Closing a gap in the wholesale markets
PartnerRe Wholesale, the newly launched division of PartnerRe, believes it can bridge a gap that exists between specialty insurers and traditional property/casualty carriers.
Marc van der Veer, general manager of the wholesale arm, which works with managing general agents (MGA) and primary insurers with access to SMEs, said: “Historically, specialty insurers had specialty products but not the distribution power and have been unable to tap into the SME market.
“P&C carriers have access to different locations because of their access to retail brokers but are without access to specialty products,” he said. “We’re looking to close the gap between these two types of insurers.
“We’ve filled some gaps and we add products, marketing, technology and a strategic view on how we can help primary insurers and SMEs.”
He believes that PartnerRe Wholesale will not compete with other capital-only providers operating in this space. He claims the wholesale arm adds product development, marketing, market research, claims and IT systems to the mix of services.
“We want to ensure the wider SME insurance market is aware of the additional services we offer. We have a lot of knowledge—it’s not just about our A+ rating or about capital. We are able to provide our partners with a framework within which they can underwrite professional lines business.”
Van der Veer added that PartnerRe Wholesale takes the same portfolio approach as an MGA with a geographically and segmentally differentiated portfolio.
He said: “By taking the portfolio approach we have put in place, we are able to combine our financial lines expertise with the established distribution networks of our partners. Through this process, we can provide them with the capacity and access to growth capital and product knowledge.”
Looking to the future, van der Veer believes that PartnerRe Wholesale can go from strength to strength.
“We currently have 10 partners in Europe, the Middle East and Latin America. Over the next few years, we’re looking for growth in Europe, Asia and Latin America and hoping to have 40 to 50 partners worldwide.”