Mandarin Re Ltd. shares its preliminary results of 2019. Mandarin Re Ltd. offers its partners classic types of non-life reinsurance. In the past calendar year, we signed 458 reinsurance contracts, which 5% as more as in the previous year. According to the type of business 96.5% of them fall into facultative reinsurance and constitute 94% of Gross Written Premium in 2019. Gross Written Premium (GWP) of Mandarin Re Ltd. in 2019 is USD3,000,000. These figures exceed those of the previous year’s 2016 USD1,900,000, in 2017 USD2,100,000 and in 2018 USD1,900,000.
The structure of Mandarin Re Ltd. portfolio has remained very stable over the last few years. 2019 results prove this trend. Property All Risks constitute 69% of the GWP. The top second type of business is Marine reinsurance including Hull and Machinery, Shipowners’ Liability and Cargo reinsurance (20%). Liability reinsurance is the top third in the company’s portfolio with 9%. The rest falls into 2%. The total amount of all types of business paid losses in 2019 is USD500,000. Property All Risks constitute 79% of paid losses, 17% fall into Marine risks and 4% are the rest types of reinsurance.
We believe that the growth of the business performance is due to organizational arrangements expanding company’s underwriters’ team, the number of representative offices and expanding company’s business contacts portfolio resulting from Mandarin Re Ltd. participation in a great number of most important events in reinsurance market.