The 2004 Worldwide Reinsurance Awards, published by The Review magazine, have been announced at the Review Worldwide Reinsurance Awards ceremony in London.
California-based Risk Management Solutions, Inc. (RMS), a leading provider of products and services for the management of catastrophe risk, was named “Professional Service Provider of the Year.”
RMS noted that the “award goes to the company that has provided the best service to the global insurance and reinsurance industry during the past year, and is judged by an independent panel of six industry leaders. RMS was cited as having been at the forefront of innovation in the reinsurance industry, and was praised by judges for its commitment to strengthening industry standards, and for its efforts to improve exposure data quality through distribution of a free software application called the RMS(R) Data Wizard.”
Marsh & McLennan’s risk and reinsurance specialist Guy Carpenter & Company, Inc., was awarded the prize for Reinsurance Broking Team of the Year. The company noted that the award is given for “creative solutions and added value in the risk financing process.” Guy Carpenter was singled out by the panel of judges comprised of leading figures from the reinsurance industry for its work “on behalf of the Taiwan Residential Earthquake Insurance Pool (TREIP),” said a company bulletin.
“This award is evidence of our commitment to deploy the best of our global resources in order to provide our clients with creative and effective solutions to their risk management challenges. We are honored by the recognition from our peers,” commented Guy Carpenter’s Chairman & CEO Salvatore D. Zaffino.
Germany’s Hannover Re was named the “Reinsurance Company of the Year.” The company noted that this is the third time recently that it has been so honored. Last year the UK reinsurance trade magazine “Reactions” gave Hannover Re a similar ward, and The Review singled out the company in 1998 and 2001.
Hannover’s Re’s press release pointed out that Jason Groves, Editor of “The Review”, remarked: “The success story of Hannover Re has been its ability both to give its shareholders strong returns but also to enhance its market position.”
It also noted that “This award recognises the unparalleled performance of Hannover Re. In eleven consecutive quarters the company has impressed with excellent operating profits (EBIT) and after-tax results. The year-end closing for the 2003 financial year marked another high point in the success story of Hannover Re. Most strikingly, the company thereby convincingly demonstrated the further improvement in its market position relative to its competitors. The citation states that Hannover Re has been particularly successful in exploiting the opportunities offered by the hard market and has thus emerged as one of the major winners of recent years. “
The judging panel included distinguished figures from the reinsurance industry such as Clem Booth, CEO of Aon Re International, AIG’s reinsurance chief Chris Milton and Hans-Peter Gerhardt, CEO of Axa Re.