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.
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$5 mn.
Amendment approved by member countries opening up membership to developed countries and removing the ceiling on capital contribution by members.
Amendment approved permitting the entry of Associate members.
Authorised capital increased to US$ 100 mn.
Admitted six Associate members. Paid up capital increased to US$19.3 mn. and networth to US$33.8 mn.
Associate members increased to seven. Paid up capital increased to US$28.4 mn, and networth to US$51.6 mn.
A.M. Best assigns “B++” (Good) for Financial Strength Ratings and “bbb” for Issuer Credit Ratings with “stable” outlook.
Eighth Associate member joined. Paid up capital increased to US$ 30.2 mn. and net worth to US$ 51.4 mn.
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.
Authorised Capital increased to US$200 mn.
Thailand flood loss led to rating downgrade.
Gross premium increased to US$56.91mn.
Associate membership increased to 19 and paid-up capital to USD78.27mn.
Paid-up capital increased to US$98.82 mn.
AM. Best upgrades rating to B+ (Good) with stable outlook.