IC Centras Insurance JSC (Kazakhstan) made obligatory reinsurance agreements with leading international reinsurers

/IC Centras Insurance JSC, March 16, 06/ - On March 1 of 2006 Insurance company Central Insurance made agreements on obligatory reinsurance with Lloyd's the biggest player on international insurance market, and with pool of authoritative western reinsurers. Now all types of property risks, insured by Centras Insurance, are automatically reinsured by famous western companies pool - SCOR (France), Partner Re (Switzerland), Hannover Re (Germany), Transatlantic Re (USA) and CCR (France). All risks on cargo insurance, as well as on accidents insurance are automatically reinsured in the syndicate of world famous corporation Lloyd's (Great Britain). Signing of such the agreements us a rather new thing for Kazakhstan's insurance market, because western reinsurers, obliging themselves to assume risks automatically, insured by their Kazakhstan partner, want to be sure in high qualification of their Kazakhstan colleagues. Talgat Usenov Chairman of Executive committee of IC Centras Insurance JSC says: "We consider this event as an evidence of big trust of international insurance community and growth of quality of rendered insuring services in Kazakhstan to international standards". Close cooperation of Kazakhstan insurance companies with the biggest western insuring companies is very relevant on the threshold of Kazakhstan's entering the WTO. For insurers, regulating their development course on international standards and basing on reliable reinsurance, it will be more real to compete with western insurers in case of their coming to Kazakhstan's market. "And the major thing is not this, - Usenov says, - but the fact that agreements signed by us mean 100% guarantee of timely insurance compensation. This guarantee is secured by our western partners' capitals, their high international ratings, reputation". Centras Insurance has got a kind of a card-blanche, letting offer clients reliable, high-quality and not expensive insurance products. The quality will be constantly increased due to introduction of new insurance technologies and products. And on the reason the rates on western market are lower than on Kazakhstan's one, price of Centras Insurance's products will be competitive. Automatic reinsurance will also let Centras Insurance offer new products. For instance, insurance of car and equipment breaking, insurance of profit loss as a result of car and equipment breaking, electronic equipment insurance, bridges and constructions insurance etc. Additional information Insurance company Centras Insurance JSC, named before as IC Terra JSC, was founded in 1997. Since April of 2005 its major shareholder is a company, which is included in the staff of CENTRAS group, which has been working on the financial markets of Kazakhstan, Russia, Kyrgyzstan, for long time. History of Lloyd's starts from the XVII century. Today Lloyd's includes thousands individual and dozens corporate members, united in syndicates. Equity capital of Lloyd's is over USD20 bn., and annual collection of insurance premium is over USD25 bn. Total equity capital of SCOR, Partner Re, Hannover Re, Transatlantic Re and CCR, which are included in a single pool, is over USD14 bn., volume of premiums - over USD24 bn. (data for year 2004). [2006-03-16]