OLDWICK, N.J.--(BUSINESS WIRE)--In this special A.M.BestTV wrap-up report from the International Cooperative and Mutual Insurance Federation’s (ICMIF) Meeting of Reinsurance Officials in Miami, mutual insurers explain how they obtain reinsurance coverage through shared reinsurance arrangements, and talk about new opportunities brought by insurance-linked securities (ILS).
On mutual teaming up to buy reinsurance, even if the individual companies are small, Robin Swindell, an executive vice president at Willis Re, said that for the reinsurers, it’s not that different from how they provide shared catastrophe cover for many multinational and regional insurance companies around the world. “Getting together in larger groups and benefiting from economies of scale is a lot about what the movement is there for,” said Swindell.
Clive O’Connell, a partner at Goldberg Segalla Global LLC, said size also isn’t a factor anymore when it comes to the insurance-linked securities market. “The ILS market is developing. In the past, if you wanted a cat bond, you had to go large,” said O’Connell. “Today, increasingly, even cat bonds are being provided by specialist providers and private ILS funds that can cater for smaller operations.”
People who appear in this episode include:
- James Kent, President, Willis Re North America;
- Peter Skinner, Member of European Parliament;
- Robin Swindell, Executive Vice President, Willis Re;
- Andrew Armitstead, Chief Executive Officer, United Independent Pools; and
- Clive O’Connell, Partner, Goldberg Segalla Global LLC.
Full-length interviews from the event also are available for viewing:
- Shaun Tarbuck, Chief Executive Officer, ICMIF: http://www.ambest.com/v.asp?v=tarbuck614
- Robin Swindell, Executive Vice President, Willis Re: http://www.ambest.com/v.asp?v=swindell614
Previous episodes from the ICMIF Meeting of Reinsurance Officials include:
- Global Mutual Insurers Flex Their Reinsurance Clout: Mutual insurers and reinsurers from around the world discuss catastrophe risks and how they are evolving. Other hot topics include cyber risk, the soft reinsurance market and Latin America growth: http://www.ambest.com/v.asp?v=moro614
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