Pretax profit expected to surge by more than 30%
Hanoi Re has announced substantial growth in its financial results for 2023, with a 12% increase in revenue reaching VND2,990 billion (approximately US$122.8 million) and a notable 35% rise in pretax profit to VND256 billion.

This performance, the company says, marks the highest profit level since its inception in 2011 and signifies a significant improvement in its combined ratio to below 95%.

In a news release, Hanoi Re reported a controlled combined ratio of 94.6% for 2023, an improvement from 95.2% in 2022, despite the global insurance market facing increased loss ratios amid global uncertainties and geopolitical instabilities.

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The company attributed this performance to its adherence to strict underwriting guidelines and its focus on professional risk engineering supported by an experienced workforce.

It successfully increased its charter capital, significantly boosting its total equity by over 60% and strengthening its financial foundation. Additionally, Hanoi Re placed greater emphasis on insurance auxiliary activities and risk engineering consulting, receiving high recognition from clients for its professional services. The year also marked the company's rebranding from PVI Re to Hanoi Re, celebrated with a launch ceremony attended by numerous local and international partners.

Looking at 2024, Hanoi Re outlined a challenging business plan in anticipation of difficulties in both the local and international insurance markets.

Phung Tuan Kien, chairman of Hanoi Re, emphasized the company's commitment to rigorous risk assessment and the role of its advanced enterprise risk management system in supporting sustainable development and delivering value to customers and shareholders.

Trinh Anh Tuan, CEO of Hanoi Re, described 2023 as a challenging year for the Vietnamese insurance market, yet the company managed to exceed its financial targets through strategic initiatives. These included leveraging owner's equity to enhance financial investment efficiency, boosting retention capacity, and both local and overseas expanding reinsurance activities.

The company's success in 2023 was recognized during a visit by Torsten Leue, CEO of Talanx Group, and Edgar Puls, CEO of HDI Global SE, who congratulated Hanoi Re on its achievements.

Integration will enable the reinsurer to receive standardized messages
Spanish reinsurer Nacional Re has announced that it will adopt the ACORD Solutions Group's ADEPT (ACORD Data Exchange Platform and Translator) for Global Reinsurance and Large Commercial (GRLC) to modernize and automate the processing of accounting and claims data within insurance documents.

ADEPT, along with the integrated ACORD Transcriber service, facilitates the extraction of data and enables real-time data exchange throughout the global insurance sector. This technology allows Nacional Re to convert data from accounting and claims documents into standardized ACORD GRLC messages, which can then be easily integrated into the company's reinsurance systems.

This integration, it was stated in a Press release, allows Nacional Re to receive standardized GRLC accounting and claims messages from digital broker partners globally, enhancing connectivity and collaboration among industry stakeholders.

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The adoption of ADEPT and the ACORD Transcriber is expected to reduce the reliance on manual data entry at Nacional Re, streamlining operations and enhancing the accuracy and speed of data exchanges with brokers and cedents worldwide.

“This partnership marks a significant leap forward in reinsurance operations, as we now seamlessly integrate standardized document processing for technical accounts,” Nacional Re director of transformation and technology David Santander Díaz said.

“Through ADEPT and ACORD Transcriber, Nacional Re can realize the benefits of standardized digital data exchange, streamlining their processes and enabling greater connection to trading partners across the industry,” ACORD EVP and global managing director Chris Newman said.

Trio's hiring aims to bolster the firm's "vital" divisions
SiriusPoint has announced a strengthening of its leadership team with the appointments of Chris Fenn as head of marine, London, and John Hopper as head of energy.

Fenn joins SiriusPoint with over 25 years in the marine and energy insurance industry. In his new role, Fenn will lead the development and execution of the company's marine insurance strategy both in London and on a global scale.

Before this, Fenn held several key positions at Markel International, including senior liability underwriter marine and energy, managing director, marine, and divisional managing director, marine, marking a 14-year tenure that began in 2008. Fenn also has experience in reinsurance from his time at Sirius International in 1995.

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He will report directly to Steve Smyth, the international head of marine and active underwriter for Syndicate 1945, pending approval from Lloyd's. Fenn's appointment comes as part of SiriusPoint's ongoing effort to grow its marine portfolio, with Smyth joined having the company in September 2023.

Hopper, meanwhile, brings more than three decades of experience in marine, offshore, and renewable energy underwriting to his role as head of energy at SiriusPoint. He will focus on managing and expanding the company's energy insurance business, working from the London office and reporting to Robert Harman, general manager of SiriusPoint London Branch, and CEO & managing director of Sirius International Managing Agency (SIMA).

Hopper's previous role was senior underwriter for the natural resources & sustainable energies team at QBE Europe, starting in April 2023. His extensive background includes serving as head of energy at AmTrust's Lloyd's Syndicate 1861 from 2014 to 2019.

Additionally, SiriusPoint announced Victoria Hopgood as senior underwriter for energy, further reinforcing the company's expertise in this sector. Hopgood transitions to SiriusPoint from Liberty Specialty Markets.

“Marine and energy are vital components of SiriusPoint's strategy to be a high-performing underwriter and to our overall business. We are excited to best welcome-in-class underwriting talent and market experience to the company to help support our ambitious growth plans,” SiriusPoint International president and CEO Rob Gibbs said.