Brokers should be innovators
Insurers increasingly want their reinsurance to potentially give them a competitive advantage—and they expect their reinsurance brokers to innovate to achieve this, Mike Schnur, partner, TigerRisk Partners, told PCI Today.
He said primary carriers in the US are under constant competitive pressure and they will explore any avenue that may give them a competitive advantage.
“Clients want to grow but that can be tough, there are now easy wins in the industry,” he said. “The way they use reinsurance is one way they can achieve this.”
He stressed that TigerRisk has always set out to be a broker that offers clients creative solutions and innovates. It prides itself on the way it works with a wide range of capital providers to achieve the optimum solution for clients, sometimes by devising complex solutions that other players may not have the capability to achieve.
“It is very rare to see an account we place not to change in some sense year on year,” he said. “We understand the different risk appetites of traditional reinsurers and the nuances between what different ILS funds can offer. We are always working for our clients to achieve a better outcome.”
Schnur added that another way many insurers are seeking to set themselves apart is by their use of insurtech. But given the wide array of different propositions available, they also seek TigerRisk’s advice on the best solutions.
“There is a lot of discussion around this and we spend a lot of time looking at the solutions,” he said. “We will help where we can by advising clients or narrowing the companies we believe they should be talking to. But it is a complex field.”
TigerRisk will soon celebrate its 10th anniversary in business—just as it also secures its spot as the fourth biggest reinsurance broker globally, since the Marsh-JLT deal.
“People said we could not do it but we have proved them wrong,” Schnur said. “The reason we have been successful is because we are so client focused.”
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