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GKG demise changes German buying habits.
(From Insurance Day)
Byline: Adrian Ladbury
THE demise of the Gerling group's reinsurance operation GKG has caused a radical restructuring of the German reinsurance-buying scene and opened up opportunities for previously excluded players, according to Martin Kauer, chief financial officer of Converium, the Swiss and US-listed reinsurer.
Mr Kauer said that the fall of GKG and other partial withdrawals had prompted a sea-change in the buying habits of German insurance companies at the last annual renewal round in Baden-Baden and that is set to continue this year.
Converium this week published its second quarter figures which showed a sharp increase in German business. Net premiums written in Germany during the first half of this year increased by 41.1% from $10.9m last year to $15.4m so far this year. A new concern over counter-party credit risk and a sharp realisation of the danger of placing all one's reinsurance eggs in one basket has led to a new approach among German insurance companies, says Mr Kauer. The demise of GKG, which is going into run-off, hastened this trend, he said.
"The fall of Gerling's reinsurance arm opened opportunities in Germany which were not open before. In ...
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