PT TUGU PRATAMA INDONESIA
|
|
- Homer Alvin Mason
- 6 years ago
- Views:
Transcription
1 PT TUGU PRATAMA INDONESIA Jakarta Selatan 12940, Indonesia A- Operating Company Non-Life Ultimate Parent: PT PERTAMINA (PERSERO) PT TUGU PRATAMA INDONESIA Wisma Tugu I, Jl. HR Rasuna Said Kav. C 8-9, Jakarta Selatan 12940, Indonesia Web: Tel.: Fax: AMB#: AIIN#: AA Ultimate Parent#: BEST S CREDIT RATING Best s Financial Strength Rating: A- Outlook: Stable Best s Financial Size Category: VIII RATING RATIONALE Rating Rationale: The ratings reflect PT Tugu Pratama Indonesia s (TPI) good business profile in the profitable commercial segment of Indonesia s non-life insurance industry, its strong operating performance and favorable risk-adjusted capitalization. TPI is 65% owned by PT PERTAMINA (PERSERO) (Pertamina), Indonesia s largest integrated energy company. TPI was established in 1981 to provide insurance for Indonesia s oil and gas sector, especially for assets owned by Pertamina. While Pertamina s oil and gas portfolio continues to represent a major source of profitable business, TPI has over the years established a strong presence in other commercial segments of Indonesia s non-life market such as aviation, engineering and property. The company has a track record of strong profit margins, with pretax results that are significantly boosted by TPI s large investment portfolio. Printed September 29, Page 1 of 6
2 The company s balance sheet strength is also favorable and supportive of its ratings. Net underwriting risk is reduced substantially through reinsurance. TPI s gross underwriting leverage and reinsurance asset leverage measures are moderate compared with its commercial lines peers, with gross premiums to capital at 1.1 times and reinsurance assets to capital at 1.3 times at year-end Offsetting rating factors include TPI s exposure to reinsurance counterparties that are of lower credit quality by international standards and of much smaller capital size than TPI. Moreover, these counterparties have the same geographic concentration as TPI. Other offsetting rating factors are TPI s weak profile in the retail segment and its reliance on Pertamina as the primary source of underwriting profits. Positive rating actions are unlikely at present. Negative rating actions could result from a material decline in TPI s risk-adjusted capitalization due to a substantial increase in TPI s reinsurance asset leverage or deterioration in TPI s reinsurance asset quality. FIVE YEAR RATING HISTORY Best s Date FSR 09/23/16 A- BUSINESS PROFILE PT Tugu Pratama Indonesia (TPI) was established in 1981 and benefits from its affiliation with PT PERTAMINA (PERSERO) (Pertamina), which owns 65% of TPI. Pertamina is a state-owned integrated energy company in Indonesia with USD 46 billion in total assets and USD 19 billion in capital as of 31 December In 2013, it was the largest non-financial state-owned company in Indonesia. Priority access to Pertamina s business, which is characterized by good claims experience, provides TPI with a steady stream of profitable business. To fulfill its role to Pertamina, TPI is also increasingly expected to provide insurance cover for its parent group s overseas assets, as Pertamina is acquiring assets outside Indonesia. Pertamina s business accounted for about 35% of TPI s gross premiums in This is not expected to change much going forward. Much of TPI s Pertamina business is accessed directly, which helps to reduce acquisition costs. TPI is involved in Pertamina s risk management through TPI s subsidiary, PT Synergy Risk Management Consultants. In addition, TPI also underwrites unrelated third-party business in the Indonesian non-life market, where TPI is also recognized as a leading participant in the commercial segment of Indonesia s non-life sector as well. Affiliations: TPI is also affiliated with PT Tugu Reasuransi Indonesia (Tugu Re), which is on TPI s reinsurance panel, and PT Asuransi Samsung Tugu (AST), which is a passive affiliate investment for TPI. These are held through an intermediate holding company, PT Tugu Pratama Interindo, (37.67% ownership in Tugu Re and a 30% ownership stake in AST). In addition, TPI owns an insurance subsidiary in Hong Kong named Tugu Insurance Company. Scope of Operations: In terms of business lines, gross premiums are mainly generated through the underwriting of property risks (43%), aviation risks (16%), marine cargo and hull (15%), energy (10%) and engineering (5%). These reflect TPI s leadership in the commercial area and Pertamina s wide-ranging operations as Indonesia s only integrated energy company, whose portfolio does not only include oil, but also gas and geothermal, as well as downstream and upstream operations. This helps to counterbalance the impact of changes in the business cycle in any one of Pertamina s business segments. In terms of sources of business, in 2015 Pertamina and SKK Migas provided 35% and 10% of gross premiums, respectively, with other non-affiliated sources of business generating around 55% of TPI s gross premiums in Indonesia. Most of the net underwriting results are generated from Pertamina s business. TPI s distribution is geared towards reaching commercial customers, reflecting its affiliation with Pertamina and focus on corporate business; the directly sourced business accounts for 71% of gross premiums, and 23% is generated from brokers. Inward reinsurance represents 4% of business. Business Trends: On balance management expects growth to be moderate going forward. The negative impact of reduced upstream energy investment on gross premium production, is counter-balanced by a continued need to expand and upgrade mid-and downstream assets in Indonesia. At the same time Pertamina is taking over expiring concessions currently managed by foreign operators. Furthermore, with its strengths in the commercial insurance segment, TPI is expected to benefit from insurance demand related to government infrastructure spending. With regard to insuring Pertamina s overseas assets, management is well aware that underwriting these would require developing proper understanding of their risk profiles, which may well differ from Pertamina assets located in Indonesia. In addition, TPI is seeking to strengthen its market profile outside the Pertamina group if profitable opportunities arise, including corporate-retail opportunities, for example health and motor insurance opportunities that could arise from existing corporate accounts where TPI already offers aviation or property insurance. Market Share/Market Presence: TPI ranks fourth in terms of gross premiums in the overall non-life market in Indonesia with a 5% market share. It is recognized as a leader in commercial lines. Within selected lines (i.e., aviation, marine, engineering, energy and fire), where it benefits from its state-owned affiliation and comparatively large capital size, the company ranks anywhere from first to third in terms of gross premium market share. OPERATING PERFORMANCE Operating Results: Operating results have been strong over the past five years. TPI s operating ratio averaged 59% in the five years to 31 December 2015 and is stronger than that of its peers in the Indonesian non-life market. Printed September 29, Page 2 of 6
3 Pretax margins have been boosted significantly by investment results, which benefit from TPI s strong capitalization and large investment portfolio (4.9 times net earned premiums). Operating results are also fairly balanced with positive contributions from underwriting and investments over the past five years. Underwriting Results: Underwriting results are strong in absolute terms and slightly above average compared to the Indonesian non-life market over the past five years. Volatility in net underwriting results is wider than market average, reflecting TPI s focus on large commercial risks. Underwriting profit margins have been strong at a net and gross level, which should help the company to manage through a hardening reinsurance market environment. Underwriting results rely heavily on Pertamina. While accounting for about 37% of gross premiums in the five years to 2015, Pertamina s business, which benefit from net commission income, accounted for the great majority of TPI s underwriting results. Other sources of business are around breakeven after all expenses including acquisition, claims and management expenses. Investment Results: TPI s investment portfolio was over four times net earned premiums in 2015 and has played a major role in boosting TPI s overall profit margins. The company s net investment income ratio ranged between 17.5% and 33.9% in the five years to The company is exposed to currency fluctuations. While the company has adopted the US dollar as a reporting currency, 56% of its investments are denominated in Indonesian rupiah and 42% are denominated in US dollars (with the remainder mostly in Hong Kong dollars, Chinese renminbi and British pounds). BALANCE SHEET STRENGTH Capitalization: TPI s capital position stood at USD 232 million in December 2015 and at USD 250 million in June With its low gross to net premium ratio, the primary sources of TPI s risk-adjusted capital requirements, as measured by Best s Capital Adequacy Ratio (BCAR), are reinsurance asset risk and gross catastrophe exposure. Reinsurance assets amounted to 131% of capital, which is moderate compared to local and regional peers that have a commercial focus. The ratio of TPI s 1-in-250-year modeled gross probable maximum earthquake loss (gross PML) to capital was below 1 time TPI s capital position in 2015 and is not expected to rise significantly over the period to As a result of these two fairly moderate measures, TPI s BCAR remains at strong levels in natural catastrophe tests and when applying higher capital risk factors on reinsurance assets that only have local ratings. Reinsurance assets represent the largest asset class on TPI s balance sheet, accounting for 40% of total assets in While TPI is required by regulations to increase cessions to domestic counterparties, management information shows that as at December 2015 around 79% of its total reinsurance assets are from counterparties that have internationally recognized ratings of B++ or above. These include some local counterparties that have international ratings. TPI heavily utilizes an affiliated reinsurer, Tugu Re, which could help to reduce potential dispute risk on reinsurance assets. Underwriting Leverage: TPI is well capitalized relative to its underwriting risks, whether at a gross or net level. Gross premium leverage stood at 1.1 times and net premium leverage was 0.22 times at 31 December 2015, while gross and net insurance reserve leverage stood at 1.6 times and 0.3 times, respectively. These measures are moderate to low in absolute terms as well as when compared to its commercial lines focused peers in the region. Its moderate gross leverage measures explain TPI s moderate ceded leverage and gross PML to capital ratios. Gross leverage measures are not expected to diverge much from their historical levels as the company s priority will remain supporting Pertamina s risks. Financial Leverage: As of December 2015, TPI s consolidated financial statements carried borrowings and consumer finance lease payables of USD 9.2 million, equivalent to 4% of capital. These were mostly for its subsidiary s property and motor vehicle rental business. Interest expense was reported at USD 0.93 million in 2015, implying an interest rate of approximately 10%. Financial leverage is not expected to increase going forward under the company s business plan. Liquidity: Cash and bonds to gross insurance liabilities and net insurance liabilities were 0.55 times and 2.83 times, respectively. Liquid assets to gross and net insurance liabilities amounted to 0.65 times and 3.35 times, respectively. Investments: Investments and cash totaled 39% of TPI s total assets. As at December 2015, most of its investments were allocated to cash and bonds (70%). About 13% of investments were allocated to non-listed equity investments in associates (mostly Tugu Re and AST). Higher allocations to these associates could be a drag on TPI s BCAR as investments in non-listed associates are subject to higher capital risk factors. TPI s investment policy and strategy are aligned to regulations, which require diversification on a per issuer (including deposit-taking banks and excluding the Government of the Republic of Indonesia) and fund manager level as well as minimum investments in cash. Summarized Accounts as of December 31, 2014 Data reflected within all tables of this report has been compiled from the financial statements of this company (Source: Company Financial Statement). An independent audit of the company s affairs through December 31, 2014, was conducted by Kantor Akuntan Publik Tanudiredja, Wibisana & Rekan. Printed September 29, Page 3 of 6
4 US $ per Local Currency Unit = 1 Indonesian Rupiah (IDR) STATEMENT OF INCOME IDR(000) USD(000) Technical account: Gross premiums written 2,730,612, ,087 Reinsurance ceded 2,203,988, ,641 Net premiums written 526,624,204 42,446 Increase/(decrease) in gross unearned premiums 39,395,071 3,175 Net premiums earned 487,229,133 39,271 Total underwriting income 487,229,133 39,271 Net claims paid 109,013,512 8,786 Net increase/(decrease) in claims provision 80,793,166 6,512 Net claims incurred 189,806,678 15,298 Management expenses 232,217,244 18,717 Acquisition expenses -127,577,639-10,283 Net operating expenses 104,639,605 8,434 Total underwriting expenses 294,446,283 23,732 Balance on technical account 192,782,850 15,538 Combined technical account: Gross premiums written 2,730,612, ,087 Reinsurance ceded 2,203,988, ,641 Net premiums written 526,624,204 42,446 Increase/(decrease) in gross unearned premiums 39,395,071 3,175 Net premiums earned 487,229,133 39,271 Total revenue 487,229,133 39,271 Net claims paid 109,013,512 8,786 Net increase/(decrease) in claims provision 80,793,166 6,512 Net claims incurred 189,806,678 15,298 Management expenses 232,217,244 18,717 Acquisition expenses -127,577,639-10,283 Net operating expenses 104,639,605 8,434 Total underwriting expenses 294,446,283 23,732 Balance on combined technical account 192,782,850 15,538 Non-technical account: Net investment income 159,370,079 12,845 Other income/(expense) 92,938,587 7,491 Profit/(loss) before tax 445,091,516 35,874 Taxation 83,246,835 6,710 Profit/(loss) after tax 361,844,681 29,165 ASSETS IDR(000) % of total USD(000) Cash & deposits with credit institutions 958,201, ,231 Bonds & other fixed interest securities 953,128, ,822 Shares & other variable interest instruments 184,839, ,898 Liquid assets 2,096,170, ,951 Inter-company investments 1,046,476, ,346 Total investments 3,142,647, ,297 Reinsurers share of technical reserves - other 3,009,475, ,564 Total reinsurers share of technical reserves 3,009,475, ,564 Insurance/reinsurance debtors 1,199,208, ,656 Other debtors 90,507, ,295 Total debtors 1,289,715, ,951 Fixed assets 7,378, Other assets 45,703, ,684 Total assets 7,494,919, ,091 LIABILITIES IDR(000) % of total USD(000) Capital 160,000, ,896 Paid-up capital 160,000, ,896 Non-distributable reserves -24,749, ,995 Other reserves 302,361, ,370 Retained earnings 2,231,241, ,838 Capital & surplus 2,668,853, ,110 Gross provision for unearned premiums 1,015,296, ,833 Gross provision for outstanding claims 2,420,865, ,122 Total gross technical reserves 3,436,162, ,955 Insurance/reinsurance creditors 1,045,906, ,300 Other creditors 96,962, ,815 Total creditors 1,142,869, ,115 Accruals & deferred income 78,049, ,291 Other liabilities 168,984, ,620 Total liabilities & surplus 7,494,919, ,091 Retained profit/(loss) for the financial year 361,844,681 29,165 Retained profit/(loss) carried forward 361,844,681 29,165 Printed September 29, Page 4 of 6
5 ANALYSIS OF GROSS PREMIUMS WRITTEN IDR IDR IDR (000) (000) (000) Aviation 418,104, ,785, ,842,393 Engineering 131,279,062 86,116,203 95,401,710 Fire 1,194,768, ,242, ,536,631 Marine 463,499, ,999, ,929,543 Other classes 522,960, ,295, ,006,035 Total non-life 2,730,612,5 2,139,440,0 1,537,716, REINSURANCE TPI s reinsurance consists of facultative and treaty (surplus, quota share, marine and aviation excess of loss and non-marine excess of loss) reinsurance. Around three-quarters of ceded premiums go toward facultative reinsurance. Treaty gross account property risks are protected by non-marine treaty surplus reinsurance. Under this arrangement, reinsurance protection for Pertamina and/or oil and gas and/or energy business totaled USD 105 million (i.e., three sections at USD 50 million, USD 25 million USD 30 million). Reinsurance protection for non-pertamina and/or non-oil and gas and/or non-energy business totaled USD 40 million (i.e., two sections at USD 25 million and USD 15 million). Treaty property retentions after these proportional arrangements are protected by excess of loss reinsurance, which absorbs non-marine losses (after proportional reinsurance) between USD 500,000 and USD 60 million. Treaty marine and aviation (hull, cargo, P&I and aviation) losses (after proportional reinsurance) are covered by excess of loss reinsurance, which absorbs losses between USD 1 million to USD 15.5 million. About three-quarters of TPI s treaty reinsurance is provided by counterparties with international ratings. In addition to treaty reinsurance, TPI makes extensive use of facultative insurance, which accounts for the great majority of TPI s overall ceded premiums. Seventy percent of TPI s facultative reinsurance is provided by counterparties with international ratings. The company s retention under its largest facultative (re)insurance arrangement is reduced by its treaty and excess of loss reinsurance to USD 500,000. BALANCE SHEET ITEMS IDR IDR IDR (000) (000) (000) 2,096,170,10 1,728,123,44 1,478,827,43 Liquid assets ,142,647,10 2,696,759,13 2,287,712,95 Total investments ,494,919,43 6,393,611,21 5,227,365,52 Total assets ,436,162,62 2,946,275,51 2,358,631,43 Total gross technical reserves Net technical reserves 426,687, ,498, ,391,330 4,826,066,02 4,150,320,32 3,270,980,06 Total liabilities ,668,853,40 2,243,290,88 1,956,385,45 Capital & surplus INCOME STATEMENT ITEMS IDR IDR IDR (000) (000) (000) 2,730,612,52 2,139,440,02 1,537,716,31 Gross premiums written Net premiums written 526,624, ,343, ,299,775 Balance on technical account(s) 192,782,850 72,390,274 40,262,563 Profit/(loss) before tax 445,091, ,883, ,139,421 Profit/(loss) after tax 361,844, ,118, ,356,488 LIQUIDITY RATIOS (%) Total debtors to total assets Liquid assets to net technical reserves Liquid assets to total liabilities Total investments to total liabilities LEVERAGE RATIOS (%) Net premiums written to capital & surplus Net technical reserves to capital & surplus Gross premiums written to capital & surplus Gross technical reserves to capital & surplus Total debtors to capital & surplus Total liabilities to capital & surplus PROFITABILITY RATIOS (%) Loss ratio Operating expense ratio Combined ratio Net investment income ratio Operating ratio Return on net premiums written Return on total assets Return on capital & surplus Printed September 29, Page 5 of 6
6 Why is this Best s Rating Report important to you? The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of insurance companies since contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. A Best's Financial Strength Rating (FSR) is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. An FSR is not assigned to specific insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. An FSR is not a recommendation to purchase, hold or terminate any insurance policy, The company information appearing in this pamphlet is an extract from the complete AMB Credit Report. You may obtain the complete report by contacting Customer Service at +1(908) or customer_service@ambest.com. Please reference the company's identification number (AMB#) listed on this rating report. For the latest Best's Financial Strength Ratings along with their definitions and A.M. Best's Terms of Use, please visit Copyright 2016 A.M. Best Company, Inc. and/or its affiliates. All rights reserved. No part of this report may be reproduced, distributed, or stored in a database or retrieval system, or transmitted in any form or by any means without the prior written permission of the A.M. Best Company. While the data in this report was obtained from sources believed to be reliable, its accuracy is not guaranteed. Printed September 26, Page 6 of 6
Best s Rating Report
PT TUGU PRATAMA INDONESIA Jakarta 12920, Indonesia A- Operating Company Non-Life Ultimate Parent: PT Pertamina (Persero) PT TUGU PRATAMA INDONESIA Wisma Tugu I, Jl. HR Rasuna Said Kav. C 8-9, Jakarta 12920,
More informationACE EUROPEAN GROUP LIMITED
ACE EUROPEAN GROUP LIMITED London EC3A 3BP, United Kingdom A++ Operating Company Non-Life Ultimate Parent: Chubb Limited ACE EUROPEAN GROUP LIMITED 100 Leadenhall Street, London EC3A 3BP, England Web:
More informationBest s Rating Report
CHUBB EUROPEAN GROUP LIMITED London EC3A 3BP, United Kingdom A++ Operating Company Non-Life Ultimate Parent: Chubb Limited CHUBB EUROPEAN GROUP LIMITED The Chubb Building, 100 Leadenhall Street, London
More informationProtector Forsikring ASA
BEST S RATING REPORT Støperigata 2, 0250 Oslo, Norway AMB #: 091925 NAIC #: N/A AIIN#: AA-1420011 Phone: 47-24-13-17-00 Fax: 47-24-13-17-10 Website: www.protectorforsikring.no Financial Strength Rating
More informationBest s Rating Report
Columbus, Ohio A- Ultimate Parent: Helios Financial Holdings Corp. DEALERS ASSURANCE COMPANY Exec/Admin: 15920 Addison Rd. Addison, TX 75001 Mailing: 240 N. Fifth Street, Suite 350, Columbus, OH 43215
More informationBest s Rating Report
Cincinnati, Ohio A+ Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY 301 E. Fourth Street Cincinnati, OH 45202 Web: www.greatamericaninsurancegroup.com Tel: 513-369-5000
More informationCOMPAGNIE BELGE D ASSURANCES AVIATION S.A. (AVIABEL)
COMPAGNIE BELGE D ASSURANCES AVIATION S.A. (AVIABEL) 1050 Brussels, Belgium A- Operating Company Non-Life Ultimate Parent: Cie Belge d Assur Aviation SA (Aviabel) COMPAGNIE BELGE D ASSURANCES AVIATION
More informationBest s Rating Report. Associated With: AmTrust Financial Services, Inc AMTRUST GROUP AMTRUST GROUP
AMTRUST GROUP Best s FSR FSC AmTrust International Ins Ltd A XV Technology Insurance Co., Inc A XV Rochdale Insurance Company A XV ARI Insurance Company A XV AmTrust Europe Limited A XV AmTrust Insurance
More informationBest s Rating Report. Associated With: ProAssurance Corporation PROASSURANCE GROUP
PROASSURANCE GROUP Medmarc Casualty Insurance Co A+ Noetic Specialty Insurance Co A+ Podiatry Ins Co of America A+ ProAssurance Casualty Company A+ ProAssurance Indemnity Co Inc. A+ ProAssurance American
More informationAssociated With: AmTrust Financial Services, Inc AMTRUST GROUP AMTRUST GROUP
AMTRUST GROUP Best s FSR FSC AmTrust International Ins Ltd A XIV Technology Insurance Co., Inc A XIV Rochdale Insurance Company A XIV ARI Insurance Company A XIV AmTrust Europe Limited A XIV AmTrust Insurance
More informationSTARSTONE INSURANCE PLC
STARSTONE INSURANCE PLC London EC3A 3BP, United Kingdom A- Operating Company Non-Life Ultimate Parent: Enstar Group Limited STARSTONE INSURANCE PLC 88 Leadenhall Street, London EC3A 3BP, England Web: www.starstone.com
More informationBest s Rating Report
Miami, Florida A- Ultimate Parent: BMI Financial Group, Inc. BEST MERIDIAN INSURANCE COMPANY 8950 S.W. 74th Court, 24th Floor Miami, FL 33156 Web: www.bmicos.com Tel: 305-443-2898 Fax: 305-668-3608 AMB#:
More informationBest s Rating Report
ZEP-RE (PTA REINSURANCE COMPANY) Nairobi, Kenya Operating Company Composite ZEP-RE (PTA REINSURANCE COMPANY) ZEP-RE Place, 8th Floor, Longonot Road, Upper Hill, P.O. Box 42769-00100, Nairobi, Kenya Web:
More informationBest s Rating Report
Pittsburgh, Pennsylvania A- Ultimate Parent: Highmark Health HM LIFE INSURANCE COMPANY Mail: P.O. Box 535061, Pittsburgh, PA 15253-5061 Web: www.hmig.com Tel: 800-328-5433 Fax: 717-260-7261 AMB#: 009063
More informationBest s Rating Report
Surety INTERNATIONAL FIDELITY INSURANCE COMPANY Newark, New Jersey A- Ultimate Parent: IFIC Surety Group, Inc. INTERNATIONAL FIDELITY INSURANCE COMPANY One Newark Center, 20th Floor Newark, NJ 07102-5207
More informationBest's Key Rating Guide Presentation Report December 14, 2010
Page 1 of 5 Best's Key Rating Guide Presentation Report December 14, 2010 This A.M. Best report is provided compliments of: Insurance One Agency 712 N Hampton Rd, Suite 180 DeSoto, TX 75115 Arch Insurance
More informationAmerican International Group
Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: N/A Financial 2 Time Period: 1st Quarter - 2013 Last Updated: 08/21/2013 Status: Quality Cross Checked General
More informationChubb Insurance Singapore Ltd.
Primary Credit Analyst: Trupti U Kulkarni, Singapore (65) 6216-1090; trupti.kulkarni@spglobal.com Secondary Contact: Billy Teh, Singapore (65) 6216-1069; billy.teh@spglobal.com Table Of Contents Major
More informationAsia Insurance Co. Ltd.
Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-213; Michael.Vine@spglobal.com Secondary Contact: Sandy Lau, Hong Kong (852) 2532-857; Sandy.Lau@spglobal.com Table Of Contents Rationale Outlook
More informationA.M. Best s Updated Credit Rating Methodology and Capital Model. Robert Raber Senior Financial Analyst A.M. Best Company
A.M. Best s Updated Credit Rating Methodology and Capital Model Robert Raber Senior Financial Analyst A.M. Best Company 1 Contents A.M. Best Company Overview Updated Best s Credit Rating Methodology (BCRM)
More informationReliance Insurance Company Limited (RICL)
Rating Report RATING REPORT REPORT DATE: January 02, 2017 RATING ANALYSTS: Talha Iqbal talha.iqbal@jcrvis.com.pk Sidra Ahsan Qureshi sidra.qureshi@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating
More informationA M Best s Rating Report. United Insurance Company Limited. Revision Date: August 17, United Insurance Co. Ltd. has a Rating of A- (Excellent)
A M Best s Rating Report United Insurance Company Limited Bridgetown, Barbados Revision Date: August 17, 2011 United Insurance Co. Ltd. has a Rating of A- (Excellent) Non-Life Business Ultimate Parent:
More informationPalomar Specialty Insurance Company
BEST S RATING REPORT Palomar Specialty Insurance Company Portland, Oregon, United States 97204 Exec. Office: 7979 Ivanhoe Avenue, Suite 500, La Jolla, California, United States 92037 AMB #: 022031 NAIC
More informationHartford Insurance Group
Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: N/A Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/24/2013 Status: Quality Cross Checked General
More informationReliance Insurance Company Limited (RICL)
Rating Report RATING REPORT REPORT DATE: November 27, 2017 RATING ANALYSTS: Muniba Khan Muniba.khan@jcrvis.com.pk M. Daniyal daniyal.kamran@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating Rating
More informationSwiss Reinsurance Company Ltd
Mythenquai 50/60, 8002 Zurich, Switzerland Mailing Address: Mythenquai 50/60, P.O. Box, 8002 Zurich, Switzerland AMB #: 085009 NAIC #: N/A AIIN#: AA-1460146 Phone: 41-43-285-2121 Fax: 41-43-285-2999 Website:
More informationEMPOWER YOUR INSURANCE BY EXPERTISE
(A joint stock limited company incorporated in the People s Republic of China) Stock Code EMPOWER YOUR INSURANCE BY EXPERTISE TABLE OF CONTENTS Financial Highlights 2 Management Discussion and Analysis
More informationThe Co-operative Insurance Society of Pakistan Limited
Rating Report RATING REPORT REPORT DATE: December 19, 2017 RATING ANALYSTS: Maimoon Rasheed maimoon@jcrvis.com.pk M. Daniyal daniyal.kamran@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating Rating
More informationBest s Rating Report
Cincinnati, Ohio A Ultimate Parent: American Financial Group, Inc GREAT AMERICAN LIFE INSURANCE COMPANY Mail: P.O. Box 5420, Cincinnati, OH 45201-5420 Web: www.gaig.com Tel: 513-357-3300 Fax: 513-412-1673
More informationWillis Re 1st View. Plenty of capacity, plenty of capital. Renewals 1 April Contents. 1st View Willis Re Renewals 1 April 2008
1st View Willis Re Willis Re 1st View Plenty of capacity, plenty of capital As predicted in the previous edition of 1st View, the global reinsurance industry posted exceptionally strong financial results
More informationCountries within the Association of South East Asian Nations (ASEAN) are continuing
BEST S SPECIAL REPORT Our Insight, Your Advantage. Market Review May 2, 13 The number of non-life insurers continues to drop amid higher capital requirements. Indonesia s Growth Attracts Insurers, While
More informationQ&A on A.M. Best s Updated Credit Rating Methodology
BEST S BRIEFING Our Insight, Your Advantage. October 13, 2017 A.M. Best anticipates that fewer than 5% of its current credit ratings will change owing to the adoption of the updated BCRM Q&A on A.M. Best
More informationAspen Insurance Holdings Limited. Financial Statements for the period 23 May 2002 to 31 December 2002
Financial Statements for the period 23 May 2002 to 31 December 2002 CONTENTS Page Group Overview 3 Operational Review 4 Consolidated Statement of Operations 8 Consolidated Balance Sheet 9 Consolidated
More informationReliance Insurance Company Limited (RICL)
RATING REPORT REPORT DATE: January 7, 2019 RATING ANALYSTS: Narendar Shankar Lal narendar.shankar@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating Rating Category Long-term Long-term IFS A A
More informationTHE SWEDISH CLUB. Sveriges Ångfartygs Assurans Förening
THE SWEDISH CLUB 411 04 Gothenburg, Sweden Operating Company Non-Life THE SWEDISH CLUB Sveriges Ångfartygs Assurans Förening Gullbergs Strandgata 6, 411 04 Gothenburg, Sweden P.O. Box 171, 401 22 Gothenburg,
More informationBack to Top MARKEL BERMUDA LIMITED MARKEL EUROPE PLC ALTERRA REINSURANCE USA INC. ALTERRA AMERICA INSURANCE COMPANY
MARKEL BERMUDA LIMITED MARKEL EUROPE PLC ALTERRA REINSURANCE USA INC. ALTERRA AMERICA INSURANCE COMPANY ALTERRA EXCESS & SURPLUS INSURANCE CO A A A A A A 2013 A.M. Best Company, Oldwick, NJ 08858 Printed
More information(A joint stock limited company incorporated in the People s Republic of China) Stock Code EMPOWER YOUR INSURANCE BY EXPERTISE
(A joint stock limited company incorporated in the People s Republic of China) Stock Code EMPOWER YOUR INSURANCE BY EXPERTISE TABLE OF CONTENTS Financial Highlights 2 Management Discussion and Analysis
More informationMapfre Re, Compania de Reaseguros, S.A.
August 4, 2011 Mapfre Re, Compania de Reaseguros, S.A. Primary Credit Analyst: Marco Sindaco, London +44 (0)20 7176 7095; Marco_Sindaco@standardandpoors.com Secondary Contact: Peter McClean, London (44)
More informationDecember Note Unaudited Audited Note Unaudited Audited Rupees Rupees Rupees Rupees EQUITY AND LIABILITIES Share capital and reserves
Condensed Interim Balance Sheet As at March 31, 2017 March 31 2017 December 31 2016 March 31 2017 December 31 2016 Note Unaudited Audited Note Unaudited Audited Rupees Rupees Rupees Rupees EQUITY AND LIABILITIES
More informationFY 2018 Q3 Financial Results Presentation. Mumbai, 12 th February 2018
FY 2018 Q3 Financial Results Presentation Mumbai, 12 th February 2018 1 Agenda Market Review Strategic Overview Financial Performance 2 Market Review 3 Reinsurance Industry - Role Reinsurance is the foundation
More informationMethodology Review Seminar
etc.venues St.Paul s, London Methodology Review Seminar 16 November 2016 Methodology Review Seminar Welcome and Introduction Overview of the Structural Changes to Best's Credit Rating Methodology Greg
More informationA.M. Best Market Briefing at the EAIC 2018
A.M. Best Market Briefing at the EAIC 2018 Agenda 2 Perspectives on the Global Reinsurance Market Stefan Holzberger Chief Rating Officer 7 May 2018 AM Best Company, Inc. (AMB) and/or its licensors and
More informationInsurance. PT Asuransi MAIPARK Indonesia. Reinsurers / Indonesia. Full Rating Report
Reinsurers / Indonesia Full Rating Report Rating National Insurer Financial Strength BBB+(idn) Sovereign Risk Long-Term Foreign-Currency IDR BBB Long-Term Local-Currency IDR BBB Outlooks National Insurer
More informationAssociated Electric & Gas Insurance Services Limited
BEST S RATING REPORT Associated Electric & Gas Insurance Services Limited Hamilton HM 11, Bermuda Exec. Office: c/o AEGIS Insurance Services, Inc., One Meadowlands Plaza, East Rutherford, New Jersey, United
More informationTHE CHARTERED INSURANCE INSTITUTE. Read the instructions on page 3 carefully before answering any questions.
THE CHARTERED INSURANCE INSTITUTE P97 Diploma in Insurance Unit P97 Reinsurance October 2014 examination Instructions Three hours are allowed for this paper. Do not begin writing until the invigilator
More informationAskari General Insurance Company Limited
Rating Report RATING REPORT REPORT DATE: February 21, 2017 RATING ANALYSTS: Waqas Munir, FRM waqas.munir@jcrvis.com.pk Maham Qasim maham.qasim@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating
More informationwillis re Conserving 1 April 2009 of 10
willis re 1ST view 1 April 2009 Conserving capital of 10 TABLE OF CONTENTS RENEWALS 1 APRIL 2009 Introduction 3 Casualty Territory and Placement Type 4 Territory and Comments 4 Rates 4 Specialties Line
More informationA.M. Best Ratings Impact from the New Rating Methodology and Stochastic-based BCAR
A.M. Best Ratings Impact from the New Rating Methodology and Stochastic-based BCAR September 2017 Prepared by Aon Benfield Executive Summary A.M. Best is expected to finalize new rating criteria by mid-october
More informationBest s Rating Report
ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED Hamilton HM 11, Bermuda A Operating Company Non-Life ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED The Maxwell Roberts Building, Fourth Floor,
More informationYangtze Optical Fibre and Cable Joint Stock Limited Company *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationRating and Ratemaking
Rating and Ratemaking Ratemaking refers to the pricing of insurance and the calculation of insurance premiums A rate is the price per unit of insurance An exposure unit is the unit of measurement used
More informationA M Best s Rating Report
A M Best s Rating Report Massy United Insurance Ltd. Bridgetown, Barbados Revision Date: March 29, 2016 Massy United Insurance has a Rating of A- (Excellent) Operating Company Non-Life Ultimate Parent:
More informationAmlin Underwriting - Syndicate 2001
Primary Credit Analyst: Dina Patel, London (44) 20-7176-8409; dina.patel@standardandpoors.com Secondary Contact: Dennis P Sugrue, London (44) 20-7176-7056; dennis.sugrue@standardandpoors.com Table Of Contents
More information1 Jan 2018 Property & Casualty Treaty Renewals. and guidance update 2017 and 2018
Property & Casualty Treaty Renewals and guidance update 2017 and 2018 Renewals Conference Call Hannover, 7 February 2018 Reinsurance markets Our results Our portfolio Structured reinsurance Outlook 2018
More informationWe believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
2012 Annual Report Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying statement of financial position of Manufacturers P&C Limited as at 31 December 2012 and
More informationPacific LifeCorp And Insurance Subsidiaries
Pacific LifeCorp And Insurance Subsidiaries Primary Credit Analyst: Heena C Abhyankar, New York + 1 (212) 438 1106; heena.abhyankar@spglobal.com Secondary Contacts: Elizabeth A Campbell, New York (1) 212-438-2415;
More informationChubb Insurance Pakistan Limited
RATING REPORT Chubb Insurance Pakistan Limited REPORT DATE: January 4, 2019 RATING ANALYSTS: Muniba Khan Muniba.khan@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating Rating Category Long-term
More informationGUIDELINE ON REINSURANCE WITH RELATED COMPANIES
GL12 GUIDELINE ON REINSURANCE WITH RELATED COMPANIES Insurance Authority Contents Page 1. Introduction.. 1 2. Application of this Guideline... 1 3. Interpretation 2 4. Adequacy of Reinsurance Arrangements
More informationPakistan Reinsurance Company Limited
RATING REPORT REPORT DATE: April 26, 2016 RATING ANALYSTS: Muniba Khan muniba.khan@jcrvis.com.pk Narendar Shankar Lal narendar.shankar@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating Rating
More informationMS Amlin Group - Syndicate 2001
Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary Contact: David Laxton, London (44) 20-7176-7079; david.laxton@spglobal.com Table Of Contents Lloyd's
More informationCredit Opinion: CNPC Captive Insurance Company Limited
Credit Opinion: CNPC Captive Insurance Company Limited Global Credit Research - 29 Jul 2015 China Ratings Category Rating Outlook Insurance Financial Strength China National Petroleum Corporation Rating
More informationAXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable
Research Update: AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-2013; Michael.Vine@spglobal.com
More informationPrinted December 20, Page 1 of 18
ODYSSEY REINSURANCE GROUP Odyssey Reinsurance Company Hudson Insurance Company Hudson Specialty Ins Co Hudson Excess Insurance Co Newline Insurance Company Ltd A A A A A Printed December 20, 2016 www.ambest.com
More informationCredit Opinion: Sun Life Financial, Inc.
Credit Opinion: Sun Life Financial, Inc. Global Credit Research - 23 Jul 2015 Toronto, Ontario, Canada Ratings Category Moody's Rating Rating Outlook STA Pref. Stock Baa2 (hyb) Sun Life Assurance Company
More informationstrong reliable trustworthy forward-thinking
2010 Annual Report strong reliable trustworthy forward-thinking Auditors Report To the shareholder of Manufacturers P&C Limited We have audited the accompanying financial statements of Manufacturers P&C
More informationBEST S RATING REPORT. Hannover Rück SE
BEST S RATING REPORT Karl-Wiechert-Allee 50, 30625 Hannover, Germany AMB #: 084092 NAIC #: N/A FEIN #: AA-1340125 Phone: 49-511-5604-0 Fax: 49-511-5604-1188 Website www.hannover-re.com A+ E+S Rückversicherung
More informationImportant information about Syndicate Reports and Accounts
Important information about Syndicate Reports and Accounts Access to this document is restricted to persons who have given the certification set forth below. If this document has been forwarded to you
More informationFULL ANALYSIS. Liverpool Victoria General Insurance Group. Major Rating Factors. Rationale
FULL ANALYSIS Liverpool Victoria General Insurance Group Financial Strength Rating Local Currency BBB+/Stable/ Major Rating Factors Primary Credit Analysts: Simon Ashworth London (44) 207176 7243 Simon_Ashworth@
More informationNon-Life Insurance in Taiwan, Key Trends and Opportunities to 2017
Non-Life Insurance in Taiwan, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0481MR Published: January 2014 www.timetric.com Timetric John Carpenter House 7 Carmelite
More informationGUIDANCE NOTE REINSURANCE WITH RELATED COMPANIES
GN12 GUIDANCE NOTE ON REINSURANCE WITH RELATED COMPANIES Office of the Commissioner of Insurance 30 June 2003 GN12 Guidance Note on Reinsurance with Related Companies I. INTRODUCTION Under section 8(3)(c)
More informationBEST S CREDIT RATING METHODOLOGY (BCRM)
JANUARY 2018 BEST S CREDIT RATING METHODOLOGY (BCRM) AN OVERVIEW This overview document provides a quick look at the components of Best's Credit Rating Methodology (BCRM) and rating process. For more information
More informationAmeritas Life Insurance Corp.
Primary Credit Analyst: Elizabeth A Campbell, New York (1) 212-438-2415; elizabeth.campbell@spglobal.com Secondary Contact: Neil R Stein, New York (1) 212-438-596; neil.stein@spglobal.com Table Of Contents
More informationERM in the Rating Process: A Practical Perspective
ERM in the Rating Process: A Practical Perspective Jeffrey Mango, Group Vice President, A.M. Best Michelle Baurkot, Assistant Vice President, A.M. Best Tom Zitelli, Managing Senior Financial Analyst, A.M.
More informationA.M. Best Asia Pacific Portfolio Rating and Building Block Distributions
A.M. Best Asia Pacific Portfolio Rating and Building Block Distributions Chi Yeung Lok Head of Analytics, Southeast Asia and Australasia A.M. Best Asia-Pacific (Singapore) Pte. Ltd. Christie Lee Head of
More informationBest s Credit Rating Methodology (BCRM) & Market Segment Outlooks
Special Presentation at the Gen Re Winter Forum Best s Credit Rating Methodology (BCRM) & Market Segment Outlooks Stefan Holzberger Chief Rating Officer St. Petersburg, Florida 19 January 2017 Disclaimer
More informationThe Malaysian insurance industry is among the fastest emerging markets of the
BEST S SPECIAL REPORT Our Insight, Your Advantage. Segment Review December 16, 213 Malaysia provides a stable, competitive environment. Economic Growth, Regulatory Development Create Attractive Market
More informationCompliance with the RMS is incorporated into the twice yearly declarations provided by Executives and senior management to the Board.
NOTE 3. RISK MANAGEMENT A. RISK MANAGEMENT FRAMEWORK The Group Chief Risk Officer oversees risk management across the Group. IAG has a Group Risk and Governance function responsible for setting risk strategy,
More informationCHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2011 INTERIM RESULTS PRESENTATION
CHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2011 INTERIM RESULTS PRESENTATION 26 August 2011 Forward-Looking Statements This presentation and subsequent discussions may contain certain forward-looking
More informationMacquarie Group Ltd.
Primary Credit Analyst: Nico N DeLange, Sydney (61) 2-9255-9887; nico.delange@spglobal.com Secondary Contact: Sharad Jain, Melbourne (61) 3-9631-2077; sharad.jain@spglobal.com Table Of Contents Major Rating
More informationUcap Hong Kong Asset Management Limited. Weekly Equity Review. 25 th September 2018
Ucap Hong Kong Asset Management Limited Weekly Equity Review 25 th September 2018 Equity Highlights Investment Recommendations Global Leaders Global Leaders Current List Next-Gen Leaders Japanese Global
More informationBermuda Captive Market 2010
Bermuda Captive Market 2010 October 2011 Contents Summary 3 Geography of Risk Assumption 4 Industry Utilisation Demographic 5 Industry Utilisation Premium Share 6 Lines of Business Property 7 Lines of
More informationGUIDELINES ON REINSURANCE PRACTICES AND PROCEDURES
IR-GUID-14/10-0017 GUIDELINES ON REINSURANCE PRACTICES AND PROCEDURES The Financial Services Commission 39-43 Barbados Avenue Kingston 5, Jamaica W.I. Telephone No. (876) 906-3010 October 1, 2014 One of
More informationBest s Rating Report
FM GLOBAL GROUP Factory Mutual Insurance Co A+ Affiliated FM Insurance Co A+ Appalachian Insurance Co A+ FM Insurance Company Limited A+ Printed December 22, 2017 www.ambest.com Page 1 of 10 Associated
More informationA.M. Best s Rating Approach. Anthony Diodato Group Vice President - North American Property & Casualty
A.M. Best s Rating Approach Anthony Diodato Group Vice President - North American Property & Casualty Disclaimer AM Best Company (AMB) and/or its licensors and affiliates. All rights reserved. ALL INFORMATION
More informationPT XYZ GENERAL INSURANCE COMPANY STATEMENT OF FINANCIAL POSITION Non-Consolidated Per. and Per.
Page 1 STATEMENT OF FINANCIAL POSITION NonConsolidated Per. and Per. Item Details Quarter Year Quarter Year SAK Balance SAP Balance SAK Balance SAP Balance (1) (2) (3) (4) (5) (6) ASSETS Investment Time
More informationCompany BEST S RATING REPORT. The Cincinnati Life Insurance Company South Gilmore Road, Fairfield, Ohio, United States
BEST S RATING REPORT Company 6200 South Gilmore Road, Fairfield, Ohio, United States 45014-5141 Mailing Address: P.O. Box 145496, Cincinnati, Ohio, United States 45250-5496 AMB #: 006568 NAIC #: 76236
More informationManagement s Discussion and Analysis 2013
Management s Discussion and Analysis 2013 Maxum Specialty Insurance Group - NAIC Group Code # 3589 - Maxum Indemnity Company - NAIC Code # 26743 - Maxum Casualty Insurance Company - NAIC Code # 10784 Group
More informationDirect premium in China s non-life sector annually grew by 23% on average during
BEST S SPECIAL REPORT Our Insight, Your Advantage. Market Review April 29, 213 A 212 slowdown of premium growth may favor solvency levels over the near term. External Capital Support Has Sustained China
More informationMUNICH REINSURANCE COMPANY
MUNICH REINSURANCE COMPANY Munich Reinsurance Company A+ Amer Modern Surpl Lines Ins Co A+ American Alternative Ins Corp A+ American Family Home Ins Co A+ American Modern Home Ins Co A+ American Modern
More informationLINKAGE ASSURANCE PLC UNAUDITED FINANCIAL STATEMENTS AS AT 30TH SEPTEMBER 2017
LINKAGE ASSURANCE PLC UNAUDITED FINANCIAL STATEMENTS AS AT 30TH SEPTEMBER 2017 LINKAGE ASSURANCE PLC CONTENTS PAGE Certification Pursuant to Section 60(2) of Investment and Securities 1 Result at a Glance
More informationBest s Credit Rating Methodology (BCRM) & MPL Insurer Ratings
Special Presentation at the PIAA CEO/COO Meeting Best s Credit Rating Methodology (BCRM) & MPL Insurer Ratings Stefan Holzberger Chief Rating Officer Scottsdale, Arizona 16 March 2017 Disclaimer (1) AM
More informationMarine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Performance; Ratings Affirmed
Research Update: Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Primary Credit Analyst: Robert J Greensted, London (44) 20-7176-7095; robert.greensted@spglobal.com
More informationCHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2013 INTERIM RESULTS PRESENTATION
CHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2013 INTERIM RESULTS PRESENTATION 27 August 2013 Forward-Looking Statements This presentation and subsequent discussions may contain certain forward-looking
More informationIts inclusion in this document is not intended to be an update or reaffirmation of the forward-looking information as of any later date.
INVESTOR HANDOUT NOVEMBER 2017 NASDAQ: CINF This presentation contains forward-looking statements that involve risks and uncertainties. Please refer to our various filings with the U.S. Securities and
More informationTEXAS FARM BUREAU GROUP BEST'S RATING RATING UNIT MEMBERS RATING RATIONALE
Best's Insurance Reports - Property Casualty, US, 2008 Edition (2008 9-Month Supplement, Version 2008.3) Page 1 TEXAS FARM BUREAU GROUP 7420 Fish Pond Road, Waco, Texas, United States 76710 Mail Address:
More informationManaging And Mitigating Risk In PT Pertamina (Persero) to balance Aggressive Growth Strategies with Prudent Risk Management Frameworks
Managing And Mitigating Risk In PT Pertamina (Persero) to balance Aggressive Growth Strategies with Prudent Risk Management Frameworks Jakarta, 26th February 2013 AGENDA Vision and Mission Where are the
More informationPrimary Credit Analyst: Jeff Pusey, San Francisco (1) ;
Primary Credit Analyst: Jeff Pusey, San Francisco (1) 415-371-516; jeff.pusey@spglobal.com Secondary Contact: John Iten, Hightstown (1) 212-438-1757; john.iten@spglobal.com Table Of Contents Rationale
More informationCHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2014 ANNUAL RESULTS PRESENTATION
CHINA TAIPING INSURANCE HOLDINGS COMPANY LIMITED 2014 ANNUAL RESULTS PRESENTATION 26 March 2015 Forward-Looking Statements This presentation and subsequent discussions may contain certain forward-looking
More informationERM a value creator or destroyer? A rating agency perspective
The Sixth International Conference Aqaba, Jordan ERM a value creator or destroyer? A rating agency perspective Vasilis Katsipis General Manager, Market Development MENA, South & Central Asia 17 May 2017
More information1 Jan 2016 Property & Casualty Treaty Renewals
Property & Casualty Treaty Renewals Hannover, 3 February 2016 R/I markets Our results Our portfolio Outlook Appendix Important note Unless otherwise stated, the renewals part of the presentation is based
More information