XPRIMM News No. 385, 11 January, 2018

		Insurance Newsletter, No. 385, 11 January, 2018 Click here to subscribe! Click here to unsubscribe!

TOP NEWS VIG companies merged in the Baltic States: InterRisk merged with BTA Baltic by Vlad BOLDIJAR, 2018-01-11 The Latvian supervisory authority approved the merger of the two VIG subsidiaries InterRisk Vienna Insurance Group AAS and BTA Baltic Insurance Company AAS shortly before the 2017 year end. Both companies operate in all three of the Baltic States. More PZU raises its ROE target for 2020 to over 22% and bets on the use of AI to improve profitability and services by Daniela GHETU, 2018-01-11 Raising its ROE to over 22%, increasing its market share in the home market to 38% in non-life and 11% in life insurance and reducing administrative expenses to 6.5% are some of the main targets of the PZU Group's Updated Strategy and Implementation Plan for 2017-2020. More STATISTICS: Romania: CITY Insurance and EUROINS accounted together for about 60% of MTPL market by Vlad BOLDIJAR, 2018-01-11 The Romanian insurance market continued its growth trend in 3Q 2017, according to the most recent statistics published by ASF. Local insurers reported 3Q GWP of RON 7.32 billion (EUR 1.61 billion), 6% more than in the same period of the previous year. More STATISTICS: Bulgaria: Three non-life insurers reported the largest profits during 3Q2017 by Vlad BOLDIJAR, 2018-01-11 The aggregate GWP of Bulgarian insurers increased by 7.56% y-o-y to BGN 1.64 billion (EUR 839.72 million) during the first nine months of 2017, quarterly statistics from the Financial Supervisory Commission (FSC) show. More Bulgaria: KBC to acquire MetLife's 40% stake in UBB-MetLife joint venture by Vlad BOLDIJAR, 2018-01-11 Belgian financial group KBC announced it reached an agreement with MeLife to aqcuire MetLife's remaining 40% stake in Bulgarian joint venture UBB-MetLife Life Insurance Company through DZI, its Bulgarian insurance subsidiary. More SLOVENIA: SAVA Re announced changes in its ownership structure by Vlad BOLDIJAR, 2018-01-11 Slovenian reinsurer SAVA announced that the Slovenian Sovereign Holding (SDH), one of its main shareholders, transferred 1,261,034 of SAVA Re shares to the Republic of Slovenia. More JLT Re: Soft market prevails at January 1st, but uncertainty over final impact of the record loss quarter remains by Daniela GHETU, 2018-01-11 The market continues to be driven by the abundance of both traditional and alternative reinsurance capital rushing in to fill the massive Q3 insured losses, but uncertainty over the final impact of the record loss quarter remains, JLT Re's Global Head of Analytics, David FLANDRO said commenting on the January 1st renewals. More MUNICH Re: 2017 NatCat claims reached a record of USD 135 billion by Vlad BOLDIJAR, 2018-01-11 The global re/insurance industry has to pay "a record bill" of USD 135 billion after the last year's NatCat events, according to an overview of natural catastrophes in 2017 published by the German reinsurer MUNICH Re. More AON Benfield: Increasing reinsurance rates may be relatively short-lived by Vlad BOLDIJAR, 2018-01-11 According to AON Benfield's Impact Forecasting estimates, economic losses from NatCat events in 2017 totalled USD 320 billion, with USD 128 billion of this being covered by re/insurance, making it "the third most costly year behind 2011 and 2005". More ERGO sells three legal insurance subsidiaries to ALLIANZ by Vlad BOLDIJAR, 2018-01-11 ERGO Group - part of German MUNICH Re, said it has sold its legal protection insurance subsidiary DAS Switzerland and the assets of DAS Luxembourg and Slovakia to ALLIANZ Group. The combined premium income from the three ERGO subsidiaries totaled EUR 38 million in 2016. More AON Baltic acquires one of the largest broking firm in the Baltic region by Vlad BOLDIJAR, 2018-01-11 AON Baltic, a subsidiary of global risk and insurance brokerage company AON, has announced it has completed the acquisition of insurance broker BALTO LINK. Financial details of the transaction have not been disclosed. More ZURICH acquires BRIGHT BOX to strengthen capabilities in connected cars by Vlad BOLDIJAR, 2018-01-11 ZURICH Insurance Group has acquired 100% of the shares of BRIGHT BOX HK Ltd to strengthen its expertise in connected cars, the Swiss insurer announcend in a statement. More WILLIS Re has improved its cyber risk portfolio modelling tool to include silent cyber by Daniela GHETU, 2018-01-11 WILLIS Re, the reinsurance business of WILLIS Towers Watson, the global advisory, broking and solutions company, has announced it has upgraded its cyber risk portfolio modelling tool PRISM-ReTM to now include silent cyber. More A.M. Best affirms credit ratings of AXA Global Re A.M. Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa-" of AXA Global Re (AGRe) (France). The outlook of these Credit Ratings (ratings) remains stable. More TRENDS & MARKETS S&P's: Introducing compulsory cessions could support Russia's domestic reinsurance market, or undermine it In a recently published report S&P Global Ratings said that operating conditions for Russian reinsurers have become considerably more complex over the past few years In the agency's view, the market has become more concentrated, in part because of an increase in minimal capital requirements since 2012. The Russian reinsurance market lacks internal capacity and remains heavily dependent on reinsurance protection from developed markets. More PRESS CUTTINGS BOSNIAN insurer Bosna Sunce Osiguranje to absorb local peer Zovko BULGARIA's Bulstrad VIG delists from Sofia bourse BULGARIAN insurer Armeec boosts stake in CCB Real Estate Fund further HUNGARY: MCI Group buys Hungarian online insurance broker Netrisk KAZAKHSTAN's Grain insurance company avoids risks of capital base loss POLAND: Grupa Europa launches mobile screen protection insurance SCOR completes the acquisition of MutRe SERBIA: Profit of Dunav Osiguranje in 2017 around RSD 1.25 billion SLOVENIA's Sava Re predicts drop in cons net profit in 2017 TURKEY: Motor 3rd party premium ceiling to rise by 5%+5% in 2018 TURKEY: Number of uninsured vehicles increases Zurich to underwrite easyJet insurance

ON THE MOVE Mike HAMMOND, Chairman of Lockton International Holdings, retired at the end of December by Daniela GHETU, 2018-01-11 Longtime global leader Mike HAMMOND has retired from Lockton at the end of December. Hammond, who has been instrumental in building and guiding Lockton International, joined Lockton in 2006 to lead the international business after the acquisition of Alexander Forbes International Risk Services. More Maurick SCHELLEKENS appointed as CEO NN Czech and Slovak Republics by Vlad BOLDIJAR, 2018-01-11 Maurick SCHELLEKENS will be appointed Chief Executive Officer of NN Czech and Slovak Republics, effective 1 February 2018, subject to regulatory approval. He will succeed Jiri CAPEK's, who decided to leave NN Group to pursue opportunities outside the group. More WTW appoints Patrick MURPHY as Global Head of Cargo & Specie by Vlad BOLDIJAR, 2018-01-11 Willis Towers Watson (WTW) has appointed Patrick MURPHY as Global Head of Cargo and Specie, within its Marine, Corporate Risk and Broking Division. He will be responsible for client management, technical, placement and risk management specialists to support WTW marine clients in risk mitigation. More Jonathan M. ZAFFINO appointed President and CEO of the EVEREST Insurance® Division by Daniela GHETU, 2018-01-11 EVEREST Re Group, Ltd. announced on January 8, that Jonathan M. ZAFFINO has been named President and CEO of the EVEREST Insurance® Division, effective immediately. More STATISTIC UPDATES Romania 3Q2017 Bulgaria 3Q2017 PARTNER EVENTS 5th Insurance Claims & Underwriting Management Asia Summit 2018 6-9 February 2018, Singapore 6th Edition Nordic Asset Allocation: Investing in Alternative Asset Classes 7-9 March 2018, Stockholm, Sweden 4th Annual African Insurance Forum 5-6 April 2018, Johannesburg, South Africa CURRENT XPRIMM REPORTS RUSSIA 1H2017 KAZAKHSTAN FY2016 & 1H2017 TURKEY FY2016 & 1H2017 ROMANIA 1H2017 Ins. Report CEE, SEE & CIS – 1H2017 Motor Ins. Report FY2016 Property Ins. Report FY2016