EASTERN Re is developing its international business
Reinsurance company EASTERN Re, one of the profile market leaders in Russia and CIS, underwrote in the previous year a premium volume worth EUR 23.4 million, 61% coming from reinsurance business. A 39% was made from direct insurance as a result of the merger between EASTERN Re and MEGAPOLIS insurance company, in June of 2010.
In the analyzed period, the claims paid by the company rose to EUR 8.8 million, with a 12% decline in comparison with the former year, claims ratio being of 61.7%.
In 2010, EASTERN Re has significantly developed its business abroad, thus the underwritten volume reached 25% of the company's portfolio, dominated by the motor segment - 36%, followed by property - 21% and general liability (except MTPL) - 16%.
On the reinsurance segment, EASTERN Re reported a written premiums volume of EUR 14.3 million, down by 13%, as a result of the portfolio fusion with MEGALOPOLIS, as well as of rennouncing at some reinsurance treaties with a high claims rate.
On the other hand, MEGALOPOLIS ended 2010 with a total gross written premiums volume of EUR 9 million, 30% more than in 2009. Also, the paid claims valued EUR 3.3 million, with a 37% claim ratio.
The underwritings increase came under the circumstances of the company's staff reduction and of shutting down of 9 branches, a result of the activity optimization strategy and of the fusion with EASTERN Re.
Reinsurance company EASTERN Re, one of the profile market leaders in Russia and CIS, underwrote in the previous year a premium volume worth EUR 23.4 million, 61% coming from reinsurance business. A 39% was made from direct insurance as a result of the merger between EASTERN Re and MEGAPOLIS insurance company, in June of 2010. 