Broker access to boost Gen Re’s growth
The partnership between Gen Re and TransRe enables the former to access the broker market for the first time as a way to secure growth.
General Reinsurance Corporation (Gen Re) has entered into an initial five-year agreement with TransRe, which will act as exclusive underwriting manager on behalf of Gen Re for US and Canadian property and casualty treaty reinsurance business produced by brokers and intermediaries.
This new arrangement gives brokers and intermediaries access to Gen Re’s traditionally direct-only capacity through a new underwriting platform fully managed by TransRe, which will also provide all the underwriting and claims services for the business.
The idea of Gen Re being forced to move into the broker markets was seen as inevitable by many, well aware of the challenges of securing growth in a stagnant market in which profitable business can be even harder to come by.
“It is fair to say that we knew they were coming,” Ken Brandt, president of North America, Trans Re, said. “We have a lot of respect for the Gen Re leadership team but we could see the challenges they were facing and we knew the broker markets had to be an option for them.
Mike Sapnar, chief executive of TransRe, sees the partnership as creating a unique offering that will give buyers a viable alternative and changing perceptions of what is possible in the market.
“This long-term partnership will deliver a unique combination of service, capacity and security from two reinsurance-focused organisations to the broker market. It’s the sort of deal that changes market perceptions, and gives buyers a viable alternative for one-off, private structures,” he says.
For Gen Re this is a change of tack, giving it access to broker-sourced business; for TransRe it is also a shift in strategy to share risk with a third party in a way that will make it more relevant to brokers and a bigger player in its existing world.
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