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GENERALI is looking for a new acquisition in Russia
Assicurazioni GENERALI, one of the leading insurance player on the European insurance
market, could discuss at the next executive committee meeting on April 11th how
negotiations
are going to take over Russian life and property insurer MAKS, according to Russian
newspaper VEDOMOSTI.
The price of the insurer should be of approximately EUR 500 - 600 million and
GENERALI's CEO, Sergio BALBINOT, could use the April 11th meeting to give full
disclosure
on
the
dossier.
At the same time, the transaction can be carried out through purchase of company
TEHATOMPROM, which owns a stake in the Russian insurer.
"Neither MAKS, nor GENERALI did not address to Federal Insurance
Supervisory Service (FSSN) to obtain the sanction for the transaction",
the
head
of
FSSN
Ilya LOMAKIN-RUMYANTEV has declared. Also, there is no such petition addressed
to the Federal Antimonopoly Service (FAS). But it is known that FAS has already
allowed
CZI Holdings, controlled by GENERALI, to buy 100% of TEHATOMPROM's shares.
For Italian GENERALI negotiations about purchase of MAKS will appear the second
attempt of an output on the Russian market. The first attempt through CZECH Insurance
Company PPF which supervises GENERALI has appeared unsuccessful. The transaction
on purchase PPF for GENERALI of a 38.5% stake in INGOSSTRAKH, one of the leaders
of the Russian insurance market, now is challenged by the Russian insurer in
court. Right at the beginning of disputes, GENERALI has refused to recognize
itself
final beneficiary in this transaction.
MAKS has EUR 40.5 million in authorized capital. In 2007 company generated EUR
232.3 million in premiums and paid EUR 86.41 million in claims.
by oleg.doronceanu@mxp.ro, 02.04.2008
TRIGLAV enters the Ukrainian market
The Slovenian insurance group TRIGLAV announced its intention to acquire or to
establish an insurance company in Ukraine, according to KOMMERSANT Ukraine newspaper.
A final decision regarding this subject was not taken yet, thus the development
strategy of the group involves an investment in Ukraine.
According to anterior statements, the Slovenian insurer has an active investment
policy for expanding on the European markets and announced last year its intention
to penetrate the Ukrainian market in 2008-2009.
TRIGLAV is the third biggest insurer in the Central Europe interested in the
Ukrainian market which already has PZU (Poland) and Ceska POJISTOVNA (Czech Republic).
Also, another company from Poland, WARTA, is interested in the Ukrainian insurance
market.
TRIGLAV is the leader of the Slovenian market, with almost 43% market share.
In 2007, the insurer registered an amount of gross written premiums of EUR 707.6
million, increasing by 7% in comparison to 2006. Also, last year, TRIGLAV paid
claims of EUR 367.6 million, 7% more compared to the previous year.
by oleg.doronceanu@mxp.ro, 08.04.2008
USD 514 million for reinsurance in Kazakhstan
In 2007 premiums ceded in reinsurance by Kazakh companies totaled USD 514 million,
up 35% in comparison to 2006, according to RP Newsline.
At the same time, inwards reinsurance premiums amounted to USD 126.1 million,
rising up by 126%.
Kazakh insurers generated USD 1.228 billion in premiums (of which premiums ceded
accounted for 41.9%) and paid USD 409.8 million in claims. The five largest insurers
from Kazakhstan accounted for 51.6% of total market premiums and 80.2% of total
claims settled.
Premiums ceded to non-residents reached an amount of USD 411.3 million, up 27%
compared to the previous year and accounted 80% of total premiums ceded. Premiums
ceded to residents increased by 82.7%, representing USD 102.7 million, accounting
for the other 20% of total ceded premiums.
Also, property premiums accounted for 94.3% of total premiums ceded, compulsory
lines for 4.2% and liability for 1.5%.
Inwards reinsurance premiums assumed from non-residents amounted to USD 25.3
million (or 20.1% of the total figure), a 475% jump compared to the previous
year. Premiums assumed from residents totaled USD 100.8 million (79.9% of total
inwards reinsurance premiums), up 96.1% from 2006.
by irina.galasanu@mxp.ro, 04.04.2008
Moscow International Reinsurance Congress
Although the Russian reinsurance market is not so big, abou7 USD 2.5 billion
in 2007, its significant potential attracts the most important companies
from Europe.
In this context, on March 25-26, the Moscow International Reinsurance Congress,
organized by RUSSIAN Polis Information Group, took place in the Moscow area.
Media XPRIMM, Media Partner of the event, was represented in Moscow by Oleg
DORONCEANU, Russia&CIS Responsible, and Irina GALASANU, Consultant,
Russia&CIS Margents Markets.
Among the participants of the Congress, were representatives of national
supervisory authorities; top managers and senior specialists in reinsurance;
brokerage and insurance companies from 24 countries, including the CIS and
CEE states, Belgium, Germany, Great Britain, India, Pakistan, Greece, Turkey
etc.
On the first day of the conference, the attendees discussed the principles
and mechanisms of the regulation and development of reinsurance operations
around the world, as well as collaboration between national markets and
the world reinsurance industry. Thus, the principle themes of speeches made
by Alberto CORINTI, Director for economics and finance of the European Insurance
Committee (Comite Europeen des Assurances, CEA), and Rob CURTIS,
Chairman of the Solvency & Actuarial Issues Subcommittee of the International
Association of Insurance Supervisors (IAIS), were new solvency standards - Solvency
II, which are due to come into force in 2012. This topic was continued and
expanded by Robert MEINDL, Head of Reinsurance Supervision at the German
Financial Regulator (BaFin), who told about the cooperation between European
regulators and current trends in the area of mutual recognition in the international
reinsurance industry.
Vadim DEMCHENKO, Editor-in-chief at Russian Polis Information Group, acquainted
the audience with possible development scenarios and trends in the Russian
reinsurance industry.
The agenda for the second day of the Congress was the extension of cooperation
between national markets. Notably, the majority of speeches were not forecast-oriented
but had a practical character. Speakers touched upon such vital issues as
capacities, competition and safety in the reinsurance area, and focused
more attention on peculiarities and problems of writing reinsurance in concrete
markets.
by irina.galasanu@mxp.ro, 27.03.2007
TRIGLAV increased profit by 102% in 2007
Slovenian Zavarovalnica TRIGLAV and one of the leading insurers in central
Europe increased net profit by 102% and pointed EUR 43 million in 2007,
prompting Chairman Andrej KOCIC to assess the company's operations as successful.
TRIGLAV has written EUR 708.3 million in gross premiums and paid out EUR
367.6 million in damages, according to Slovene Press Agency reports.
The market share of Slovenia's largest insurer reached 42.9% in Slovenia
in 2007, exceeding the goal by 0.1%, while the return on capital coefficient
stood at 10.1, marginally better than the planned ten-fold return on capital.
The company's key strategic goals remain the same as last year - maintaining
the market share and increasing its sales. The company may also increase
its share capital and get listed on the stock exchange, KOCIC added.
The shareholders are to debate the 25% capital increase over the next five
years and the listing at the annual general meeting on 18 April, he explained.
KOCIC said that TRIGLAV is ready to get listed and should be listed in order
to boost the transparency of its operations. The chairman believes that
the company has outgrown the Slovenian market and will therefore focus on
expansion in SE and Eastern Europe.
"One of the priorities regarding new markets is Albania", he said.
Asked about the possibility of a tie-up with NLB, Slovenia's largest bank,
KOCIC
said that TRIGALV would like to enter into a partnership with a large bank,
and NLB is also a good possible partner because its strategy is focused
on SE Europe.
TRIGLAV has recently set up a pension fund in Serbia and a new subsidiary
in Slovakia, being among the leaders on the insurance markets of Croatia,
Bosnia and Herzegovina, Montenegro, Macedonia, Czech Republic and Slovakia.
Also, the company's president pointed that the group aims in 2008 an increase
of EUR 1 billion in premiums.
by andreea.ionete@mxp.ro, 04.04.2008
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