Flashback: the year 2013 in review, The life of companies

In this retrospective, we will overview the main events that have marked the life of insurance companies in 2013¹.

Creations/acquisitions

January
Tunisia: A new life insurance starts operations in May 2013. Named “Attijari Assurance”, the company is the outcome of a partnership between Attijari Bank and Wafa Assurance.
February
Algeria: Cash establishes its own life insurance company
April
Libya: “International Insurance Company”, the new insurance company to be licensed in Tripoli Tunisia: Two new takaful insurers on the market: Takafulia and Al Amana Takaful
May
United Arab Emirates: The Singaporean reinsurer Asia Capital Re opens a branch is Dubai Rwanda: Two new insurers set foot on the Rwandan market: UAP Kenya and Radiant
June
Senegal: Six Senegalese insurers pooled up to establish a health microinsurance pool
July
United States: SCOR takes over Generali USA, a company specializing in life reinsurance. The transaction amounts to 750 million USD. Ghana: Old Mutual purchases Ghanaian insurer Provident Life. Ghana is one of the most promising markets in the region. Kenya: Two new insurers obtain license in 2013: AAR Insurance and Resolution Insurance. Tanzania: The Kenyan group UAP has purchased a 60% stake in Tanzanian Century Insurance.
October
Italy: Four Italian insurers merge, a move that gives birth to the new number two player on the market Kenya: Two new insurers obtain license in 2013: AAR Insurance and Resolution Insurance. Tunisia: Ace is established in Tunis. The group has set up its 54^thregional entity, thus covering the entire Maghreb region.
November
Qatar: Mitsui Sumitomo has shut down its outlet, established in 2009. The Japanese insurer has decided to change its strategy, preferring to focus attention on its subsidiary company in Dubai.
December
Tunisia: Aveni Re and Continental Re obtain approval from regulators to set up representation offices in Tunis

Companies in difficulty

January
United States: 2013 is the year when AIG bailout by American Treasury comes to a close, with the latter ceding its shares to AIG.
March
Kenya: Concord Insurance is placed under the supervision of the authorities
July
Italy: Generali, cession of assets following the downgrade of its financial strength rating:
- cession of shareholding in two Mexican insurers for 846 million USD
- sale of Generali USA

Withdrawal of licenses / Sanctions

Restructuring

¹ For the sake of an easier access to the entire articles on the website, events shall follow the date of their publication in Atlas Magazine and not the date of their occurrence.

Average:

Your rating: None

Fri, 14/03/2014 - 14:52

Flashback: the year 2013 in review, The life of companies

The online magazine