UnipolRe is setting itself apart, say execs

Amid a complex set of market conditions in which rate hikes in many lines are offset by other challenges including inflation and increased volatility, UnipolRe finds itself in an enviable position. Due to its unique ownership structure and niche focus, it is not seeking growth. Rather, it wants to deepen relationships with existing clients and diversify—and those are the core messages it intends to convey to clients in Baden-Baden.

UnipolRe, formed in 2014 with €500 million of dedicated capital, is 100 percent owned by Italy’s Unipol Group. This means that, as well as boasting a sizable balance sheet, it benefits from its parent’s expertise—especially in the increasingly lucrative field for motor insurers of telematics, which represents some 30 percent of its portfolio. It also means it does not have the same pressure of many of its rivals: to report growth on a quarterly basis.

This means, says John Scully (pictured left), chief underwriting officer, that the company can put clients first.

“We do not have the pressure from our owners in the way many reinsurers will have. They do not require us to grow for the sake of it, they want what we do to help diversify their balance sheet while also being profitable. They are also very supportive with expertise,” Scully said.

“That means we can play to our strengths. We are a smaller reinsurer, so we have to differentiate ourselves.

“We want to be the first name on the slip, not the last. So that means offering new and bespoke solutions. We are nimble and we have a very flat management structure. That makes us easy to deal with and clients appreciate that.”