Swiss Re consolidates acquisition
It’s been a good renewals season for Swiss Re, which has increased its non-life reinsurance portfolio by 14% over January.
The 2005 acquisition of General Electric’s reinsurance units seems to have been a success, as most clients have stuck with the new owner. The company says almost all of the growth this year has resulted from that takeover.
Head of Client Markets Michel Liès says market conditions remain favourable going into the second quarter of this year.
“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.”
Most of the growth took place in the Americas, as clients clamoured for increased catastrophe cover. Swiss Re’s overall premium level there grew 36% to CHF2.3 billion ($2.4 billion).
In Asia – where emerging markets dominate – Swiss Re’s business grew 22% to CHF985 million ($1.01 billion). And Swiss Re was also able to consolidate its position in Europe, pulling in 8% more premium revenue to reach CHF6.1 billion ($6.3 billion).
The 2005 acquisition of General Electric’s reinsurance units seems to have been a success, as most clients have stuck with the new owner. The company says almost all of the growth this year has resulted from that takeover.
Head of Client Markets Michel Liès says market conditions remain favourable going into the second quarter of this year.
“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.”
Most of the growth took place in the Americas, as clients clamoured for increased catastrophe cover. Swiss Re’s overall premium level there grew 36% to CHF2.3 billion ($2.4 billion).
In Asia – where emerging markets dominate – Swiss Re’s business grew 22% to CHF985 million ($1.01 billion). And Swiss Re was also able to consolidate its position in Europe, pulling in 8% more premium revenue to reach CHF6.1 billion ($6.3 billion).