Agriculture: Mennonites plan new reinsurer

Mar 14, 2012 by Adrian Hönig in  Baden-Baden Meeting

Lloyd’s has a small but growing appetite for agriculture risks, and one potential opportunity emerging is through a new reinsurer being founded in Mexico by the country’s Mennonite community.

“The Mennonites have around 90,000 hectares of irrigation land. The mutuals in Mexico don’t hold capital, so the regulator forces them to reinsure most of it,” Anguiano explains.

“Since the Mennonites began buying reinsurance they have paid $50m in premiums but have never had a claim. So they have decided to set up their own reinsurer.”

Representatives from the planned reinsurer have been at Lloyd’s for discussions this week.

Solvency II prompts Hannover Re legal status change move

Mar 14, 2012

Hannover Re will change its legal status from a German joint stock company Aktiengesellschaft (AG) to a Societas Europaea (SE), a European joint stock company.

Allianz lines up Groupama unit bid

Mar 09, 2012

Allianz, the world’s largest insurer, is preparing an offer for French insurer Gan Eurocourtage. Mutual insurer Groupama is having to dispose of its subsidiary to cope with burdens arising from the financial crisis.

Sagicor airms for credit growth with Chappels hire

May 23, 2012

The Lloyd’s offshoot of Caribbean-based Sagicor has increased its credit, bond and political risk expertise following the arrival of Mark Chappels as class underwriter.