The European reinsurance market remains extremely attractive both for its incumbent players and for newer entrants into the market—all of which should make for some interesting negotiations as each camp tries to cement or grow their footing in the market, as Intelligent Insurer discovers.
As reinsurers and buyers head to Baden-Baden this October for round two of renewals negotiations, an interesting picture is emerging in terms of the different strategies players are adopting—one that could make for some interesting dialogue at the German conference.
The message coming from the incumbent industry behemoths such as Munich Re, Hannover Re, Swiss Re and SCOR is one of underwriting discipline and that they are getting increasingly closer to their existing clients and looking to accommodate their needs. They are stressing that they have done the hard yards with clients in very different market conditions and should therefore continue to benefit from their business now.
Torsten Jeworrek, member of the world’s biggest reinsurer Munich Re’s board of management, stresses that the firm has a clear focus on maintaining a profit-oriented underwriting policy, accepting risks only at commensurate prices, terms and conditions.
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Europe, reinsurance, Aspen Re, Catlin, Swiss Re, Munich Re