Reinsurers are seeking niche risks
 The pressure to underwrite more premium income to cover losses from the first half of the year but without reducing rates means reinsurers are increasingly open to writing new business in niche areas and from previously under-developed markets.
That is the view of Andrew HINDS, Director of Reinsurance in the international division of the broker BESSO LIMITED. HINDS is charged with growing the international reinsurance portfolio of the broker, which represents just 20% of its global business at present and he says reinsurers are particularly keen to explore some of more specialist business BESSO can offer.
"Reinsurers are trying to find ways to secure new premium income and that suits our strategy", HINDS says.
"We like to develop new opportunities rather than just shift business around and reinsurers appreciate that. They need to be writing premium income but they cannot secure more business simply by cutting rates. That makes them more flexible and open to opportunities in more niche and sometimes challenging business areas".
The headquarters of BESSO's international division are in London, but it also boasts offices in Turkey and the Ukraine and is in the process of forming operations in several other global locations.
Author: Vlad BOLDIJAR
on 26.10.2011
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