Also in the news at this week's Reinsurance Rendez-Vous
New brand for Willis
Willis Re has used the Reinsurance Rendez-Vous in Monte Carlo to launch a reinsurance brand. Chairman and chief executive Joe Plumeri said the new brand’s strapline, ‘Managing extremes’, reflected the changing risk climate.
Standard & Poor’s financial institutions rating services director Mark Coleman told delegates that an event on the scale of the 9/11 attacks or the 2005 hurricane season this year would be unlikely to lead to the same wave of start-up reinsurers sparked by those earlier disasters.
Munich ups rig coverage
Munich Re has proposed an insurance solution for oil rigs that could boost the third-party liability coverage available to US oil drilling operations to $20bn (£12.86bn). The German reinsurer’s proposal comes in response to the spill resulting from the Deepwater Horizon disaster in April.
Lawyer hands out advice
Reinsurance buyers should prepare legally for a soft market to ensure coverage when disputes arise, Clive O’Connell, head of commercial risk and reinsurance at law firm Barlow Lyde & Gilbert, told the Rendez-Vous. He said: “Documentation of evidence on deals done is vital. Make sure you have the ammunition should anything go awry.”
Lloyd’s regulation alert
Lloyd’s chief executive Richard Ward warned fellow global reinsurance markets that they must engage with regulators to ward off damaging reforms. Speaking at PricewaterhouseCoopers’ Rendez-Vous breakfast briefing, Ward urged the sector to ensure the industry is not unfairly and inappropriately hit by the new regulations.