GN Reinsurance Company has emerged as a profitable Reinsurer by posting an underwriting profit of GH¢2.4 million in the 2016 financial year. The reinsurer also grew its premium income by 57.1 per cent from GH¢ 12.8 million in 2015 to GH¢ 29.8 million in 2016. Chief Executive Officer of GN Re, Joseph Teiku, in an … Read more
The National Insurance Commission (NIC) has urged insurance companies that are struggling to meet the minimum capital requirement to consider merger before the time given them to meet the condition elapses. According to the commission, it will be forced to take the next line of action which may be delisting, if the companies fail to … Read more
Lloyd’s of London says it will establish a new European subsidiary in Brussels to avoid losing business when the UK leaves the EU. The 329-year-old insurance market confirmed the plan as it released its latest annual results. “A subsidiary office will be opened in Brussels with the intention that it will be operational for the … Read more
Devastating earthquakes, floods, hailstorms and wildfires, along with man-made devastation, helped push global disaster costs to $175 billion (161 billion euros) last year, reinsurer Swiss Re said on Thursday. That was nearly double the 94 billion disasters cost in 2015, the world’s number two reinsurer said, adding that only about 30 percent of last year’s … Read more
Toronto-based insurance group Fairfax Financial Holdings Ltd (FFH. TO) has agreed to buy Swiss insurer Allied World Assurance Company Holdings AG (AWH.N) for $4.9 billion in cash and stock, the companies said on Sunday. Fairfax will pay owners of Allied World $54 per share – $10 in cash and $44 in Fairfax stock. The offer … Read more
There are strong indications pointing to the growth of the Africa’s Reinsurance Market in the next five years. The latest reports from African Reinsurance pulse launched at the 21st African Reinsurance forum in Dakar Senegal have stated that the market is expected to benefit from strong underlying growth driven by an expansion of its primary … Read more
Tullow Oil has announced that Hull & Machinery insurance cover has been confirmed for the FPSO Kwame Nkrumah by its reinsurers following the failure of the turret bearing earlier this year. The Hull & Machinery policy, which is procured on behalf of the Joint Venture, covers relevant operating and capital costs associated with both current … Read more