PartnerRe puts uncertainty behind it
It’s business as usual for PartnerRe after Covéa deal as CEO grasps stability.
Covéa’s acquisition of PartnerRe means the reinsurer can put a period of uncertainty behind it—something that cannot be said for many other reinsurers in a time of insecurity and volatility for the industry that could drive more consolidation.
That is the perspective of Jacques Bonneau, president and chief executive officer of PartnerRe since July 2020. He has just overseen the sale of the company to Covéa from EXOR, more than two years after a previous incarnation of the deal collapsed amid the uncertainty of the early days of COVID-19.
Bonneau plays down any notion that the past two years has been unsettling for the business—or its clients. But he does admit that the certainty the acquisition brings is welcome, and something not all other reinsurers have.
“The deal ends any speculation around the company being for sale, which is in contrast to the position a lot of other reinsurers find themselves in,” he told Monte Carlo Today. “There has to be a question mark in some other reinsurers, which sits not only with their employees, but also with their clients.
“We’ve put that behind us now and I feel very good about where we’re heading as a business; everything is pointing in the right direction. It’s business as usual now. I like where we’re positioned, and it’s now up to us to execute.”
Covéa’s $9 billion acquisition of the business closed on July 12, after almost two-and-a-half years since a first Memorandum of Understanding was signed in March 2020.
A sneak preview: more exclusive content and interviews inside
A sneak preview: more exclusive content and interviews inside
TigerRisk eyes ILS innovation to ease prop-cat capacity crisis
Finding innovative ways to transfer risk in other ways has become crucial as buyers plan their renewal
As cedants grapple with a shrinking pool of available (and affordable) property-catastrophe capacity from traditional reinsurers, the importance of finding innovative ways to transfer that risk in other ways, such as into the capital markets, has become crucial as buyers plan their renewal.
In what is increasingly becoming a perfect storm for insurers, working closely with a broker with strong links into this world has become invaluable.
This requirement for innovative solutions is driving a strong uptick in enquiries and deals bring done by the capital markets and advisory unit at TigerRisk Partners, as Jarad Madea, chief executive officer of TigerRisk Capital Markets and Advisory, and Bill Cooper, partner in TigerRisk Capital Markets & Advisory, explained to Monte Carlo Today.
