A.M. BestTV at ICMIF Meeting of Reinsurance Officials: Mutual insurers form tight bonds with reinsurers

Friday, 11 May 2018

In this A.M.BestTV episode from the Meeting of Reinsurance Officials (MORO) conference in Montreal last month, a panel of insurance and reinsurance executives discuss the increasing role reinsurance is playing in how insurers, particularly mutual insurers, are managing their risks. Click here to view the entire programme.

The panellists spoke about the role of mutual insurers in the 21st century.

“Technology is helping mutual companies grow and expand their product offerings. Technology has given mutuals the capital and stability to actually take additional risks,” said Samuel Broomer, Executive Vice President & Chief Operating Officer, Berkley Re Solutions.

“Mutuals have the ability to take a more long-term view than stock companies and reinsurance has the capacity that allows them to take that view,” said Geoff Lubert, Executive Vice President & Managing Director of Willis Re Canada.

Steve Johnston, Director, Reinsurance at ICMIF member company The Co-operators (Canada), highlighted the responsibility each company has to its member policyholders.

Johnston said, “It is about protecting our policyholders, being there for them when they need us the most, and when they do mutuals and cooperative reinsurance provides the solution to that problem.”

Also appearing in this episode:

  • Andreas Beckmann, Chief Underwriting Officer and Director, R+V Versicherung AG (Germany); and
  • Apundeep Lamba, Vice President, Corporate Actuarial & Reinsurance Services, The Co-operators.

For full video coverage from the ICMIF MORO Conference, including exclusive executive interviews, visit http://www.ambest.tv/moro18.

This article has been adapted from an original post from A.M. Best, one of ICMIF's Supporting Members. This is reproduced with the permission of the original author. Our thanks to A.M. Best.

Other recent episodes of A.M.BestTV from the Meeting of Reinsurance Officials include:

  • Growing global protectionism undermines reinsurance: At the MORO conference, insurers and industry leaders said nations that restrict cross-border insurance, manipulate interest rates and react to disasters with short-sighted solutions are limiting insurers’ ability to provide a full range of risk solutions: http://www.ambest.com/v.asp?v=moro2418 .
  • Mutuals on reinsurance rates: What can’t be sustained, won’t be, says expert panel: At the MORO conference, a panel of insurers, reinsurers and brokers said 2017’s catastrophes brought temporary uncertainty to the market, but there’s been little slowdown in reinsurers’ pricing wars: http://www.ambest.com/v.asp?v=moro1418 .