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The symposium was moderated by Chris Klein, Global Head of Business Intelligence at Guy Carpenter. Henry Keeling, President and CEO of International Operations at Guy Carpenter, provided the opening remarks, followed by presentations from Luzi Hitz, CEO of PERILS; Clemens von Weichs, CEO of Allianz SE, Reinsurance Division; and Victor Peignet, CEO of SCOR Global P&C. Wolfgang Gerstner, Lord Mayor of the City of Baden-Baden, welcomed attendees to the city.
In his introduction, Mr. Keeling discussed the capital management implications of Solvency II for the insurance and reinsurance market. He highlighted the value of "competitive compliance" in this new regulatory environment, explaining, "With capital increases from earnings and more accessible capital markets, and with the benefits of competitive compliance, there are both opportunities and challenges -- especially for those insurers and reinsurers here in Europe who can best optimize their capital."
Mr. Hitz outlined the benefits of having an independent source of event loss data for raising capacity levels within the European Insurance Linked Securities and Industry Loss Warranty markets. "By providing enhanced transparency levels," he told delegates, "this will serve to facilitate capacity within the European windstorm market," adding that in conjunction with the enhanced quality of data this will enable the application of independent industry loss triggers to ILS and ILW transactions for the first time.
Commenting on insurance securitization, Mr. von Weichs said, "Many structures are comparable to collateralized reinsurance and help sponsors to manage counterparty credit exposure -- this is a significant benefit, particularly in times of crisis." He added that, while the financial crisis had impacted on insurance-linked instruments, the impact on cat bond returns had been relatively moderate, with new issuances stopping for a period of six months, before resuming in spring 2009. "ILS transactions are expected to continue to complement 'traditional' reinsurance capacity," he said, "in particular in the natural catastrophe area through cat bonds."
Looking at the overall financial standing of the market, Mr. Klein concluded, "The swift recovery of investment markets in 2009 has helped reinsurers' and insurers' balance sheets to recover largely without recourse to external sources of capital. Reinsurance supply appears to be ample again, providing choice for buyers and reminding reinsurers of the need for disciplined underwriting and active capital management."
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Guy Carpenter, Baden, Klein, Keeling, Hitz, von Weichs, Peignet, Gerstner, reinsurance, symposium
About Guy Carpenter
Guy Carpenter & Company, LLC is the world's leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. With over 50 offices worldwide, Guy Carpenter creates and executes reinsurance solutions and delivers capital market solutions* for clients across the globe. The firm's full breadth of services includes line of business expertise in Agriculture; Aviation; Casualty Clash; Construction and Engineering; Excess and Umbrella; Life, Accident and Health; Marine; Medical Professional Liability; Political Risk and Trade Credit; Professional Liability; Property; Retrocessional Reinsurance; Surety; Terrorism and Workers Compensation. GCFac(R) is Guy Carpenter's dedicated global facultative reinsurance unit that provides placement strategies, timely market access and centralized management of facultative reinsurance solutions. In addition, Guy Carpenter's Instrat(R) unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm's clients more successful. Guy Carpenter's website address is www.guycarp.com.
Guy Carpenter's intellectual capital website, www.GCCapitalIdeas.com, leverages blog technology, including Real Simple Syndication (RSS) feeds and searchable category tags, to deliver Guy Carpenter's latest research as soon as it is posted. In addition, articles can be delivered directly to BlackBerrys and other handheld devices.
* Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.
SOURCE: Guy Carpenter & Company, LLC
Guy Carpenter Alexis Levenson, 1 917-937-3264 alexis.levenson@guycarp.com or Jennifer Ainslie, 44.207.357.2058 jennifer.ainslie@guycarp.com or DeMartine Group Matt Conroy, 1 203-221-2790 mconroy@demartinegroup.com
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