A combination of intense consolidation, a fairly buoyant economy and the entrance of Generation Y makes for a more fluid market for talent that re/insurers will have to respond to. Intelligent Insurer investigates.
A combination of the plethora of mergers and acquisitions (M&A) in the re/insurance industry and the attitudes and expectations of Generation Y (the generation born primarily in the 1980s and 1990s, also sometimes referred to as the Millennials) to their careers means the industry is experiencing higher than normal levels of turbulence in its workforce at the moment, according to recruitment experts.
The high levels of consolidation in reinsurance in particular has become a fact of life in recent years as companies have been squeezed on both sides of the balance sheet by a combination of low investment returns and soft rates. More deals driven by these forces are expected to emerge in 2016.
There were some very big deals in 2015, including the $28.3 billion tie-up between ACE and Chubb, the $18 billion deal that created Willis Towers Watson and Exor’s lengthy battle to finally acquire PartnerRe for $6.9 billion in July last year.
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Generation Y, Recruitment, M&A, Insurance, reinsurance, Steven Lawes, Lawes Consulting Group. Mark Heagney, Hays Insurance, MGA, UK, Global