Ethiopian Re, the first local private reinsurer, announced it has managed to underwrite nearly 20 million foreign business in the last financial year.
It is the first time when the local reinsurer secured a business from foreign sources.
During the first and second years of operation, the company was able to receive more than 80 quotations from different parts of Africa and Asia. But treaty restrictions made it difficult to write a single business.
However, after successfully negotiating a waiver of the restriction imposed by the retro leader, the management conducted a risk assessment and business plan including identification of target markets with the assistance of brokers.
This effort culminated in developing of strategy for writing foreign business, said the company in its latest audit report.
Ethiopian Reinsurance Underwrite its First Foreign Business
Ethiopian Re, the first local private reinsurer, announced it has managed to underwrite nearly 20 million foreign business in the last financial year.
It is the first time when the local reinsurer secured a business from foreign sources.
During the first and second years of operation, the company was able to receive more than 80 quotations from different parts of Africa and Asia. But treaty restrictions made it difficult to write a single business.
However, after successfully negotiating a waiver of the restriction imposed by the retro leader, the management conducted a risk assessment and business plan including identification of target markets with the assistance of brokers.
This effort culminated in developing of strategy for writing foreign business, said the company in its latest audit report.
2020-21 has been another successful year for Ethio-Re, which grossed a profit of 220 million Br, while registering a gross written premium of 1.1 billion Br.
The company registered a 30 percent upsurge in Gross Written Premium when weighed against the preceding year's results and registered 18 percent growth of profit before tax in the financial year.