Mark Harrington, Barbican Staying close and personal


 supply and demand of reinsurance ahead of the January 1 renewals? We cannot ignore the fact that capacity is abundant and competitive in our traditional    will increase in territories that have sustained        the abundance of capacity local losses will only 


Why do cat losses now seem to impact pricing only in the local area or on loss-hit accounts? We have seen this happening for a number           rate increases being restricted to the affected region was following the Chile earthquake         environment did not have a knock-on effect on       is a continuing theme which, as I mentioned,                  insurers are no longer prepared to upset clients      that region following a loss in a completely 


There’s been a lot of talk about the  As much of this is focused on US  European reinsurance market? Over time, alternative capital will be more      number of territories have transparent data already, and the ability to use cat modelling  alternative market prefers the use of recognised cat modelling tools, and this will slow entry       for cat products in less developed areas has  underwriting techniques means another barrier  


Interview:


21.10.13 MONDAY


 


What is the value of being a Lloyd’s insurer in Europe? People associate Lloyd’s with continuity and  whether on the insurance or reinsurance side—  the Lloyd’s market needs to focus on measures             


Mark Harrington


“If there is an oversupply of capacity in one territory then providers will look for alternatives.”


of capacity in one territory then providers will       drawn to the more mature markets of Europe 


How are market dynamics impacting the underwriting cycle? Across the board, underwriting cycles aren’t         are still to see a proper ‘test case’, the general assumption is that the rapid change in market              happen now, due to the current capital cushion         insurers also now have a more educated position          years ago, and a better understanding of cycle 


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Tell me about Barbican Specialty, the new collateralised re/insurer that is being set up in Guernsey. Barbican Specialty Re has been set up to complement our Lloyd’s business and is aimed         traditional Lloyd’s environment—we want         approaching what we do in Guernsey on an ad hoc basis and have looked at some multi-year transactions as well as establishing sidecars for           


Are relationships and face-to-face negotiations still an important aspect of transacting reinsurance business in Europe?


Baden-Baden is still a very important event for meeting clients, and it helps set the tone   this as another good opportunity to meet our        to meet with our clients as well as receiving          is vital that you maintain a close, personal relationship with your clients based on regular meetings to ensure they are happy with the service they are receiving and that the solutions you deliver are still precisely mapped to their risk profile—the value of such face-to-face meetings cannot be 


DAY 1: Monday October 21 2013 | BADEN-BADEN TODAY | 9


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