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.

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.

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.

Scor profit holds up well

Mar 08, 2012

FRENCH reinsurer Scor has reported net income of €330m ($434m) for 2011, down from €418m in 2010, on gross written premiums of €7.60bn, up from €6.68bn the previous year.