8.7% of the gross premiums, while reinsurance premiums for Personal lines accounted for 5.4% or RUB 19.9 million from the GWP. Another 1.5% of GWP is held by business and financial risks lines.

The claims paid by TRANSSIBERIAN Re in 1H2013 were RUB 257.5 million, going up by 39% as compared with the first half of 2012 (RUB 184.9 million).

TRANSSIBERIAN Reinsurance Corporation was established in July, 1992. A.M. Best Europe - Rating Services Limited has affirmed the financial strength rating of B (Fair) and issuer credit rating of "bb+" of TRANSSIBERIAN Re Russia. The outlook for both ratings remains stable.

TRANSSIBERIAN Re's level of risk-adjusted capitalization is strong and supportive of its current ratings and is expected to remain supportive of its business plans in 2013. The amount of share capital was increased in 2011 to RUB 481.2 million from RUB 181.2 million, driven by changes in Russian insurance regulations regarding minimum capital requirements for reinsurance companies. TRANSSIBERIAN Re achieved the raise in chartered capital through earnings retention and an additional capital injection.

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