The third session of UNCTAD passed Resolution 42 (iii) – endorsing that a sound national insurance and reinsurance market is an essential characteristic of economic growth and called for regional cooperation.
8 developing countries of ESCAP region accepted in principle the establishment of a regional institution viz: the Asian Reinsurance Corporation
A Draft intergovernmental Agreement was drawn up and decision on location of Headquarters taken.
The Agreement was signed by seven countries.
Eight countries completed requirements and formalities as per the Agreement.
 May 1979
Inaugural Meeting of the Council of Members was held.
1 Jan 1980
Asian Re commenced operations with an authorised capital of US$15 mn. and paid up capital of US$4.5 mn. from nine countries.
Tenth country completed formalities and joined. Paid up capital increased to US$5 mn.
 Nov 2000
Amendment approved by member countries opening up membership to developed countries and removing the ceiling on capital contribution by members.
 Jul 2005
Amendment approved permitting the entry of Associate members.
Authorised capital increased to US$ 100 mn.
Dec 2006
Admitted six Associate members. Paid up capital increased to US$19.3 mn. and networth to US$33.8 mn.
Dec 2007
Associate members increased to seven. Paid up capital increased to US$28.4 mn, and networth  to US$51.6 mn.
Mar 2008 A.M. Best assigns “B++” (Good) for Financial Strength Ratings and “bbb” for Issuer Credit Ratings with “stable” outlook.
Jan 2009 Eighth Associate member joined. Paid up capital increased to US$ 30.2 mn. and net worth to US$ 51.4 mn.
       2011 Associate members increased to ten. Paid up capital increased to US$30.8 mn, and networth  to US$56.0 mn.
Catastrophic flood loss in Thailand.
      2012 Authorised Capital  increased  to  US$200  mn.
Thailand  flood  loss  led  to  rating  downgrade.
Gross  premium  increased  to  US$56.91mn.
      2014 Associate membership increased to 19 and paid-up capital to USD78.27mn.
      2015 Paid-up capital increased to US$98.82 mn.
      2016 AM. Best upgrades rating to B+ (Good) with stable outlook.
Home  >  Corporate Background  >  Corporate Milestones  >  Management Board  >  Members  >  Council Of Members  >  Corporation Financials  >  Activities  >  Contact Persons  >  Vacancies  >  Contact us
© copyright 2008. asianrecorp.com