PartnerRe seeks top five place
PartnerRe wants to become a top five
global reinsurer by doing what it does
best—being a pure-play reinsurer and
working closely with clients, Richard Sanford,
president of PartnerRe, told PCI Today.
Sanford said the dynamics in the reinsurance
market are changing rapidly and that this can
work in the favour of a pure-play reinsurer such
as PartnerRe, which has no primary operations
with the potential to compete with clients, and
is privately owned, meaning it can take a longterm,
more strategic approach.
“The market is moving from buying
reinsurance for capital protection to buying
reinsurance to protect against volatility,” he said.
“That’s a real shift. Companies are so
well capitalised these days that they are less
concerned about their capital position and
more concerned about their quarterly earnings
Sanford added that PartnerRe had noted
a trend whereby larger clients want to do
business with fewer reinsurers—a core number
of five to seven, maybe as many as 10 reinsurers
but not many more.
PCI Today Day 3 Tuesday October 30 2018
consolidation in reinsurance, and PartnerRe
is really well positioned for that, as a privately
held, pure-play reinsurer.
“We’ve spent a lot of time focusing our
energy on how to grow our business with our
existing clients,” Sanford said.
“We have a great franchise and a great client
base. We recognise that it’s easier for us to grow
our business with our existing clients than it is
to grow by finding new ones.
“That’s not to say we don’t write new
business, but our best opportunity to move
the needle on our business is with our existing
clients, so we’re focusing on how to be more
relevant to them.
“If our customers are going to consolidate
their reinsurance buying then we’re going to
have to figure out how to support them more
holistically, to be one of their go-to reinsurers.
“That’s our aim. We want to be on that
shortlist of five to seven reinsurers.
“We want to be a top five reinsurer in the
world, and we recognise that the best way to
grow our business is with our existing clients,”
he concluded. l
“This allows them to have a relevant
relationship with each of them,” he said.
He pointed out that if you spread business
around 15 to 20 partnerships it’s difficult to
have a deep relationship with any of them.
As a result, Sanford thinks, this is driving
AmTrust at Lloyd’s eyes growth in North America with hire
There are lucrative opportunities in the
North American property-catastrophe
treaty sector, which Lucy Forcey, senior
underwriter for AmTrust at Lloyd’s (ATL)
Syndicate 1861, plans to take advantage of.
Forcey, who started in her new role just days
ago, is launching North American propertycatastrophe
treaty as a new line of business
for the syndicate. She told PCI Today that she
already sees opportunities for the company as
it looks to build up this line.
Forcey will be based in London running a
new team, details of which will be revealed soon.
She expects writing a 2019 book of business
worth $18 million. This will be based upon
business that AmTrust has written in the US
in the past and which can then be potentially
added to. The focus of AmTrust’s book will be
across the US and not concentrated on any one
single state, she said.
Forcey stated that she was unable to share
the long-term plan for the business in the US,
but that for the medium term the plan is to
grow the reinsurance book over the next few
years, to balance the insurance side.
“There’s a lot of capacity out there in the US
market. However, when you look into it we’re
not seeing it as an opportunistic time.
“We’re not driven solely by supply and
demand, we’re trying to give our clients
more than that—that’s what they need at the
moment,” she said.
Forcey stressed that the market is constantly
changing as it learns from losses. As such, it is
evolving from being commoditised. While a
number of high severity events have taken place
in recent years, the frequency of those events
has not changed that much.
She was previously at Novae Group, where
she worked as a class underwriter on the North
American catastrophe reinsurance team. ATL is
a multinational property/casualty insurer and
the Lloyd’s operation of AmTrust Financial
We’re not driven
solely by supply and
demand, we’re trying to give
our clients more.