Transcript Слайд 1 - Unity Re | RUS

UNITY RE
CORPORATE PROFILE 2012
Milestones
• 1991, North-West Insurance Co. was registered and then acquired by Group RESO
– one of the largest insurance holdings with Russia and FSU
• 2004, renamed into Reso Re and started its active development within the
reinsurance market of Russia and CIS
• 2005, became one of the first reinsurers in FSU to receive the full-scale
international financial strength rating: ‘B+’ by Standard & Poor’s
• 2006, rebranded to Unity Re and also restructured to obtain more high-qualified
and experienced team to promote further as the specialist reinsurance center of
Group RESO and strategically the leading reinsurer within FSU
• 2007, started operations in overseas markets, writing property, construction and
marine business from South America, MENA and SEA regions.
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Milestones
• 2007, was granted with the international financial strength rating of ‘BB-’ from
Standard & Poor’s
• 2008, promoted actively within the core markets – Russia and CIS, - closing the
year as the most dynamically growing specialist reinsurer in the region
• 2009, demonstrated an excellent performance despite the burden of world
financial crisis, meanwhile becoming the largest national treaty reinsurer
• 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)
• 2010, Unity Re is assigned a secure B+ (Good) rating by A.M.Best Company
• 2011, Unity Re maintains the first rank position among the specialist reinsurers in
Russia & CIS with GPW of over 1,28 bln RUR
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 2011 (IFRS): net profit 214.9m
RUR; LR 55.5%; CR 78.6%; ROE 25.96%
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
2011: GPW growth – 24%; market share 6%;
Renewal ratio – 88,3%; GPW per capita – 55,4 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
5
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:
Rating
Outlook
Status
A.M.Best
B+ (Good)
Stable
Assigned: 27.09.11
Standard & Poor's
BB / ruAA
stable
Increased: 08.08.11
Rating reports specially outline Unity Re’s:
• Good capitalization
• Profitability and stable operational results
• Strong leading position in the markets of Russia and CIS
• Very good level of retrocession protection
International rating
•«Leading position in the Russian reinsurance market, strong
capitalization and consistent financial results»
•«A leading reinsurer operating in Russia and CIS… portfolio of cedants
includes most of the largest local insurance companies»
•«Risk adjusted capitalization is strong and supportive of rapid premium
growth»
•«Technical profitability in 2010 improved significantly. With a combined
ratio of 74% in 2010 and 80% in average over the last five years, Unity
Re has been growing rapidly without deteriorating the quality of its
portfolio»
Portfolio 2011
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.
4%
2%
7%
Property & engineering
Motor
11%
PA
58%
Marine
Liability
19%
Aviation & Misc
Portfolio 2011
 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.
30%
40%
70%
Fac
Direct cessions
Treaty
Brokers cessions
60%
Portfolio 2011
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.
12%
Russia
18%
FSU
Overseas
70%
Largest paid claims 2006-2011
Amount paid,
mln RUR
Year
Cedant
Details
75,00
2010
Sogaz
Fire at Novokuybyshevsky refinery
19,7
2007
Renessans insurance
Explosion of a blust-furnace at Azov-steel plant
19,4
2010
Military IC
Fire at a meat processing plant
17,6
2010
AzRe
Loss of a motor yacht
16,5
2010
ROSNO
Explosion at Sayano-Shushenskaya HPP
15,9
2011
Alfastrakhovanie
Damage to a mining equipment
13,9
2008
Spasskie vorota
Fire at an office building
13,8
2010
ZHASO
Damage to a rolling stock
13,0
2011
Soglasie
Fire at a electrical sub-station
11,6
2010
Sogaz
Damage of railway property after EQ
11,1
2006
KNIC
Heavy rains’ damage to residential property
10,0
2007
Energogarant
Fire at Reftinskaya HPP
9,5
2009
Military IC
Damage to a rolling stock
9,2
2011
Sogaz
Accident during a gaz-pipe construction
8,0
2011
Kapital insurance
Sabotage at Baksanskaya HPP
7,9
2011
Soglasie
Fire at a restoraunt
7,7
2007
Renessans insurance
Fire at a production plant
6,8
2009
Spasskie vorota
Cargo waved out from a deck during marine transit
Market position 2011
Top-10 specialist reinsurers writing genuine reinsurance, 2011:
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
3500
1400
1275
2876
3000
1025
2472
2500
843
775
800
1443
1500
500
939
1000
2000
1000
1200
1094
915
533
476
409
533
887
743
588 778
1178
913
719
600
525
504
430
400
316
290
313
345
399
281
200
0
0
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
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
215
198,4
100,00%
200
95,50%
80,00%
82,60%
73,10%
150,7
78,90%
78,60%
150
68,60%
67,40%
Net income, m RUR
Expense ratio
60,00%
121,6
53,60%
55,53%
Loss ratio
100
40,40%
40,00%
Combined ratio
32,60%
26,80%
56,5
20,00%
25,30%
23,07%50
15,20%
0,00%
0
2007
2008
2009
2010
2011
Capacity 2011
Maximum line
LOB
Maximum line
Net retention
Russia & FSU
PML basis
Property
(FAP/PAR/IA
R)
USD 2,000,000
USD 5,000,000
USD 50,000,000 (for business from Russia/CIS –
XOL treaty)
CAR/EAR
USD 2,000,000
USD 5,000,000
USD 50,000,000 (for business from Russia/CIS –
XOL treaty)
Energy offshore
USD 1,000,000
USD 5,000,000
-
Marine hull /
P&I
USD 500,000
USD 7,000,000
USD 7,000,000 (worldwide, XOL treaty)
Cargo
USD 500,000
USD 7,000,000
USD 7,000,000 (worldwide, XOL treaty)
GTPL
USD 500,000
USD 500,000
-
Aviation
USD 500,000
USD 500,000
-
Motor
USD 250,000
USD 250,000
-
Personal
accident
USD 200,000
USD 200,000
USD 1,500,000
Overseas
PML basis
Maximum line
Gross retention
Russia & FSU
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