MILAN, May 3 (Class Editori) – Unipol bets a further 100 million on its Irish Unipol Re reinsurance company. The capital increase, agreed on last December, intends to finance the development of the company, founded in 2015 and led by Marc Guy Victor Sordoni – the same manager who contributed to launching the Italian CAT bond connected with earthquakes risks.
Born out of the intention of offering SMEs with tailored reinsurance coverage in different EU countries, Unipol Re saw the size of its insurances and turnover grow through the years. Starting from a 39-million-euro turnover in 2015, it achieved 59 million in just one year, and by 2018 it closed with 195.3 million in gross insurance premiums, as for the company’s report. And even if Unipol has already invested a total of 200 million in the company, the current growth trend has the group doubling its efforts.
Unipol Re does not work with Italian companies nor does it manage passive reinsurances for UnipolSai – rather, it undertakes business in a number of countries, increasing its geographic diversification in accordance with its business plan. In particular, it works with France, the UK, Turkey, Israel, and Greece. By now, Unipol Re has managed to become Unipol’s leading growth vehicle in offshore markets. As already made clear by group CEO Carlo Cimbri, their 2019-2020 business plan – to be presented next May 10th in Milan – won't be featuring any offshore branching of Unipol itself.
So, while the insurance sector's only international presence remains that of DDOR Novi Sad – a Serbian leading company, acquired by Fondiaria Sai – Unipol’s reinsurance branch will allow the company a certain degree of reach in foreign countries, and a diversification in its business. "The company plans to keep expanding its international presence during 2019," says the Unipol Re report. The reinsurance sector has kept growing during the past ten years, boasting one of the highest ROE on the Italian insurance market – so the outlook remains good.
(Source:Class Editori)
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