Swiss Re Notes Successful Renewal Season

Swiss Re said its “continued focus on profitable underwriting achieved attractive rates in the January renewal,” even as the world’s second largest reinsurer’s premium volume decreased slightly by 2 percent.

CEO John Coomber commented: “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.”

Swiss Re said its “Property & Casualty Business Group renewed 68 percent of their traditional treaty portfolio in January. While total volume is expected to be down 2 percent compared to last year, the renewed business grew by 4 percent due to underlying growth in cedents’ portfolios and stable prices.” It also noted that “growth in Asia of 18 percent compensated for reduced volumes in the US where Swiss Re’s focus on underwriting quality led to the cancellation of some liability business.”

The company’s Financial Services Business Group renewed portfolio “represents 39 percent of their property, casualty and aviation business and 94 percent of the credit and surety business,” said the bulletin. “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 said it “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.”

Swiss Re is holding an analysts’ conference call today, February 14, at 14.00 CET [8:00 a.m. EST]. The call can be followed by telephone as follows:
Europe: +41 91 610 5605
UK: + 44 207 107 0613
US: +1 866 865 5144

Call in should be made at least 10 minutes prior to the start time. Slides for the analyst conference with further information on the renewals are available on the company’s website at: www.swissre.com. There will be an audio playback facility available on the website by 14 February 2005, 17:00 CET.