• Willis Re appoints deputy head of Global Engineering practice
• Hannover Re posts profit of $326 million for Q1 2018
• Africa insurers to benefit from economic recovery: report
• Munich Re reports Q1 profit of $986.6 million

Mr. Vince brings with him more than 25 years’ underwriting experience, most recently as manager of engineering treaty and onshore energy at Trans Re.

Previously he held various positions at RSA, GE Frankona Re, and Chaucer.

Tony Melia, Chief Executive Officer, Willis Re International, said: “Andrew is a major addition to our well-established Global Engineering Practice.

“His extensive expertise and contacts in the engineering and construction arena will be invaluable in building Willis Re’s offer, at a time when global demand for re/insurance solutions in construction and engineering is growing rapidly.

“We see huge growth potential in this vital specialist segment, and Andrew’s arrival will further enhance our market-leading position.”

Gross written premiums rose by 17.6% to €5.3 billion ($6.3 billion) in Q1 2018 from €4.5 billion ($5.36 billion) for the same period in 2017.

Net investment income for the first quarter of 2018, including interest on funds withheld and contract deposits, was €391.5 million ($381 million), compared to €392.9 million ($468.6 million) in 2017.

Ulrich Wallin, Chief Executive Officer, said: “We made the most of the available opportunities on the reinsurance markets and substantially expanded our portfolio.

“With Group net income of €273.4 million ($326 million) we have taken the first step towards achieving our year-end target of more than €1 billion ($1.19 billion).”

In the survey by the African Insurance Organisation (AIO), African insurers also believe that recovery from the recession will ease the pressure from excess capacity and fierce competition.

The survey also found that a number of executives expect rate increases in the next 12 months, driven by stronger economic growth, and anticipate the regulator to intervene to maintain market safety.

Africa’s insurance markets are expected to become more concentrated, the report said, following the introduction of tighter capital requirements.

In order to increase penetration, insurers will need to invest in marketing to build awareness and overcome a lack of product understanding or low consumer confidence.

Prisca Soares, Secretary General of the African Insurance Organisation, said: “This year’s Africa Insurance Barometer demonstrates that confidence is returning to Africa’s insurance markets.”

Gross written premiums were €13,126 million ($15,659 million) for Q1 2018, an increase of 1.6% from €12,925 million ($15,417 million) in 2017.

The company’s annualized return on risk-adjusted capital (RORAC) was 13.2% and the return on overall equity (RoE) totaled 11.9%.

Regular income from Munich Re’s investments declined from €1,634 million ($1,949.6 million) in 2017 to €1,493 million ($1,781 million) in Q1 2018.

Jörg Schneider, Chief Financial Officer, said: “The first quarter was mainly influenced by low major losses in property-casualty reinsurance.

“We also achieved a good quarterly result in life and health reinsurance and at ERGO. We can be very satisfied with the start to the year.”