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DIMA http://www.insuranceireland.com The DIMA Ezine is proudly sponsored by Marsh Management Services (Dublin) Limited http://www.marsh.com. Established in 1989, Marsh Management Services (Dublin) Limited (MMS), is a leading provider of services to insurers and reinsurers in Dublin (both IFSC and non-IFSC) and currently provides management services to over 75 client companies. MMS is a subsidiary of Marsh & McLennan Companies, Inc. the world's leading risk and insurance services firm. For more information as to how we can assist you in locating to Dublin, please contact Ian Clancy (ian.clancy@marsh.com) or Tim Hennessy (tim.hennessy@marsh.com) Tel: +353 1 605 3000. CONTENTS 1. Record Growth for Dublin's International Re/Insurance
Sector Record Growth for Dublin's International Re/Insurance Sector. Recently published figures from the Dublin International Insurance & Management Association (DIMA) indicate continued growth in the international insurance sector in Dublin. Following on from record growth in 1999, DIMA's survey of its' member companies shows that premiums written in 2000 increased by 11%, while the asset base for DIMA's member companies has grown by 27%. "At a time when some industries are undergoing radical change in Ireland, it is very encouraging to be able to report growth in the underlying statistics for our member companies' reports Ian Clancy, Chairman of DIMA. "DIMA expects continued growth as Dublin further consolidates its position and reputation in global insurance markets. While recent global events have put pressure on sectors of the industry globally, Dublin should largely be unaffected and indeed it is well positioned to participate in the structuring of new and innovative products and facilities to satisfy short-term reduced capacity". DIMA's membership survey for 2000 confirmed gross premiums written by member companies of €7.1 billion and total assets of €21 billion. The estimated number of captives at the end of 2000 was 183, an increase of 13 over 1999. Catherine Graham the International Insurance Representative within IDA Ireland also believes the outlook for Dublin is positive. "The beauty of the Dublin market is its size. Not only do we have a high-profile collection of insurers, reinsurers and captives carrying on their independent businesses, but they are doing so in a marketplace small enough to allow individuals to meet, co-operate and work together in a pro-active manner. This ensures innovation - the exploring of ideas results in structured tailor-made financial insurance or reinsurance products being developed. You could say Dublin's international insurance industry has reached a critical mass and is now 'working off its own steam"
Imagine Re Opens in Dublin. In December 2001 Imagine Insurance Company Limited, the wholly owned subsidiary of Imagine Reinsurance Holdings Limited of Hamilton, Bermuda, announced the capitalization and inception of Imagine International Reinsurance Limited in Dublin, Ireland. The office will serve as the operational headquarters for the Imagine Group in Europe and is located in Dublin. 2. "Dublin will be a significant operation for Imagine," Co-CEO Brad Huntington commented. Primary Opens in Dublin. The Primary Insurance Group has been granted permission to establish a new insurance company and is preparing to open for business in the UK and Ireland by the end of the year. The Dublin-based company, which got the green light from the authorities a fortnight ago, has been set up mainly to co-insure alongside Primary's existing panel of insurers, although it will also seek direct business. It has recruited Dr Margaret Downes, previously a director of the Bank of Ireland, as non-executive chairman. The company aims to have six people on board for its opening, with further recruitment to follow in line with business growth. Visiting Dublin via http://www.insuranceireland.com. A new section is currently under construction to help visitors plan a trip to Dublin. The section, accessible via the home page is simply called "Visiting Dublin" and is designed to aid visitors to find:
The information is compiled because of its track record over he years for international insurance/reinsurance clients visiting Dublin. All entries will have appropriate links back to their own websites to help prepare for the trip. For example such links may help to identify which companies to meet in Dublin. SCOR set for Dublin. SCOR has announced the opening for business of IRP. The first meeting of the Board of Directors of IRP was held in Dublin on December 20.The company has a total shareholders' equity of EUR 400 million held by the SCOR Group and a group of American and European private investors. IRP, which will concentrate on sharing new or renewed business with SCOR for the 2002 underwriting year. SCOR Places Earthquake Cover. France's Scor has obtained $150m in retrocessional cover against losses from earthquakes in California and Japan and windstorms in northern Europe through the placement of notes in the capital markets by Ireland-based special-purpose vehicle Atlas Reinsurance II. The deal complements an existing $100m bond placement by Atlas Re. Big Deal for PMI. PMI Mortgage Insurance Company Limited (PMI Europe), The PMI Group, Inc.'s (NYSE: PMI) (Company) double-A rated international mortgage insurance subsidiary, has announced the completion of a mortgage credit default swap agreement with Commerzbank Securities, one of Europe's leading Banks. PMI Europe is headquartered in Dublin, Ireland and provides mortgage credit enhancement to European lending institutions and financial intermediaries. The PMI Group, Inc., through its subsidiaries and corporate affiliates, is a leader in mortgage risk management technology, and provides various products and services for the home mortgage finance industry including title insurance. Additional Responsibility at Liberty. Sean Rocks, managing director of Liberty International Insurance Co., Dublin, Ireland, has been named to the additional post of chief executive officer of Liberty Mutual U.K. Converium Deal Partly Retroceded to Dublin. Converium Re (Germany) in December announced the successful completion of a life reinsurance securitisation deal worth 80m euros. The transaction will enable the unit to overcome the impact of high first-year commission costs on life reinsurance acquisitions by securitising the cash flows from a designated block of European life reinsurance business. Under the deal, Zurich Re (Cologne) has retroceded some life reinsurance business risk to Dublin-based Interpolis Reinsurance Services, owned by Dutch group Interpolis. Nexgen HQ for Dublin. Nexgen Capital and its sister company, Nexgen Financial Solutions have applied for Investment Intermediaries licenses to the Central Bank of Ireland. The Group also includes Nexgen Re, a reinsurance company, commencement of whose operations have already been approved by the Department of Enterprise Trade & Employment. Nexgen is dedicated to providing solutions to banking, corporate and large investor clients, drawing on state of the art techniques and instruments in the global capital, financial and reinsurance markets. The company expects to employ 30 within 12 months. Its largest shareholders are Singapore Technologies, which is wholly owned by the Singaporean Government, and G K Goh Holdings, a Singapore listed securities firm.
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Visit DIMA's full website at www.insuranceireland.com Also see the Domicile Showcase for Dublin |
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