Low rates, higher claims hamper reinsurer's profitabilityPosted On: Jun. 25, 2019 6:11 AM CST
Kenya-based ZEP-Re (PTA Reinsurance Co.) said that low rates, higher operating costs and a significant increase in claims reduced its net income to $10 million in 2018, Capital Business reported. Gross written premiums grew 17% year over year to $178.5 million. Gross claims totaled $83 million, up 26% from $66 million in 2017.