The four European reinsurers all said that they do not see the alternative capital entering the reinsurance market as a threat, noting it is currently limited to a small proportion of their business.
"We look seriously at this development but it has only a marginal impact on Munich Re, and the same is probably true for most diversified reinsurers", said Torsten Jeworrek, Munich Re Board Member, at the company's press conference in Monte Carlo.
Both Swiss Re and SCOR announced moves to write more US casualty reinsurance. Swiss Re is positioning itself for an expected turn around in reinsurance pricing. At its press conference in Monte Carlo the reinsurer said that it was now pursuing controlled growth in anticipation of rising rates in the next few years.
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