Fairfax enters Indian reinsurance market as locals struggle under new rules

Fairfax enters Indian reinsurance market as locals struggle under new rules

Fairfax enters Indian reinsurance market as locals struggle under new rules

The rising interest shown in the growing Indian insurance market by the international reinsurance market continues to gain momentum, as Canadian financial group Fairfax has reportedly become the latest player in the market through the acquisition of ITI Reinsurance. According to local press, Fortune Financial Services has agreed to sell its 80% stake in ITI Reinsurance to Go Digit Infoworks…

Generali to raise stake in India’s Future Group to 49%, ‘underscoring commitment’ to market

Generali to raise stake in India’s Future Group to 49%, ‘underscoring commitment’ to market

Generali to raise stake in India’s Future Group to 49%, ‘underscoring commitment’ to market

Italian insurer Generali Group has confirmed this week that it has signed an agreement with Indian insurer Future Group, to increase its stake in its ventures in the country to 49% from 25.5%. The Italian insurance groups said the move is “underscoring its commitment” to growing its presence in the local insurance market. Generali currently has two joint ventures, called…

Markel receives licence to write reinsurance business in India

Markel receives licence to write reinsurance business in India

Markel receives licence to write reinsurance business in India

The Insurance Regulatory and Development Authority of India has granted a licence to Markel International to write reinsurance business in India. Markel said that capacity will be provided by its Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform. Markel India will provide treaty and facultative reinsurance to local Indian insurers in a broad range of commercial classes,…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

The 1 April reinsurance renewals continued the trend set in January with a broadly flat pricing environment for loss-free programmes, as reinsurers failed to push through rate increases, according to Willis Re. Although ongoing reinsurance price declines witnessed during recent years have halted, plentiful capital, ongoing interest from the insurance-linked securities (ILS) sector and large primary insurers re-entering the reinsurance…

Insurance Europe highlights global protectionist measures

Insurance Europe highlights global protectionist measures

Insurance Europe highlights global protectionist measures

Insurance Europe has highlighted a number of protectionist measures in Argentina, Brazil, India, Indonesia and Turkey, in a series of updated country factsheets for these jurisdictions. Insurance Europe said it strongly believes the removal of trade barriers, together with addressing unjustified, often discriminatory, regulatory provisions affecting European (re)insurers, would help enhance trading relationships and support business in third countries. It…

Liberty Mutual announces new JV partners in India

Liberty Mutual announces new JV partners in India

Liberty Mutual announces new JV partners in India

Liberty Mutual Insurance Group has signed Enam Securities and DP Jindal Group as the new promoters in its Indian insurance joint venture in place of its former promoter, Videocon Industries. The company has received the necessary regulatory approval for rebranding and will change its name to Liberty General Insurance. Enam Securities is a privately-owned and -managed firm that makes long-term…

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Global trade credit insurer Atraidus has given a moderate and stable forecast for the economic prospects within Asia-Pacific in its latest report, which examines the political and economic risks in the region’s 11 major economies. And while no major risks are highlighted in the report, it does warn of an expected increase in the number of insolvencies in the region,…

India’s GIC Re to open Lloyd’s syndicate in April

India’s GIC Re to open Lloyd’s syndicate in April

India’s GIC Re to open Lloyd’s syndicate in April

India’s state-owned reinsurer, GIC Re, has announced that it will begin operations as a Lloyd’s of London syndicate in April 2018. The syndicate is to be managed by Pembroke, the Lloyd’s managing agency operated by Ironshore, the Liberty Mutual company. GIC Syndicate 1947 will be the first Lloyd’s syndicate to be funded exclusively by capital from an Indian reinsurance group.…

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