Old problems and new solutions
This year’s discussions at the Rendez-vous in Monte Carlo were dominated – again – by three key topics: the rise in the M&A business including increasingly large M&A tickets; the final preparations for Solvency II and run-off, all a clear sign of the industry´s and investors´ interest in the industry; and also of its ongoing consolidation.
The weather in Monte Carlo just prior to the conference kick-off was befitting the discussion around the cat bond market – a sharp rain had swept the coast of Monte Carlo and the Mediterranean Sea just days before the conference started. As in the world of reinsurance business, where major risks had not materialised in the past year, fortunately there were no severe demolitions in Monte Carlo either. Once the clouds had passed, and the atmosphere became as busy and excited as ever.
The attraction the re/insurance industry holds for external investors as well as the push for more capital efficiency among the European insurers as they prepare for the start of the Solvency II regime on January 1, 2016 has also affected our own corner of the industry: the run-off business in Continental Europe. In our discussions with many conference participants, we have witnessed growing interest for the potential of run-off from both ceding companies as well as from investors, each from a different perspective and with different objectives.
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