Transcript Слайд 1 - Unity Re | RUS

UNITY RE
CORPORATE PROFILE 2011
Milestones
• In 1991, North-West Insurance Co. was registered and then acquired by Group
RESO – one of the largest insurance holdings with Russia and FSU.
• In 2004, renamed into Reso Re and started its active development within the
reinsurance market of Russia and CIS.
• In 2005, became one of the first reinsurers in FSU to receive the full-scale
international financial strength rating: ‘B+’ by Standard & Poor’s.
• In 2006, rebranded to Unity Re and also restructured to obtain more highqualified and experienced team to promote further as the specialist reinsurance
center of Group RESO and strategically the leading reinsurer within FSU.
• In 2007, started operations in overseas markets, writing property, construction
and marine business from South America, MENA and SEA regions.
• In 2007, was granted with the international financial strength rating of ‘BB-’ from
Standard & Poor’s. It is maintained until nowdays with the enhancement of the
rating outlook from stable to positive.
• In 2008, promoted actively within the core markets – Russia and CIS, - closing the
year as the most dynamically growing specialist reinsurer in the region.
• In 2009, demonstrated an excellent performance despite the burden of world
financial crisis, meanwhile becoming the largest national treaty reinsurer.
• In 2010, Unity Re finally conquered the top position in the market, ranked the first
among the specialist reinsurers in Russia (over 1 bln RUR of GPW)
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Vision & mission
Vision
Developing to maintain the position of the regional reinsurance market leader with
Russia and FSU, providing the widest available scope of the first class reinsurance
cover and confident linked services from a position of the absolute leading,
financially stable, fast and attentive national reinsurer, and gradually promoting
overseas as the reasonable medium-size capacity market player highly committed as
a supporting reinsurer for the traditional lines of business.
Mission
To provide a very fast response to cedants’ demands for a wide range of non-life
reinsurance lines of business with the first class growing capacity and additional
services; to support the clients with underwriting expertise, confident and prompt
claims settlement and relevant advisory; to rely upon a stable, integral and solid
team of professionals fully committed to company’s performance and clients’ needs;
to promote the status of a leading Russian/FSU specialist reinsurer well known
worldwide.
Highlights & competences
Leading specialist
Established team
Strong financial
performance
Strong capitalisation
Rated
Market
Leading
Regional distribution
Company
Corporate governance
Excellent operational
performance
Ranked 1st by reinsurance GPW among specialist
reinsurers in Russia & CIS in 2010
Highly regarded & solid management team, stable
since 2006
Consistently profitable with strong underlying
growth. Results of 2010 (IFRS): net profit 198.4m
US$; LR 53.6%; combined ratio 78.9%; ROE 29.84%
Exceptionally capitalised with a very strong solvency
margin
Financial Strength Rating from a leading
international agency
Distribution across the whole of Russia and the
former USSR territories and overseas
IFRS audited accounts since year-end 2006.
Experienced Supervisory Board. Operating to
international standards
2010: GPW growth – 9.1%; market share 5%;
Renewal ratio – 87,7%; GPW per capita – 51,1 mln
RUR
Largest and most
stable clients’ base
357 companies from Russia, CIS and overseas
Brand
A recognizable brand with Russia/FSU; London
market; MENA region and SEA
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Legal & compliance
•
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The 100% shareholder of Unity Re is RESO Holding - one of the leading
insurance holdings within Russia & CIS.
Currently, the paid-up capital of Unity Re is 500m RUR (~16.6m USD)
The actual reinsurance license No. 1643 77 of 04.07.2007.
Since 2007, KPMG has been the official auditor of Unity Re for IFRS
financials.
International rating
Unity Re has the following actual international ratings assigned:
Standard & Poor's
Rating
Outlook
Status
BB- / ruAA-
positive
Last mod. 23.08.10
Rating reports specially outline Unity Re’s:
• Good capitalization
• Profitability
• Strong position in the domestic market
• Very good level of retrocession protection
International rating
• «The ratings reflect the company's improving competitive position, good
capitalization, strong results from insurance business, and good quality of
investment portfolio instruments».
• «Unity Re continues to deliver strong results from insurance operations,
continually improving its competitive advantages and strengthening its
capitalization».
• «The positive outlook reflects our expectation that Unity Re will further
enhance its competitive position through growth in premiums and
number of risks and greater portfolio diversification while maintaining
good levels of operating performance and preserving very strong riskbased capital adequacy».
• «Unity Re's capital adequacy is very strong, according to our risk-based
model»
Portfolio 2010
The scope of Unity Re’s activities is classic reinsurance, where the company
offers coverage for all major lines of business: general property,
construction, energy and petrochemical, cargo, marine hull, aviation,
accident & health, liability.
8%
2%
8%
Property & engineering
Motor
Liability
Marine hull & cargo
Personal
15%
67%
Portfolio 2010
 344 (re)insurance and broking companies from Russia, CIS & overseas
 287 companies from Russia, inc. all players from Top-50 (a unique!)
 cooperation with all major brokers operating in Russia, inc.: Marsh, Willis,
Aon, Malakut, THB, Nasco, AFM etc.
25%
20%
75%
80%
Treaty
Fac
Direct cessions
Brokers
Portfolio 2010
The major geographical scope of Unity Re’s business is focused at
Russia & CIS.
Additionally, since 2006, Unity Re has intensified its activities in overseas
markets, writing business from South-East Asia, Central & South America and
Africa.
7%
31%
Russia
CIS
Overseas
62%
Largest paid claims 2006-2010
Amount paid,
USD
Year
Cedant
Class
Comment
2 500 000
2010
SOGAZ
Property
Fire at a refinery
656 000
2007
Renessans insurance
Property
Furnace explosion at Azovsteel plant
585 000
2010
AzRe (Azerbaijan)
Marine
Crash of a motor yacht
550 000
2010
ROSNO
Property
Explosion at Sayano-Shushenskaya HPP
465 000
2008
Spasskie vorota
Property
Fire at a business center
430 000
2010
MIC
Property
Fire at a food factory
335 000
2007
Energogarant
Property
Fire at Reftinskaya hydro power plant
315 000
2009
Military Insurance Co.
Property
Crash of a train
260 000
2007
Renaissance insurance
Property
Fire at a plant
230 000
2009
Spasskie vorota
Marine
Loss of cargo washed from deck
175 000
2009
Sogaz
Aviation
Crash of aircraft during lending
170 000
2008
Sogaz
Property
EQ at Sakhalin
155 000
2009
Soglasie
Marine
Damage to a vessel by grounding
128 000
2007
Standard-Reserve
PA
Accidental death
125 000
2010
Asuransi Jasa (Indonesia)
Property
EQ
116 000
2008
Ard Daatgal (Mongolia)
Property
Storm damage to residential property
Market position 2010
Top-10 specialist reinsurers writing genuine reinsurance, 2010:
Rank
Company
GPW,
‘000 RUR
1
Unity Re
1 022 866
2
Moscow Re
1 017 785
3
Transsib Re
774 780
4
Kapital Re
591 218
5
Eastern Re
574 200
6
Russian Re
458 580
7
Munich Re Life CIS
418 686
8
Rosles Re
372 959
9
Megaruss Re
292 162
10
SCOR Reinsurance
249 793
Key financials, IFRS
3000
1200
2472
2500
2000
1025
1000
939
843
775
800
1443
1500
600
1000
500
430
915
533
476
409
525
504
1094
533
588 778
887
743
400
316
290
313
322
281
200
0
0
2007
2008
2009
2010
2007
2008
2009
2010
Assets, m RUR
Gross written premium, m RUR
Shareholders funds, m RUR
Net earned premium, m RUR
Reserves, m RUR
Insurred claims, m RUR
Key financials, IFRS
120.00%
250
198.4
100.00%
200
95.50%
80.00%
82.60%
73.10%
150.7
150
68.60%
67.40%
Net income, m RUR
78.90%
Expense ratio
60.00%
121.6
Loss ratio
53.60%
100
Combined ratio
40.40%
40.00%
32.60%
56.5
20.00%
26.80%
25.30% 50
15.20%
0.00%
0
2007
2008
2009
2010
Capacity 2011
LOB
Maximum line
- Net retention,
PML basis
Maximum line
Gross retention
Property
(FAP/PAR/IAR)
USD 1,000,000
USD 50,000,000 (for business from Russia/CIS – XOL treaty)
CAR/EAR
USD 1,000,000
USD 50,000,000 (for business from Russia/CIS – XOL treaty)
Energy off-shore
USD 1,000,000
-
Marine hull / P&I
USD 500,000
USD 7,000,000 (worldwide, XOL treaty)
Cargo
USD 500,000
USD 7,000,000 (worldwide, XOL treaty)
GTPL
USD 500,000
-
Aviation
USD 500,000
-
Motor
USD 250,000
-
Personal accident
USD 200,000
USD 1,500,000
Team
International business:
•
Dmitry Garmash, Deputy CEO
– MA (Fin), Ph.D., MBA
•
Igor Shekhovtsov, Director of International business dept.
– MA (Fin)
•
Dmitry Vanin, Director on business development
– MA (Sc)
Underwriting:
•
Svetlana Chepeleva, Deputy CEO, Chief underwriter P&C
– MA (Fin), over 22 years of u/w experience
•
Elena Myasnikova, Managing Underwriter, Marine
– MA (Fin), over 12 years of u/w experience
•
Julia Mironenko, Managing Underwriter, Treaty
– MA (Fin), over 12 years of u/w experiance
Contacts
125047, Russian Federation, Moscow,
Gasheka st., 12
Tel.:
Fax:
+7 495 956 6589
+7 495 956 6598
E-mail:
[email protected]
www.unityre.com