OREANDA-NEWS. January 21, 2011. Ingosstrakh OJSIC renewed several contracts of outward reinsurance, having increased their limits: reinsurance of vessels hull coverage – up to 50 million USD; reinsurance of freights – up to 177.5 million USD; “war” risk reinsurance of aircraft hull coverage – 60 million USD for each object of insurance and 270 million USD in total per year.

Limits on the majority of outward reinsurance contracts, which are quite high not only by Russian but also by international standards, remained the same:

• Reinsurance of property risks – 225,000,000 USD or EUR 150 million, or 6.75 billion rubles;

• Reinsurance of construction risks – 75 million EUR;

• Reinsurance of hull coverage portfolio of catastrophic risks – 25 million USD;

• Reinsurance of ship owners’ liability (P & I) – 500 million USD;

• “war” risks reinsurance of aviation liability – up to 900 million USD.

Leaders of Ingosstrakh OJSIC renewed contracts are leading international insurance and reinsurance companies and syndicates Lloyds’ (Arch Insurance, Aspen, Hannover Re, Munich Re, R + V Versicherung AG, SCOR, Swiss Re, Amlin, O’Farrell, Markel and others). Also there are well-known foreign companies and syndicates with a high rating among the participants. Ingosstrakh OJSIC net retention in key reinsurance contracts makes 2-3 million USD.

According to the Director of Ingosstrakh OJSIC Reinsurance Department Aleksei Saveliev, during the renewal of reinsurance contracts Ingosstrakh OJSIC managed to maintain and in some cases to improve the most important factors of reinsurance protection, namely high automatic limits, the wide risks coverage, reliability of reinsurers, which will provide the company with notable competitive advantages in the current 2011.