emmanuel-clarke_partnerre
Emmanuel Clarke, president and CEO, PartnerRe
10 September 2018News

PartnerRe revels in new energy

PartnerRe is positive about the general outlook of the reinsurance market as it currently stands, according to president and CEO Emmanuel Clarke.

Speaking at the company’s press conference at the Monte Carlo Rendez-Vous, Clarke said that it was an exciting time for the reinsurance industry as it innovates and evolves.

“The market continues to shift and evolve with a renewed energy and belief that many didn’t see two or three years ago,” Clarke said. “Not too long ago many feared that the industry was in an irreversible decline and that consolidation would mean that there would be less business need for reinsurance.

“In fact, we have seen the opposite. We see a bright future in reinsurance.”

Clarke said that as technology develops, new types of risk are emerging. As this occurs, it is important that companies emerge that are able to evaluate and ultimately hold those risks.

“Over the last couple of years we’ve been seeing more demand for reinsurance and a continuing demand for reinsurers as the ultimate holders of risk,” he said. “We’re excited about the future for the industry and for ourselves."

According to Clarke, PartnerRe’s privately-owned reinsurance model (it is owned by Italian holding company Exor) is particularly well placed to play a role in managing volatility because it focuses on long-term results and value creation instead of managing quarterly volatility, as publicly listed companies must do.

Cycles, he said, would remain but with lower amplitude. Instead, success for reinsurers will be determined by how efficiently reinsurers execute and succeed in creating value for their clients.

Looking to the future, Charles Goldie, CEO of P&C at PartnerRe, said that reinsurers needed to be able to source and leverage many forms of capital in order to lower the overall cost of capital for their clients, and to offer a broader suite of reinsurance solutions.

“Reinsurers need to become experts at sourcing and matching capital. Using all forms of capital to improve our product offering for our clients is the right thing to do,” he said.

Further, in the face of a consolidating reinsurance market, he said that the most successful reinsurers would be those that remain nimble and agile as they become larger.

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