1/1 renewals boost Africa Re growth
African Reinsurance Corporation grew gross written premium by 26.3 percent year on year to $211.1 million in the first quarter of 2018 driven by “successful” January renewals combined with a “slight hardening” in the South African reinsurance market.
Despite the growth in premium, adverse claims experience with several large and catastrophe losses led to an almost break-even underwriting result, the company said.
Volatility and a correction in financial markets made Africa Re’s investment income drop to $3.3 million from $14.0 million in the first quarter of 2017.
“The Corporation continues to show resilience even after the major losses recorded in 2017 and impacting 2018,” said Africa Re CEO Corneille Karekezi. “The performance is in line with our forecast of a positive underwriting result year-end,” Karekezi added.
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