Advertise
Resources
Member, Beacon International Group, Ltd.
MONTE CARLO, Monaco─The reinsurance market continues to be a fragmented one, SCOR S.E. CEO Denis Kessler said Monday.
Speaking during the reinsurance market gathering at the Rendez-Vous de Septembre in Monte Carlo, Monaco, Mr. Kessler said losses stemming from the 2010 earthquake in Chile did not cause reinsurance rate increases in other Latin American markets.
Mr. Kessler said that for SCOR, diversification was a key strategy. He said the company operates a “twin-engine” strategy whereby its business is split roughly 50% between property/casualty and 50% life reinsurance business.
SCOR plans to expand its underwriting in casualty lines when conditions are right, said Victor Peignet, CEO of the company’s property/casualty operations.
SCOR does not believe conditions in what Mr. Peignet called the “heavy casualty” lines, such as directors and officers liability and financial institutions business, were attractive.
While SCOR expects Solvency II, the upcoming risk-based regulatory regime for reinsurers in Europe, to increase demand for reinsurance, uncertainty over when the regime will go into effect means demand is not yet being felt, Mr. Kessler said.
MONTE CARLO, Monaco—The continuing soft reinsurance market may be the norm, Martin Sullivan, deputy chairman of Willis Group Holdings P.L.C., said Monday.