Gen Re discontinues P&C operations in six global locations

Gen Re, subsidiary of Berkshire Hathaway, has re-positioned its property and casualty (P&C) operations in order to serve its client better and to make it easier to access promising business opportunities in the future.

As a result of that analysis, six smaller P&C operations will be integrated into teams in larger locations to facilitate a more robust delivery of services to its clients.

P&C operations will be discontinued in: North America – Charlotte, Seattle and St. Paul; Europe – Riga: and Asia Pacific – Hong Kong and Melbourne.

Despite these changes, the reinsurer said it remains committed to these markets, servicing clients, and pursuing new opportunities across all regions.

Throughout this transition, the company will work closely with its regulators to make certain that transition is appropriately managed, regulations are followed, and obligations to Gen Re’s clients are fully met.

Bob Jones, president and P&C chief marketing officer of Gen Re, said: “We have reviewed our entire global footprint, and with this change, we are positioning Gen Re’s property & casualty operation to address the realities of today’s markets, while capitalising on tomorrow’s opportunities.

“When you add technology to the equation, being a direct reinsurer in the 21st century has evolved from where it was two decades ago. We need to deliver underwriting and claims expertise in the most effective manner, while not compromising the quality of our products and promises. This new structure positions us to deliver on that.”

Jones also said Gen Re’s European treaty underwriting resources will now be organised more centrally along five line-of-business teams to support the entire region. He said this will allow Gen Re to leverage underwriting expertise more effectively across Europe to support business development, and to provide even greater underwriting resources to customers through the company’s direct reinsurance model.

Carole Ferrero, president P&C chief underwriting officer of Gen Re, added: “This European structure is consistent with the underwriting organisation that has been successful in other parts of the world. These changes allow us to leverage the underwriting talent we have across the European region and more effectively deliver our value proposition of uncompromised underwriting excellence to our clients.”