OREANDA-NEWS. December 9, 2008. Visiting meetings of Board of Directors and Executive Directorate of OJSC “Transsiberian Reinsurance Corporation” took place on 5-6 December of 2008 in Moscow region.

During the Executive Directorate meeting the heads of underwriting offices and departments of the Corporation reported on the results of Transsib Re’s activity for three quarters of the year. Many basic indicators showed positive dynamics, for example, according to the results of 9 months of 2008 net-reinsurance of the Corporation made up 83,9% of gross-premiums, comparing to 51.7% of the previous year and 29.4% of two years ago.

One of the basic goals of financial and economic development plan of the Corporation for the year of 2008 was admitted to be the accumulation of the own funds. The increase of their volume is as it was planned: with state registration of 60mln.rubles additional issue of shares report which took place in July. As a result, charter capital increased to 185.7 million rubles; own funds made up 282.2 million rubles as at the end of the third quarter.

The estimates of administrative expenses for the Company as a whole and for each separate unit were also considered. Corporation expenses for nine months of this year appeared to be lower than it was planned by 6.5%, while expenses of fixed assets and their maintenance, as well as insurance expenses were higher comparing to the planned indicators. In particular, this year it was for the first time that the Corporation have concluded business interruption insurance contract. Regarding the budget execution of the branches of the corporation, only three separate units of four had savings over the plan.

The proposals of the improvement of the Corporation organizational structure as well as scheme of payment were considered. Finally it was decided to strengthen competitiveness of Transsib Re on the Russian and Western markets. For the Corporation the priority markets are still in Russia, CIS countries, Central and Eastern Europe.

In the course of the meeting the Board of Directors of Transsiberian Re considered the information about the results of the financial and operating activity of the Corporation for nine months of 2008 and prognosis for the year in whole and the execution of the previous year long-term development plan and competitive strategy of the Corporation till the year of 2012.