The amount of capital needed for the proposed establishment of a reinsurance company in Egypt with a high credit rating is estimated at $150m to $250m, according to Mr Gamal Sakr, African Reinsurance Company's regional director for North East Africa & Middle East.
The net profits of Kuwait Reinsurance Company increased during the first quarter of 2024 by 40.1% year on year to KWD4.05m ($13.2m), according to quarterly financial statements lodged by the reinsurer with Boursa Kuwait.
New York-listed and Bermuda-headquartered reinsurer, Everest, has launched officially its Australian Insurance operations after receiving approval from the Australian Prudential Regulation Authority. The business will operate under the name Everest Insurance Australia with offices established in Sydney and Melbourne.
With the publication of annual reports in recent weeks, the world's three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.
US-based life and health reinsurer Reinsurance Group of America (RGA) is targeting further strong growth in Asia on the back of recently closing a $4.7bn deal in Japan.
International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed.
Saudi Reinsurance Company (Saudi Re) has posted a net profit after zakat of SAR31.8m ($8.5m) for 1Q2024, almost three times the SAR11.2m for the corresponding quarter in 2023, with growth of 184%.
MNRB Holdings Berhad (MNRB or the Group) announced its best-ever financial performance in its 50-year history. For the financial year ended 31 March 2024 (FY2024), the Group's profit after tax (PAT) soared by 200% to surpass the MYR400m ($84.4m) mark.
Over the medium to long term, substantial growth in the property and casualty reinsurance in the APAC region continues to be anticipated, says Hannover Re in its outlook on the sector.
BMS Re has appointed Ms Alicia Santocki as executive vice president; Mr Scott Fields and Ms Stephanie Fick as senior vice presidents; Mr Colin Curran and Mr Charles Ill as assistant vice presidents; Ms Cora Cruz as executive assistant and Ms Brenda Martinez-Cox as technical broker.