Reinsurer EASTERN Re, one of the market leaders in Russia and CIS region, increased its share of external business to 25% of the total portfolio in 2010, meaning a 159.5% growth of underwritings outside the country. In 2010 EASTERN Re collaborated with 37 countries (from 30 countries in 2009), including those in CIS and Central Europe, the amount of taken risks recording a significant increase on these markets.
"Due to the participation at FIAR - International Insurance Reinsurance Forum, EASTERN Re met worldwide leaders and specialists in insurance and at the same time developed collaboration relationships with the profile companies in Romania", declared Dmitry DANILENKO, Chancellor of General Director, EASTERN Re for XPRIMM Publications.
Traditionally, EASTERN Re will be this year as well, Strategic Partner of FIAR and will offer Traditional Russian Evening.
EASTERN Re was founded on June the 16th of 2001. In 2011, the company finalized the merger of EASTERN Re with MEGAPOLIS, the company being renamed EASTERN Reinsurance Company. At the same time, 70% of the company's portfolio is represented by the reinsurance activity. The newly created entity owns about 30 licenses for various reinsurance lines and is also authorized to practice insurance activities.
"As far as the tendency of development of the insurance markets in Central and Eastern Europe, we are not expecting any big changes in this direction. Regarding the CIS markets, we are hoping for a business increase, similar to the one last year, for these are high development potential markets", Dmitry DANILENKO added.
According to his statements, the natural catastrophes that took place at the beginning of this year will have major effects on the development activity in insurance and reinsurance by rates increases, while more and more insurance companies will hand their risks over to reinsurance companies.
Reinsurer EASTERN Re, one of the market leaders in Russia and CIS region, increased its share of external business to 25% of the total portfolio in 2010, meaning a 159.5% growth of underwritings outside the country. In 2010 EASTERN Re collaborated with 37 countries (from 30 countries in 2009), including those in CIS and Central Europe, the amount of taken risks recording a significant increase on these markets. 