Milli Re’s News
Volume Fiftyeight - March 2017
African Federation of Insurance Companies for African
National Law (FANAF) was held in Morocco
The 41st Conference and General Assembly of the African Federation of Insurance
Companies for African National Law (FANAF) was held in Marrakech, Palais des Congrès,
from the 13th of February to the 16th of February 2017. The organisation constituted a great
meet up opportunity for the participants since a large number of international insurers
and reinsurers attended the event.
Having Maintained its Leadership Position in the Local Market,
Milli Re Pursues its Target to be a Preferred Business Partner on
an International Scale
The theme for the Conference was “New regulatory issues and operational challenge:
which strategy for the African insurance?”. Together with the rich and diverse program
of the Conference, the experienced speakers such as Mr. Youssef Fassi FIHRI, General
Manager, SCR Morocco, Dr. Oyétunji OLUFEMI, General Manager, Continental-Re and Mr.
Corneille Karekezi, CEO, Africa Re gave beneficial speeches.
As of 2016 year-end, our asset size grew by 7 percent, reaching 2,823
million TL; while our shareholders’ equity increased to 1,336 million TL
by 13 percent; our profit for the period was realized as 129 million TL.
Can you inform us about Milli Re’s international activities?
FAIR Non-Life Reinsurance Pool was represented by Ms. Aylin Kocatürk (Manager of FAIR Non-Life Reinsurance Pool), Mrs. Serenay Tümsavaş
(Underwriter of FAIR Non-Life Reinsurance Pool) and Mr. Eren Şen (Underwriter of FAIR Non-Life Reinsurance Pool). This event was a perfect
venue for the diversified players of the African insurance and reinsurance industry to meet and have an exchange of ideas and experiences.
General Management
Chairman Director & General Manager
Assistant General Managers
Majority of its growing international portfolio consist of countries
that fall within the scope of Federation of Afro-Asian Insurers and
Reinsurers (FAIR) Non-Life Pool managed by Milli Re since its inception
in 1974. Likewise, Milli Re Singapore Branch continues its activities
effectively since 2008 in the high-potential bearing Far East.
: Mahmut Magemizoğlu
: H. Hulki Yalçın
: Kemal Çuhacı ( Technical / Local)
: Özlem Civan (Technical / Retrocession & Rating)
: V. Kaan Acun (Technical / International)
: Şule Soylu (Financial Accounting & Admin.)
Contacts
Head Office
Local Acceptances (Treaty)
: Burcu Ayten ([email protected])
Retrocession & Rating
: Güneş Karakoyunlu ([email protected])
International Accounting&Claims : Pınar Yeter ([email protected])
FAIR Non-Life Reinsurance Pool
: Aylin Kocatürk ([email protected])
Foreign Inward Business
: Gökhan Aktaş ([email protected])
Address : Milli Re Maçka Cad. No:35 34367 İSTANBUL / TURKEY
Phone
: +90 (212) 231 79 09 / +90 (212) 231 47 30
Fax
: +90 (212) 234 44 68 / +90 (212) 246 16 08
Singapore Branch
CEO
Address
Phone
Fax
E-mail
Milli Re started to take more active role in international reinsurance
markets since 2006 with the aim of achieving a diversified portfolio in
accordance with its sustainable growth strategy based on profitability.
: Chew Kwok Choong
: Milli Re Singapore Branch
4 Battery Road #20-01 Bank of China Building Singapore 049908
:+65 6499 9340
:+65 6534 2884
: [email protected]
www.millire.com
Moreover, business acceptances from developed markets are also
made by providing capacity to some Lloyd’s Syndicates/Companies in
our retrocession agreements through which the geographical of the
international portfolio is improved.
Mlli Re Director & General Manager: H. Hulki Yalçın
Could you share your assessment of the year 2016 for the insurance
market and Milli Re?
Premium volume of Turkish insurance market grew by 30.5 percent
during 2016 and nearly reached 40.5 billion TL, as a result of the 73
percent increase in Motor Third Party Liability Insurance, driven by
the continued technical pricing that began to be applied by insurance
companies. 88 percent of those premiums were generated in non-life
insurance lines, while 12 percent were generated in the life segment.
Milli Re’s total premium production in 2016 stood at 930 million TL.
75 percent of our total premiums were written by our local business,
while 25 percent were acquired from overseas portfolio.
25 percent of our premium production in 2016 was written from
overseas portfolio; bringing the share of overseas businesses to one
fourth of total portfolio. 32 percent of overseas premiums produced by
Head Office marketing team that consists of experts in Middle Eastern,
North African, Continental African, Commonwealth of Independent
States and Eastern European markets; while 27 percent was produced
by our Head Office retrocession team working on business relations
with companies in the Continental Europe and Lloyd's Syndicates.
In addition, our Singapore Branch portfolio accounts for 21 percent of
premiums gained from overseas businesses; while FAIR Pool business
provide 13 percent and our portfolio from Turkish Republic of Northern
Cyprus provide 7 percent.
Our company preserves its target of being a reliable and preferred
business partner in international markets with its experience, highquality and rapid service approach and reliability it gained from our
local market.
Baden-Baden Reinsurance Meeting 2016
structuring their risk coverage on Excess of Loss basis while providing
7 percent share for a total of 25 catastrophic excess of loss reinsurance
programmes.
As part of our underwriting policy being implemented up to date and
will be in the upcoming periods as well, our primary aim is to maintain
our leadership position by strengthening in the local market.
Our main target for overseas businesses is to be a preferred reinsurance
partner and achieve continuity and stability in our international
operations. Instead of being an opportunistic company, having
one successful year and pull out from some markets the following
year, we adopt the principle of establishing long-standing business
relations; which has so far helped Milli Re to expand and stabilize its
international portfolio.
Despite the expectation of a really challenging 2017 under existing
global and local circumstances, our company achieved a more
profitable portfolio with the help of recent precautions, and will
preserve its stable and healthy growth in 2017 and ahead thanks to
its competence and experience in monitoring and evaluating the
developments in markets.
Could you briefly share the targets and expectations of Milli Re in
2017?
Milli Re has maintained its strong and stable position both in local
and international markets, thanks to its solid financial structure and
experience for 88 years. As the only local reinsurance company active
in Turkey, it participates in almost all reinsurance programmes of both
local and foreign insurance companies operating in our market with
certain shares.
During 2017 renewals, Milli Re has been involved in the placement
of 21 companies buying proportional reinsurance coverage, being at
the leader position in reinsurance programmes of 15 companies, and
maintained a market share of 27 percent. Our Company continued,
as last year, to participate in the programmes of 4 out of 6 companies
The video features memories and experiences
about the Tournament, which gathers foreign
reinsurer and brokers with Turkish insurance
Milli Re Art Gallery is hosting the recent works of Neşe Baydar. In
addition to canvases, visuals selected by the artists using a video
mapping application are shown on a surface. Baydar gives viewers
an opportunity to enquire by observing the oscillations between
the ability of paintings to represent and to abstract.
In the publication prepared for the exhibit, Marcus Graf expresses
this situation in the following manner: “Neşe Baydar is an artist who
has understood the power of emptiness, the value of dissolution,
and the constructive dimension of erosion. Her current exhibition
at Milli Reasürans proves that due to her radical approach to
painting, she has found a way of overcoming the dichotomy of
showing and hiding, as well as creating and erasing. The works
shift between figuration and abstraction, as well as expressionism
and conceptualism, and beautifully combine the fields of drawing
and painting.”
Further, the author places Neşe Baydar’s works in an original
position from the perspective of artistic productions. “Baydar’s
works mean powerful alternatives to the given state of our visual
culture as well as the trends of contemporary painting, in which
a mass of photo-based works currently dominate the scene. In
contrast to most of the superficial figurative or realistic paintings,
which tell the spectator what to see, and what to think, her pieces
open up multiple possibilities of meaning. Instead of being an
illustrating craft, her work critically reviews the idea of painting
and its relation to reality in order to question the being of art
as well as its function as instrument for reflecting reality. In this
sense, her current series means a valuable contribution to the
discussion around the meaning of painting and its relation to the
construction of reality.
After pursuing her degree in painting at Mimar Sinan University,
Neşe Baydar pursued proficiency in art, completed in 2003, at the
same university. She is still a member of the faculty at the Sakarya
University School of Fine Arts Department of Painting.
Milli Re Broadcasts a Video for the 30th Anniversary of the
“International Insurance Tennis Tournament”
Milli Re broadcasts a special video prepared
for the 30th anniversary of the “International
Insurance Tennis Tournament” which is
organized every June since 1986.
Neşe Baydar’s “Day/Night/Like” Exhibit can be
Viewed at Milli Re Art Gallery
market in a different atmosphere.
Prepared under the sponsorship of XL Catlin,
the video presents the 30 year adventure of the
Tournament with photographs and interviews.
You can watch the “30th International Insurance
Tennis Tournament” video on the following link:
http://www.dailymotion.com/video/x5dd98j_millire-22022017-720p_spor
Password: MilliRE1929