1asig.ro
 About us  Contact  Site Map   Login   


Search
HomeInsurance marketEventsPublicationsXPRIMM TV  
 News 
 FSA 
 Insurers 
 Insurance Brokers 
 Interview of the week 










Interview of the week

Archive

STELLAR Re, management team, STELLAR Re


The 2010 review, the evolution of prices and the trends on the international reinsurance market are presented in an exclusive interview with the Management team of the reinsurance broker STELLAR Re: Peter AUBREY-SMITH, Chairman, STELLAR Re Intermediaries, Inc. Denisa DUMITRU, President, STELLAR Re Intermediaries, and CEO, STELLAR Re Europe Cristina IGNAT, Deputy Manager, STELLAR Re Europe

The 2010 review, the evolution of prices and the trends on the international reinsurance market are presented in an exclusive interview with the Management team of the reinsurance broker STELLAR Re:
Peter AUBREY-SMITH, Chairman, STELLAR Re Intermediaries, Inc.
Denisa DUMITRU, President, STELLAR Re Intermediaries, and CEO, STELLAR Re Europe
Cristina IGNAT, Deputy Manager, STELLAR Re Europe

XPRIMM: Can you tell us your opinion about the Baden-Baden Meetings and their role? What do you see different in Baden-Baden in 2010 compared to the previous years?
Peter AUBREY-SMITH:
The Baden-Baden Meetings represent an opportunity for insurers, reinsurers and intermediaries to get together and start discussing the renewals for next year. These meetings have been taking place for several decades, they first started off as the "German marine insurers meeting", many, years ago, but over time this event developed into an insurance conference. This was a very convenient place for marine insurers to meet with their reinsurers, but the marine element was lost once the marine union dissolved and stopped meeting here; however, reinsurers continued to come. This place is just a very convenient central position for European insurers and reinsurers to meet.

Denisa DUMITRU: From my point of view, taking into account that I have been participating in Baden-Baden for 10-15 years, I see now great enthusiasm, as people believe that this year the market will do better and not necessarily due to a possible increase in insurance premiums. Everyone is sure that things are now much better than in the previous years.
Most participants in Baden-Baden are our customers and cooperation with them is going very well, so we have both a business relationship and a friendship.

XPRIMM: Can you summarize the events on the profile market in 2010, taking into account both the positive and the negative aspects? How do you think the negotiations between reinsurers and cedents will take place this year?
Peter AUBREY-SMITH:
I think it was generally a good year, there where no major catastrophes, besides the oil rig explosion in the Gulf of Mexico and the earthquake in Chile, and even though these were very large catastrophes, they did not disrupt the reinsurance market to an extent that will determine a raise in prices. I believe that all acknowledge the fact that there is an excess of capacity on the market and this drives rates down. I believe we didn't have a big enough loss yet to really change that situation. Either we will have a big loss or companies will eventually erode and it is unfortunate that this is the only way change will be determined.
Regarding the evolution of prices, it is hard for me to express an oppinion.
We will either be witnessing a slight erosion of the prices or maybe just see them stay at the same level.

Cristina IGNAT: Probably the trend will be like in the previous years, reinsurers try to maintain the price or even increase it, depending on cedents results, and the outcome depends on what the two parties can accept: what the cedent can pay for the reinsurance capacity, depending on the portfolio held and on the results of the previous year, on one hand, and what the reinsurer can provide, on the other hand.

XPRIMM: What do you think is the biggest problem faced by the reinsurance market?
Peter AUBREY-SMITH:
I would have to say prices. We need to keep prices up to maintain stability, but on the other hand all reinsurers face stiff competition from their competitors, which forces them to lower the prices.

XPRIMM: Although the year is not over yet, can you tell us how you see the 2010 results of STELLAR Re? What are your company's plans for the next period?
Peter AUBREY-SMITH:
It has been a good year for STELLAR Re. As a matter of fact, we participated to the negotiation of the reinsurace program of PAID, we are the broker with the largest share and the placement of that program has brought great success to our company. When we first started the company, a major point of focus was the Romanian market, while CEE was our secondary target. I think we are pretty well established in the Romanian market now and we are undergoing a process of further development in the CEE, as well as in the Central Asia market.

Cristina IGNAT: The Central Asia area is really interesting in terms of potential, in the sense that there was no real insurance penetration in that market and, if educating the population, the potential will be very high. At the same time, it will probably take a while until we get a significant result - it is a long term process. Mentalities are different, even within the region, from country to country.

XPRIMM: What does the Romanian Evening organized by STELLAR Re in Baden-Baden represent and what is the importance of this event?
Denisa DUMITRU:
The Romanian Evening had the purpose of bringing together representatives of the Romanian market, giving them the opportunity to work in an informal environment. When we organized the first Romanian Evening, 15 years ago, there was a certain reluctance among the participants in discussing problems and objectives of the Romanian market, a reluctance which, fortunately, does no longer exist in the present.

| Published on 17.11.2010






















Copyright 2021 (c) 1asig.ro
powered by Media XPRIMM