Strategic creativity the only way to solve complex challenges
A broader approach to thinking about the different groups within the firm could provide value to clients and those areas that are the most supply and demand-imbalanced, says Howden Tiger head.
“In a challenging market, the way you solved problems last year isn’t necessarily available to you this year; you need to be creative. If you simply apply last year’s strategy to this year’s challenge, it’s going to fail.
“Creativity involves new reinsurers, different structures—and being open to ideas, finding a different way to solve problems each year.”
Tim Ronda, president of Howden Tiger, wants to help clients solve problems. This means, he argues, that creativity and innovation must now be crucial elements of the broker’s strategy. He is an advocate for finding new ways to solve problems for the clients of what is now the fourth largest global reinsurance broker.
“Any time you have a complex problem, there isn’t just one way to try and solve the problem, you have to solve it in 10 different ways,” he says.
The company certainly has more options at its disposal these days. The Howden Group acquisition of TigerRisk Partners for around $1.6 billion completed on January 9, 2023, created a new force in the industry. And, as the integration of the two companies roars ahead, Ronda says the company still has big growth plans.
“The integration is going well, it’s a relatively easy one to work through because it’s all about adding capability, rather than reducing expenses,” he says.
A sneak preview: more exclusive content and interviews inside
A sneak preview: more exclusive content and interviews inside
Cedants seek to bolster panels after 1/1 dislocation: Everest Re
Cedants are having to agree to multiple versions of terms and conditions to secure the capacity they need.
While the run up to the 2023 year-end renewal should be smoother than last year’s, dislocations still exist in the market, with cedants often having to agree to multiple versions of terms and conditions with different reinsurers to secure the capacity they need. Ironing out such issues could be a priority this year as some cedants try to build out their reinsurance panels and increase their overall security.
That is the opinion of Jill Beggs, head of North America Reinsurance, Everest Re, speaking to Monte Carlo Today. She says that the ethos of the subscription market, where a panel of reinsurers share a risk and participate on the same terms and conditions, has all but disappeared since the last year-end renewal, which was very late, highly challenging and dislocated.