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.
18 developing countries of ESCAP region accepted in principle the establishment of a regional institution viz: the Asian Reinsurance Corporation
The Agreement was signed by seven countries.
Asian Re commenced operations with an authorised capital of US$15 mn. and paid up capital of US$4.5 mn. from nine countries.
Amendment approved permitting the entry of Associate members. Authorised capital increased to US$ 100 mn.
A.M. Best assigns “B++” (Good) for Financial Strength Ratings and “bbb” for Issuer Credit Ratings with “stable” outlook.
Authorised Capital increased to US$200 mn. Paid up capital increased to US$ 50.9 mn.