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.

Hannover Re targets €600m-plus profit for 2012

Mar 14, 2012

Reinsurer Hannover Re expects another profit clearly above €600m ($781.49m) for 2012, although chief executive, Ulrich Wallin, avoided mentioning a concrete figure.

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.

Fitch rewards Scor with rating upgrade to A+

Mar 15, 2012

Fitch has upgraded the financial strength rating of Paris-based reinsurer Scor to A+ from A, with a stable outlook, on “strong solvency and moderate debt,” as well as significant business and risk diversification.