AM BestTV: Reinsurance Market Is Evolving
In this AM BestTV episode from the 2019 Les Rendez-Vous de Septembre conference in Monte Carlo, Monaco, reinsurers and related professionals say the reinsurance market is evolving as companies follow a broader, more diversified path.
“How insurance-linked securities [ILS] has taken on an increasingly important role within the reinsurance industry is one of the ways the overall market has evolved,” said Greg Wojciechowski, president and chief executive officer, Bermuda Stock Exchange.
“My view of the reinsurance market in Bermuda, which is the third largest reinsurance market in the world, is how Bermuda intersects with reinsurance within the ILS space,” said Mr Wojciechowski. “One of the things I find interesting is how ILS has progressed from the ‘ugly stepchild’ that no one wanted to talk about, to now being considered as a partner capital. Now, ILS is being look upon as being part of a broader strategy within the reinsurance industry.”
Greg Carter, managing director, analytics, AM Best, highlighted how much the reinsurance market has changed.
“The reinsurance industry is a very different market from what it was 10-20 years ago. Reinsurers are no longer specialist reinsurers, or very few are, and the industry as a whole is offering a much more broader range of coverage. … Consequently, the larger, more successful players are involved in a much broader, diversified path to success.”
Other people that appear in this episode:
- Kathleen Reardon, chief executive officer, Hamilton Re;
- Frieder Knupling, group chief risk officer, SCOR;
- Talbir Bains, founder and group chief executive officer, Volante Group LTD; and
- Henning Ludolphs, managing director, Hannover Re.
