Both analysts said reinsurers are continuing to explore acquisitions, partnerships and new underwriting and investments strategies to counter a soft market and intense competition. These issues also are examined in a recent Best Special Report, titled, “Innovation: The Race to Remain Relevant.” Go to http://www3.ambest.com/bestweek/purchase.asp?record_code=253443 to view the entire report.
“Insurers know that relevance is important as well as innovating to remain relevant,” said Reisner.
“Over the past 12 months, mergers and acquisitions have been one aspect companies have used to remain relevant,” said DeRose. “We have seen companies go into new, unique classes of business. We have seen partnerships among competitors and a lot of innovative initiatives on the part of reinsurers to really try to round out their operations, discover ways to have access to capacity and be well-positioned for the challenges that the market is currently providing.”
Recent episodes of A.M.BestTV include:
- Aon's Gray: Captive Sponsors Find Ways to
Lower Costof Risk: Nancy Gray, regional managing director, Americas, Aon Global InsuranceManagers, said captive owners are resetting limits and deductibles while taking on new coverages, all with a goal of decreasing overall cost of risk: http://www.ambest.com/v.asp?v=gray816nc.
- London Market Insurers Could Face Rocky Road Ahead:
Catherine Thomas, senior director of analytics, A.M. Best, said London-based insurers with a global focus face a host of developing challenges, including the likelihood that catastrophe activity will return to normal levels, there will be increased competition in local markets as well as from new risk facilities set up by global brokers: http://www.ambest.com/v.asp?v=londonmarket916.
- Good Risk Management Starts With Quality Data:
David Wright, managing director, Beach Re, a reinsurance intermediary, said focusing on acquiring and using reliable data is more important than focusing on the next emerging risks: http://www.ambest.com/v.asp?v=wright516.
- Thunderstorms, Flood and Hail Drive
U.S.First-Half 2016 Catastrophe Losses: Texasstorms accounted for 80% of insured natural catastrophe losses in the United Statesin the first half of 2016. Flooding in other U.S.states, including West Virginia, raised that first-half total to $11 billion, according to Mark Bove, a senior research meteorologist for Munich Reinsurance America, Inc.: http://www.ambest.com/v.asp?v=natcat816.
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