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Lemma Insurance Company (Kharkiv) Reinsures Large Developer In Qatar

October 19, 2008

The Ukrainian news agency UKRINFORM has reported, with the reference to Ihor Vasylchenko, Vice President of LEMMA Insurance Company, that the company has reinsured the construction and mounting risks, including the liabilities to third parties, of Amana Steel Building Contracting Company, a large building contractor, in the construction of a new factory (ceramic tiles producer) in Qatar.

According to I. Vasylchenko, LEMMA started reinsuring risks in Qatar in late 2006 and currently cooperates with eight local insurers. The company’s portfolio in Qatar includes over 80 facultative risks, mainly construction and mounting risks as well as fire risks. The energy sector risks are distinguished by high insured values, starting with several hundred million US dollars. The company’s share in such projects ranges between 2-5%.

Reference: Lemma Insurance Company was founded in 1994 in Kharkiv as a closed joint-stock company (CJSC LEMMA Insurance Company) and is one of Ukraine’s largest insurers. Its statutory fund makes up UAH 550 million (around USD 110 million). According to the results of its operation in January-June 2008, LEMMA was cooperating with 50 insurers and 30 international brokers in 40 world countries. The company has the status of observer in the International Association of Insurance Supervisors. LEMMA was assigned a financial strength rating of B+ by AM Best, an international rating agency. The rating was confirmed in 2007.

Tags: insurance, Qatar