Bangkok hosted Asian Re meetings The Asian Reinsurance Corporation (Asian Re) held its 87th Management Board and

7th Shareholders’ Assembly Meetings in Bangkok last June 2013. Dr. Abdolnaser Hemmati, chairman of the management board, delivered the welcome remarks. During the meeting, the board planned to take action on certain issues such as the loss of business due to the Thai floods in 2011. The board also proposed in getting in touch with Thai and Korean authorities. The impact on business due to the insistence of authorities from both countries reduced written business to 24 percent in 2011. Asian Re slowly recovered—for the first quarter of 2013, the company posted operational profits of UsD 0.572 million against the loss of UsD 11.089 million of the previous year. In the course of the 7th Shareholders’ Assembly Meeting, chairman Hemmati stated that following the three major catastrophes in 2011, namely the Thai floods, the Japanese tsunami at Sendai and the Christchurch Earthquake in New Zealand, the company has posted adverse results for the second year running. The chairman outlined the steps taken by the company to beef up its capital and emphasized the importance of having a well-capitalized regional reinsurance institution at a time of shortage of reinsurance capacity for Asia. Hemmati called upon member countries and Associate members who have not yet decided on whether or not they would participate in the reinsurance scheme for the region. Despite the losses suffered from natural catastrophes that led to two rating downgrades, the company posted an increase in premium from UsD 56.34 million to UsD 56.91 million. The loss ratio increased to 199.3 percent from 162 percent—aggravated by the Thai flood losses. Investment income showed a growth of 28.6 percent with a yield of four percent. Regarding the progress report on capital mobilization, out of the ten regular member states, the host country, Thailand, remitted their right issue subscription, amounting to UsD 3.17 million. Iran on the other hand remitted UsD 16.8 million and the balance amount of UsD 6.5 million would be remitted subject to the progress of remittances from Thailand and India.

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