JLT Re at the Monte Carlo Rendezvous 2009
20 September 2009
The January 2010 renewal season has began at the gathering of the industry's leading professionals at Monte Carlo earlier this month. Among the topics dominating the conversations were the recent mergers in the broking community and their impact on the rest of the industry.
The Aon/Benfield merger has created an opportunity for JLT Re to join the ranks of the top four reinsurance brokers, said Alistair Lockhart-Smith, JLT Re's Managing Director, in an interview to The Insurance Day [read the full article]. In an environment where the "noise generated by reinsurance underwriters over the direction of rates, especially in cat XL, threatens to obscure the real issues that concern cedants, … clients want to talk about their own accounts and not be treated as a commodity,” he said to the Reactions Magazine. “JLT Re has scale and we are the only viable alternative to the big three [Aon Benfield, Guy Carpenter and Willis Re] in that sense,” Alistair said. “But we are also specialists at heart and we take that with us when we deal with clients.”
The challenging trading environment, particularly in areas such as offshore energy in the Gulf of Mexico, will test brokers' product development skills, according to Alistair. In a further interview with the Insurance Day he said, "Reinsurers and insurers … don't like to see the reduction in income. This creates an intellectual challenge as to how we find some product to solve the problem." [read the full article]
Head of Communications & Marketing, JLT Re