13 Feb 2007 – Swiss Re has grown its non-life reinsurance portfolio by CHF 1.3 billion or 14%, which reflects successful renewals of business acquired through the acquisition of Insurance Solutions combined with Swiss Re’s continued focus on underwriting quality.
Michel Liès, Head of Client Markets, comments: “Market conditions remain very favourable. Swiss Re enjoys a leading position in this attractive environment with a focus on delivering economic profits, targeting better-than-average pricing and terms and conditions.”
The January renewal season accounts for 67% of the traditional treaty portfolio of Swiss Re and the former Insurance Solutions. Across the combined portfolio, total premium volume grew to CHF 10.3 billion.
In Europe Swiss Re’s premiums grew by 8% to CHF 6.1 billion. Lower volumes due to clients retaining more of their own business in this renewal were more than offset by the growth from Insurance Solutions. The American renewal was dominated by strong demand for catastrophe capacity. Swiss Re’s overall premiums in the Americas grew strongly to CHF 2.3 billion, up 36%. In Asia, where the January renewal is primarily in the emerging markets, Swiss Re achieved growth of 22%, with premiums of CHF 985 million. Swiss Re was also able to further consolidate its leading position in credit and surety business, growing the portfolio 3% to premiums of CHF 965 million.
Overall Swiss Re retained 70% of Insurance Solutions non-life treaty business in the January renewals. Since Swiss Re’s acquisition of Insurance Solutions in June of last year, 75% or CHF 2.0 billion of non-life premiums have been successfully renewed on improved pricing and Swiss Re’s strong terms and conditions.
Swiss Re
Swiss Re is the world’s leading and most diversified global reinsurer. The company operates through offices in over 30 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “AA-” by Standard & Poor’s, “Aa2” by Moody’s and “A+” by A.M. Best. www.swissre.com
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