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The Intelligent Quarterly from the Publishers of the Insurance Insider AUTUMN 2019 ISSUE 71 12 Profile 18 InsurTech 22 Interview Convex, Catlin Reinsurance Emmanuel and Brand innovations Clarke THE PRICING PUZZLE Will 1 January renewals supply the missing piece for the 2019 rating picture? The intelligent quarterly from the publishers of The Insurance Insider 1-36_IQ Autumn 2019.indb 1 27/08/2019 17:40 1-36_IQ Autumn 2019.indb 2 27/08/2019 17:40 COMMENT ON THE BEACH s an old friend of mine recalls treaty rate increases have been It may have turned out to be less from childhood trips to Monte piecemeal and “highly specific to loss of a sure bet for investors in ILS ACarlo with his underwriter experience, geography and business funds than previously thought, but father, September’s Monte Carlo line”. despite continuing loss creep from Rendez-Vous was an excuse for And there is no certainty that the 2018’s Typhoon Jebi, “flexible capital reinsurance execs to take their key 1 January renewals will lock in the structures are here to stay”. spouses and children on a subsidised recent hardening of rates to the extent Which brings me on to my own beach holiday in one of Southern that all can declare the soft market is hobbyhorse – facultative reinsurance. Europe’s most exclusive resorts. All finally and truly over. You may not find many facultative the more luxurious as a child, when It’s a sobering thought that, the deals being discussed at Monte Carlo, you are cushioned from the eye- promise of a sunny few days weather- but you still find plenty of fac brokers watering prices demanded by café wise notwithstanding, the market may and underwriters mingling with their and bar owners in this playground for be reliant on loss creep from last year’s treaty colleagues in the Café de Paris. the rich, famous and tax-averse. major cat events as a backstop against A hard market in fac rates is by no Alternatively, taking a more any reversals on reinsurance rates. means guaranteed either, but interest cynical, adult’s-eye view, it’s an excuse Having characterised Monte in fac as a solution is undoubtedly for unaccompanied reinsurance execs Carlo as a treaty event, however, on the up. to have an all-expenses-paid, boozy it would be remiss of me not to Submissions have increased, few days in sun-soaked Monaco, free acknowledge the more minor, but rates have improved in many of the encumbrance of partner and not insignificant, role played by classes of business and across kids. the alternative capital markets. many geographies and, in the But whether the reinsurance As Trading Risk managing experience of Everest Re at least, industry is in truth here for business editor Fiona Robertson notes in part fac gross written premiums are at “an or pleasure, the talk on the terraces two of our lead: “This year marks the GAVIN all-time high”. BRADSHAW and under the parasols of Monte point when the narrative around the Editor, Insider As you survey the figures reclining Carlo is bound to focus on the ILS market started being rewritten.” Quarterly on nearby beaches, therefore – decidedly mixed picture at recent Previous boasts that the ILS market the bronzed children with their treaty renewals. has broken the reinsurance cycle and surprisingly relaxed parents, or the As The Insurance Insider’s Rachel brought on an era of perma-soft rates boozy, sunburnt gangs of middle-aged Dalton details in part one of our may have proved to be unfounded, men – you may well be looking at lead feature, while there has been but the so-called alternative market is treaty’s poorer cousins: the fac lads substantive hardening in the market, holding its own. and lasses. 0303 1-36_IQ Autumn 2019.indb 3 27/08/2019 17:40 CONTENTS IN THE AUTUMN 2019 ISSUE EDITORIAL DIRECTOR Mark Geoghegan [email protected] EDITOR-IN-CHIEF Adam McNestrie [email protected] IQ/FEATURES EDITOR Gavin Bradshaw [email protected] 12 ACTING MANAGING EDITOR Catrin Shi [email protected] EDITOR Laura Board [email protected] ASSOCIATE EDITORS Christie Smythe [email protected] Christopher Munro [email protected] SENIOR REPORTERS Fiona Robertson [email protected] Rachel Dalton [email protected] Lucy Jones [email protected] Emmanuel Kenning [email protected] Bernard Goyder [email protected] John Hewitt Jones [email protected] REPORTERS Laura Sanicola [email protected] Sofia Geraghty [email protected] Anna Sagar [email protected] Samuel Casey [email protected] COMMERCIAL DIRECTOR Sajeeda Merali [email protected] HEAD OF MARKETING SERVICES Benjamin Bracken [email protected] HEAD OF STRATEGIC PARTNERSHIPS Oliver Nevill [email protected] HEAD OF MARKETING & ANALYTICS Lynette Stewart [email protected] BRAND MARKETING & ANALYTICS MANAGER Aimee Fuller [email protected] SUBSCRIPTIONS DIRECTOR Tom Fletcher [email protected] PARTNERSHIPS MANAGER Joel Lagan [email protected] SENIOR ACCOUNT MANAGER Georgia Macnamara 03 Comment: longer to develop than InsurTech, [email protected] On the beach finds Anna Sagar SUBSCRIPTIONS ACCOUNT MANAGERS Luis Ciriaco [email protected] 22 Rationality and relevance Chrishan Tailor [email protected] FEATURES PartnerRe’s Emmanuel Clarke tells SUBSCRIPTION SALES SUPPORT Paul Mansfield [email protected] 06 The pricing puzzle Christopher Munro the carrier is EVENTS OPERATIONS MANAGER Rachel Dalton contemplates the poised to capitalise on a return to Holly Dudden [email protected] reinsurance pricing picture ahead reinsurance market rationality CONFERENCE PRODUCTION MANAGER Matthew Sime [email protected] of 1 January renewals PRODUCTION EDITOR 10 An ever-bigger piece 27 Bermuda Roundtable Ewan Harwood [email protected] of the puzzle The Insurance Insider Bermuda SUB-EDITOR Alternative reinsurance continues (Re)insurance Roundtable 2019 Steve Godson [email protected] to affirm its importance as part JUNIOR SUB-EDITOR Simeon Pickup [email protected] of the reinsurance mix, writes INSIGHT SENIOR DESIGNER Fiona Robertson 38 Bright sparks Mike Orodan [email protected] 12 Geoghegan grills… Eleanor O’Shea and Neil Catlin and Brand McGeachie consider the potential Mark Geoghegan tours the of the Lloyd’s Lab for the Level 1, 29 Ludgate Hill, London, EC4M 7NX, UK “greenfield operation” of Stephen (re)insurance market Tel main: +44 (0)20 7397 0615 Editorial: +44 (0)20 7397 0618 Catlin and Paul Brand’s new 40 Remembering Christchurch Subscriptions: +44 (0)20 7397 0619 Annual subscription to The Insurance Insider – £2,995 + VAT/ $4,695 venture Convex The Christchurch attacks For subscription enquiries, email: [email protected] 18 Long horizons highlighted the need for the New All rights reserved ©2019 ‘ReinsurTech’ innovation may take Zealand market to adapt to the 404 1-36_IQ Autumn 2019.indb 4 27/08/2019 17:40 CONTENTS 06 THE PRICING PUZZLE Rachel Dalton on the reinsurance pricing picture GEOGHEGAN GRILLS… 12 CATLIN AND BRAND Mark Geoghegan talks Convex with Stephen Catlin and Paul Brand RATIONALITY AND 06 22 RELEVANCE Christopher Munro speaks to PartnerRe’s Emmanuel Clarke 22 changing nature of terrorism risks, cost and quality of business 59 Don’t rain on my parade says Jake Carter 50 Converting fallen Caspar Prestidge on why event 42 Coming of age? angels to saints organisers need to consider the Slow and steady has proved The alleged pending BBB crisis impact of bad weather the best strategy for InsurTech in the high-yield market is less a 60 Positive reinforcement initiatives, says Andrew Johnston threat than an opportunity, says Leslie-Ann Giovnilli on diversity 44 Shortening the chain David Newman and inclusion at IRLA and in the Reducing the length of the 52 Working your fixed legacy sector distribution chain will dramatically income assets harder reduce the cost of risk transfer, says Russell Baird on working to EXECUTIVE BRIEFINGS Jason Howard improve the yield and solvency- 62 The RSG value chain efficiency of your fixed income Ryan Specialty Group CUO TECHNICAL BRIEFINGS assets Kieran Dempsey on how RSG 46 Managing agents 54 Scoring with technology Underwriting Managers is breaking are from Mars... Insurers should clearly define new ground Aidan O’Neill ponders the their objectives with regard to 64 Mining for gold implications of the disconnect innovation, say Damian Cleary Gary Marshall tells Insider between the London market and its and Andrew Dunkley Quarterly about Risk Theory’s customers and partners 57 Capacity drain rejuvenated approach to 48 Real-time data hubs Conditions are getting tougher underwriting Tim Rayner says a real-time data in the PI market, writes Charles exchange can improve the speed, Manchester 66 Executive moves 055 REINSURANCE THE PRICING PUZZLE Rate increases have been piecemeal across the reinsurance sector, contributing to a confused pricing picture for the year to date that may only become clear at 1 January renewals, writes Rachel Dalton 0606 1-36_IQ Autumn 2019.indb 6 27/08/2019 17:40 REINSURANCE hile reinsurers have seen above-average cat losses, which property cat treaty were dashed for rate increases steadily reached $79bn according to Swiss the second year running. Overall, Wgaining momentum
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