A.M. BestTV: The Rendez-Vous Conference - Reinsurers Struggle With Terms and Conditions; Executive Interviews

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FOR IMMEDIATE RELEASE

OLDWICK - SEPTEMBER 18, 2014 04:27 PM (EDT)
In this ^A.M. BestTV episode, on location from the last day of the Rendez-Vous de Septembre reinsurance conference in Monte Carlo, conference attendees focus on competition, as some warn it is more than about price, since some reinsurers are offering broader coverage and more generous terms and conditions, which could lead to problems.

Franz-Josef Hahn, chief executive officer of Peak Reinsurance Company Limited, spoke about the price concerns. "After a crisis, the price of a product can be changed very quickly; however, to change the conditions that led to that crisis is very difficult," said Hahn.

Partrick Hartigan, reinsurance underwriter at Beazley said that, "our company is concentrating on terms and conditions and offering wider products, such as terrorism, cyber and extended hour clauses, in order to center on attendees' concerns."

Mike Krefta, chief underwriting officer at Hiscox Re, said he believes that underpriced business and unclear contract wording can lead to so many difficulties between the buyer and seller that in the end, "only the attorneys win." However, Stephen Netherway, partner and head of insurance sector group at CMS Cameron McKenna, offers another perspective. "All of this is really a result of the soft market, and reinsurers have to observe what competitors are doing, since broader coverage comes with a soft market," said Netherway.

Click on http://www.ambest.com/v.asp?v=rvs14day4 to view the video program.

Full-length interviews are available as well. Go to http://www.ambest.tv/montecarlo to see new interviews throughout the conference. Interviews conducted thus far include:

• Albert Benchimol, chief executive officer, Axis Capital Holdings: http://www.ambest.com/v.asp?v=benchimol914.


• John Tan, group chief executive, ACR Capital Holdings: http://www.ambest.com/v.asp?v=tan914.


• Arthur Wightman, leader of Bermuda insurance and reinsurance industry, PwC (Bermuda): http://www.ambest.com/v.asp?v=wightman914.


• David Flandro, global head of strategic advisory, JLT Re: http://www.ambest.com/v.asp?v=flandro914.


• Clive O'Connell, partner, Goldberg Segalla: http://www.ambest.com/v.asp?v=oconnell914.


• Bryan Joseph, global head of actuarial, PwC: http://www.ambest.com/v.asp?v=joseph914.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

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