Swiss Re�s continued focus on profitable underwriting achieved attractive rates in the January renewal. Premium volume decreased slightly by 2%.
14 Feb 2005 CET — John Coomber, Chief Executive Officer of Swiss Re comments, �Our successful renewal has demonstrated Swiss Re�s ability to maintain the quality of the business, not just in terms of prices but also in achieving better terms and conditions.�
Premium rates stable and attractive
Swiss Re�s Property & Casualty Business Group renewed 68% of their traditional treaty portfolio in January. While total volume is expected to be down 2% compared to last year, the renewed business grew by 4% due to underlying growth in cedents� portfolios and stable prices. Growth in Asia of 18% compensated for reduced volumes in the US where Swiss Re�s focus on underwriting quality led to the cancellation of some liability business.
Financial Services Business Group�s renewed portfolio represents 39% of their property, casualty and aviation business and 94% of the credit and surety business. Strict underwriting led to a volume decline of 3%, however, premium margins were maintained and Swiss Re further strengthened its leadership position in credit and surety.
Swiss Re remains committed to underwrite selectively and to deploy capital to the most attractive markets and products. The success of this latest renewal will lead to continued good results for Swiss Re in 2005.
For more informatoin about SwissRe visit the web site at www.swissre.com