An increasing number of insurers who manage legacy business are opting to outsource their reinsurance recoverables, freeing them to focus on their core business and activities.
Considering the complexities and specificities of the London Market, managing reinsurance recoveries in a timely manner can often represent somewhat of a headache for cedants. As such, turning to a third party to provide support is becoming increasingly popular.
One such organisation that has done so is the Swiss Pool for Aviation Insurance (SPL), an insurance pool scheme that covered hull, liability and accident risks. The pool was put into run-off in 2007.
Rudolf Kellenberger, president of the board of the SPL, says the pool being placed into run-off meant a shift in focus for the organisation, from active underwriting to managing a complex discontinued legacy portfolio. As this was not the core expertise of its members, they decided that the administration of the pool should be handed over to AXA Liabilities Managers Switzerland.
Reinsurance collectables, Swiss Re, Helix UK