SCOTTSDALE, Arizona — Reinsurers are trying new approaches to market expansion to maintain growth and relevance amid ongoing softer rates, low investment yields and an abundance of capital.

“We are in a challenging environment from the standpoint of market conditions,” said William Donnell, president of U.S. property/casualty and managing director of the Americas at Swiss Reinsurance America Corp. in Armonk, New York.

Some of the challenges stem from a rapidly evolving business environment, particularly the influx of alternative capital and expanding cyber exposures.

“Obviously, there's a lot of change in the marketplace,” said Steve Levy, president of the reinsurance division at Munich Reinsurance America Inc. in Princeton, New Jersey

“Yes, there is a transformation. The variety of risk transfer mechanisms is increasing,” said Stephan Ruoff, Zurich-based chief underwriting officer and deputy CEO of Tokio Millennium Re A.G., who will take over as CEO of the reinsurer next April.

The senior executives made the comments about the reinsurance market and its outlook during interviews while at the Property Casualty Insurers Association of America's annual meeting Oct. 26-29 in Scottsdale, Arizona.

In response to the challenging conditions, Munich Re America has formed a unit combining traditional marketing activities with emerging risk opportunities and its cross-platform team, which communicates and coordinates activities across all the company's U.S. operations.

The strategic markets unit, under John Vasturia, the Princeton, New Jersey-based president of regional clients in the reinsurance division of Munich Reinsurance America Inc., will look toward business opportunities including external strategic partnerships.

Also, there may be opportunities in areas where Munich Re America is “under-represented,” such as professional liability coverage, where it could bolster its low single-digit market share, said Martin Neuhaus, president of national clients in the reinsurance division.

While emerging technologies create emerging risks, they also bring opportunity, the executives said.

“We have technology right now for which we are, as an industry, still trying to quantify and trying to understand the long-term effects, like cyber, nanotechnology and 3-D printing,” said Nancy Millette Bewlay, head of underwriting for casualty in Canada and the United States at Swiss Re America in Armonk. “Right now, insurance and reinsurance companies have to work very hard to keep pace with the evolution of today's science and technology and advancements.”

Enhanced capabilities and product innovation is the formula at Hiscox Re, said Mike Krefta, London-based chief underwriting officer and a partner, who sees business scale as a necessary element for reinsurers.

Finding ways to increase limits and offer new products is part of Hiscox's strategy approaching renewals, he said.

“I think there's going to be more of a debate about extending and expanding coverage than there will be about pricing,” Mr. Krefta said.

Geographical expansion has helped create opportunity, Mr. Ruoff of Tokio Millennium Re said.

For example, the reinsurer sensed opportunity in the U.S. when it opened an office in Stamford, Connecticut, in June. This enables the reinsurer to cultivate new clients as the company did in 2011 when it opened an office in Australia, he said.

For TigerRisk Partners L.L.C., challenges mean opportunities and focusing on the firm's core clients, said Mike Schnur, a Chicago-based partner at the brokerage.

“Our focus as a specialty reinsurance broker is doing business with a limited numbers of companies that are significant buyers of reinsurance,” Mr. Schnur said. “Having a limited number gives us the ability to work closely with them on a very regular basis.”