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.

Profit falls at Munich Re

Mar 13, 2012

GERMANY-based reinsurer and insurer Munich Re has reported a consolidated result of €712m ($937m) for 2011, down from €2.43bn in 2010 and its poorest performance for at least five years. Gross premiums written rose to €49.6bn from €45.5bn.

Worldwide Reinsurance Awards 2012 launch today

Apr 04, 2012

Today we fire the starting pistol for the 2012 Worldwide Reinsurance Awards – the longest-established and most prestigious celebration of excellence in the industry.

Japan could offer Iranian oil cover

May 24, 2012

THE Japanese government is considering asking parliament to pass a law that would permit the government to offer insurance cover on Iranian oil imports, Japanese officials said today.