Bermuda
Endurance is now an established and sizeable player on Bermuda. But according to David Cash, chief executive officer of Endurance, growth on the Island, as well as in the US and international markets where the company operates, is a key focus.
“One way to expand in Bermuda would be through greater access to capital,”
he says, “which in turn would support future growth of our reinsurance underwriting. Because the Bermuda reinsurance business is primarily focused on catastrophe risk, which by its very nature is volatile, it consumes a lot of capital from a rating agency perspective. Therefore, we have been expanding the number of capital partnerships we have in place to position ourselves for the future.”
The company already works with non-Bermuda reinsurers which support it
with additional capital. It has also used capital markets tools such as cat bonds. “Going forward, we are looking at using sidecars as well,” says Cash.
EVEREST RE 2011
Gross premiums written
Net premiums written
Net income 4,300 4,108 -80
Combined ratio 118.5% (Claims ratio: 90.9%, Expense ratio: 27.6%)
Return on average common equity
-1.4%
FLAGSTONE RE 2011 789.7
Gross premiums written
Net premiums written
Net income 558.4 -326
Combined ratio 153.6% (Claims ratio: 118.4%, Expense ratio: 35.2%)
Return on average common equity
-29%
2010 819.5
668.7 97
99.9% (Claims ratio: 62.4%, Expense ratio: 37.5%)
8.5%
2009 988
792 242
74.7% (Claims ratio: 37.3%, Expense ratio: 37.4%)
19.9% After careful analysis of its underwriting strategy, Flagstone Re now intends
2010 4,200
3,945 610.8
102.8% (Claims ratio: 74.9%, Expense ratio: 27.9%)
10.4%
2009 4,129
3,930 807
89.1% (Claims ratio: 61%, Expense ratio: 28.1%)
14.8% For Everest Re, 2011 catastrophe losses have generated meaningful market
price corrections, which continued through January renewals, according to the company’s chairman and chief executive officer, Joseph Taranto.
Commenting on Everest Re’s full year results, he said: “In order to fully
realise these benefits in 2012 we have taken a cautious approach to reserving for these events as we close the year.
“Despite these charges our surplus is expected to remain relatively
unchanged for the quarter, which positions us well for 2012. We are extremely pleased with our current portfolio and anticipate strong earnings in 2012.”
to concentrate primarily on its property and property-catastrophe business, as well as its highest margin short-tail speciality lines of reinsurance business. In addition, the company intends to adjust its geographic diversification in order to decrease the threat of frequency risk. Flagstone Re believes that these initiatives will significantly lower its underwriting leverage.
Commenting on the company’s new strategic direction in October 2011,
David Brown, chief executive of Flagstone Re, said: “We believe this business realignment will result in a more nimble, cost-effective, and opportunistic structure, allowing the company to react quickly to market changes. These changes will not affect our strong technical, analytical focus and we will continue to provide exemplary service for our clients.
“Moving forward, our underwriting strategy will focus on our highly successful property and property-catastrophe units, leveraging existing strengths to improve performance and move Flagstone back to having one of the most competitive combined ratios in the market.”
HANNOVER RE GROUP 2011
2010
Gross premiums written
Net premiums written
Net income
“In order to fully realise these benefits in 2012 we have taken a cautious approach to reserving for these events as we close the year.”
20 | INTELLIGENT INSURER | Spring 2012 15,660 14,275 785.0
Combined ratio 104.3% (Claims ratio: 78.7%, Expense ratio: 25.6%)
Return on average common equity
FX 12.8% €1/$1.2946 15,146 13,652 992.6
98.2% (Claims ratio: 71.6%, Expense ratio: 26.6%)
18.2% €1/$1.3254
2009 14,728 13,640 1,051.8
96.6% (Claims ratio: 72.3%, Expense ratio: 24.3%)
22.4% €1/$1.4336
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