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XPRIMM News No. 385, 11 January, 2018

Insurance Newsletter, No. 385, 11 January, 2018

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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_marketsS&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

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



Mike_HammondMike 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


Romania 3Q2017
Bulgaria 3Q2017


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


KAZAKHSTAN FY2016 & 1H2017
TURKEY FY2016 & 1H2017
Ins. Report CEE, SEE & CIS – 1H2017
Motor Ins. Report FY2016
Property Ins. Report FY2016