At the 2023 RVS Monte Carlo event Reinsurance News spoke with NewRe CEO Thomas Braune about what areas of growth he hopes to see within NewRe over the next year.
“We have a strategy for property & casualty and profit, and our main focus is nat cat XL business and excess of loss business. We expect to further grow and we want to grow with our clients.
“In casualty we are more cautious as we have grown significantly over the past two years and now we will try to consolidate the portfolio which means we will work with our existing clients, but do not intend to add additional clients.”
Moving forward, Braune also explained that discussions at this year’s RVS event are “very similar to last year” as capacity remains very much the same to last year, as well as uncertainty surrounding the war in Ukraine and the topic of inflation remaining above normal levels.
He stated that last year’s discussions were very much a surprise, particularly with the war and high inflation and how the industry could react to it.
However, this year discussions seem to be in a much more “orderly way” and everybody seems to be expecting an “orderly renewal”, states Braune.
“The discussion starts again with capacity and the key questions for the clients and the brokers are really focused particularly around what capacity, what will you offer, and will you change your strategy?
“Then the second question is about prices and what the overall expectation is, as well as what our expectation is. And then, the third question centres around wordings, transparency and clarity.
“For capacity, in our case at least, we won’t reduce and we also have capacity to grow, but only for the right technical price. And the price must reflect all the future claims inflation. As for clarity, what we cover is very much connected to the wordings.
“There are still some unclear wordings which we need to specify and clarify. There is so much uncertainty around the world, so we as an industry should try to reduce the uncertainty where we can and take on risks responsibly which includes reducing uncertainty of the wordings.
“So these are the key discussions for us and not something totally new to our industry.”
