XPRIMM News
Insurance Newsletter, No. 424, 25 October, 2018

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS
STATISTICS: Hungary FY2017 UPDATE: Top 5 insurers accounted for almost 60% of the market GWP
by Daniela GHETU, 2018-10-25
Top 5 Hungarian insurers accounted together for 58.6% of the market GWP in 2017, according to the market data published by MABISZ, the local insurers' association. On the non-life side, the Top 5 market weight is even bigger, of 69.7%.
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GENERALI to acquire Union Investment TFI in Poland

by Daniela GHETU, 2018-10-24
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.
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REUTERS wrote, quoting NBG representatives, that "no further negotiations with GONGBAO would be pursued".
by Andrei Victor, 2018-10-24
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.
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Swiss Re elected to EU Expert Group for Sustainable Finance
by Daniela GHETU, 2018-10-24
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.
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SCOR, 3Q2018: solid performance with results exceeding targets set in the Group's development plan
by Daniela GHETU, 2018-10-24
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.
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MOODY's affirms GENERALI's rating at Baa1 with stable outlook
by Andrei Victor, 2018-10-25
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.
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TALANX announced ambitious targets for the upcoming years
by Andrei Victor, 2018-10-24
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.
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AXA leaves the Ukrainian insurance market
by Daniela GHETU, 2018-10-23
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.
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ARMENIA: launch date of agro insurance project is not yet determined
by Marina MAGNAVAL, 2018-10-24
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.
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RUSSIA: S&P assessed industry and country risk in the P/C insurance sector as high
by Marina MAGNAVAL, 2018-10-24
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.
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Fairfax not planning to merge Colonnade Ukraine and the newly aquired AXA Insurance units
by Daniela GHETU, 2018-10-25
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.
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Russian Insurer INGOSSTRAKH upgraded to 'BBB-' from 'BB+' on Stronger Quality of Investment Portfolio with a stable outlook
by team, 2018-10-25
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.
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UZBEKISTAN: ASIA Insurance posted an increase of over 120% on main insurance segments for the first 9 months of the year
by Marina MAGNAVAL, 2018-10-25
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.
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RUSSIA: Bank of Russia increased requirements to credit ratings of foreign reinsurers
by Marina MAGNAVAL, 2018-10-25
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.
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RUSSIA: from January to September GWP of RNRC went up by 68% y-o-y
by Marina MAGNAVAL, 2018-10-25
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.
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RUSSIA: ERGO Group is selling 100% of ERGO Life to ROSGOSSTRAKH
by Marina MAGNAVAL, 2018-10-25
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.
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RUSSIA: an Indian company became the leader of RNRC retrocession program for 2019
by Marina MAGNAVAL, 2018-10-25
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.
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INTERVIEW
JLTInterview with Fuad KULIEV, Chairman of the Management Board at AZ Re
by team, 2018-10-25
We are glad that the company’s good reputation, both in the local market and the international market, and our excellent customer service allow us to grow. The financial results of AZ Re have been quite positive for the first half year 2018, which indicates the effectiveness of the company and the appropriate use of assets, as well as fixed and working capital.
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BADEN BADEN TALKS
JLTVIDEO: Sinisa LOVRINCEVIC Cyprus Branch General Manager, TRUST Re
by Mihaela CIRCU, 2018-10-25
We believe that TRUST Re’s balance sheet remains very strong; this is also the latest opinion of A.M. Best. We have a strong commitment to deliver the best value proposition to our business partners and, looking back to the operational performance in 2017 and the first half of 2018, we can say that we have maintained our strategic direction, as we planned.
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VIG
JLT

STATISTIC UPDATES
Hungary FY2017

PRESS CUTTINGS
Bulgaria's Euroins plans to offer legal protection insurance in UK

Greece's NBG to ask EU for more time to complete asset sales plan

PROVIDNA INSURER CUTS PREMIUM COLLECTION BY 5.8%,

RAISES PAYMENTS BY 4.7% IN NINE MONTHS


Turkish municipality opens tender for insurance of its vehicles


TRUST RE

ON THE MOVE
AON establishes New Ventures Group and appoints Chief Innovation Officer
by Andrei Victor, 2018-10-24
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.
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CHUBB appoints new Division President in Bermuda
by Andrei Victor, 2018-10-24
CHUBB has appointed Judy GONSALVES as Vice President of CHUBB Group and Division President of Bermuda.
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CURRENT XPRIMM REPORTS
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Motor Ins. Report FY2016
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