Two state-owned reinsurers merged
Posted On: Dec. 21, 2015 12:00 AM CSTThe Indonesian government has merged two state-owned reinsurers, PT Reasuransi Indonesia Utama and PT Reasuransi Umum Indonesia, reported Antara News.
The merged reinsurer will operate under the moniker Indonesia-Re starting next year. The merger is "a reflection of the government commitment to creating a big and powerful national reinsurer, regionally and globally competitive," a government official said. Indonesia-Re is expected to record premium of 5 trillion Indonesian rupiahs ($356 million) and net profit of IDR 1 trillion in 2016, the reinsurer's president director Frans Y. Sahusilawane said.