Swiss Re announced that it has “grown its non-life [P/C] reinsurance portfolio by CHF 1.3 billion [$1.04 billion] or 14 percent, 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, commented: “Market conditions remain very favorable. 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.”
Swiss Re noted that the “January renewal season accounts for 67 percent 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 [$8.25 billion].”
The reinsurer’s European premiums grew by 8 percent to CHF 6.1 billion ($4.88 billion). The bulletin noted that the slower growth was “due to clients retaining more of their own business,” but Swiss Re also noted that this was “more than offset by the growth from Insurance Solutions.”
U.S. renewals were “dominated by strong demand for catastrophe capacity,” said the bulletin. “Swiss Re’s overall premiums in the Americas grew strongly to CHF 2.3 billion [$1.84 billion], up 36 percent.
“In Asia, where the January renewal is primarily in the emerging markets, Swiss Re achieved growth of 22 percent, with premiums of CHF 985 million [$788 million].
“Swiss Re was also able to further consolidate its leading position in credit and surety business, growing the portfolio 3 percent to premiums of CHF 965 million [$772 million].”
Overall the world’s largest reinsurer said it had retained “70 percent 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 percent or CHF 2.0 billion [$1.6 billion] of non-life premiums have been successfully renewed on improved pricing and Swiss Re’s strong terms and conditions.”
Swiss Re will hold an analysts’ conference call today, Feb. 13, at 15.00 CET. Media can dial-in. The conference call can be followed by telephone on:
Europe (without UK): +41 91 610 5605
UK: +44 207 107 0613
USA: +1 866 865 5144
Please call at least 10 minutes prior to the start time.