Indonesia Re the fruit of merger among local reinsurers
Indonesia Re has just seen the light of day in early October 2016. Its capital is due to attain 2 500 billion IDR (192 million USD) by the end of 2016 and 3 000 to 3 500 billion IDR (231 million to 269 million USD) in 2017. The forecast turnover for 2017 should be comprised between 7 000 and 8 000 billion IDR (539 million and 616 million USD). The new company is the outcome of the multi-round merger among local reinsurers, two of which are State-owned.
The first round has just been completed with the integration of Reinsuransi Internasional Indonesia within Indonesia Re. The merger with the reinsurers Reinsuransi Umum Indonesia, ASEI Re, Asuransi Kredit Indonesia and Reinsuransi Nasional Indonesia will be carried out gradually. This consolidation is likely to promote the retention of considerable cash inflows in the country. In 2015, nearly 14 000 billion IDR (1 billion USD) in premiums have been assigned to foreign reinsurers.
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