In a recent interview with Reinsurance News, Louis de Segonzac, Chief Underwriting Officer (Americas) at MS Reinsurance, discussed the company’s strategic focus on expanding its presence in the Latin America (LatAm) market.
Segonzac explained that MS Reinsurance maintains a healthy appetite for business in the region, and intends to increase participation strategically.
“We will continue to restrain exclusive Property Cat relationships and will assess expansion opportunities where it makes sense,” he said.
As part of its strategy, MS Reinsurance has been closely monitoring market conditions. Segonzac commented that while the market has been stabilising following the 1/1 renewal, challenges still persist.
“Rates in Mexico have been slightly disappointing due to some cedants not adequately responding to post-loss scenarios,” Segonzac noted.
Moreover, Segonzac acknowledged broader issues impacting the insurance industry in LatAm. He highlighted the difficult decisions individuals face between maintaining their quality of life and investing in non-compulsory insurance.
Economic factors such as inflation also vary significantly across countries in LatAm. Segonzac stated, “MS Reinsurance has factored inflation into pricing for years but expresses greater concern about rising reconstruction costs and increasing legal awards, similar to concerns in the US market.”
Despite these challenges, MS Reinsurance maintains a consistent strategic outlook, prioritising client support across all lines of business in LatAm and the Caribbean.
Segonzac also shared insights from MS Reinsurance’s experience at the Miami Reinsurance Week 2024, which took place in mid-February, highlighting key takeaways from the event.
He described it as a successful event covering a wide range of topics, from pandemic and inflation discussions to current affairs such as natural disasters and political situations.
According to Segonzac, the primary focus of the event was on “the current situation in each client’s country, with a recurring theme of concerns about the challenges of replacing capacity, particularly following a catastrophic event.”
