Comment - Security muscles to the top.

(From Reinsurance)

Byline: Henry Keeling, chief executive of reinsurance operations, XL Capital.

Why, you may ask, has the chief executive of a reputable reinsurer suddenly burst into print? I must confess, I began asking myself this very question after Reinsurance approached me to write this column.

The truth is, I did have some reservations but not many and even those quickly evaporated when I realised that the view from my particular perch is not only often missing from much of the debate that takes place in our industry, but occasionally misrepresented too!

So here goes! And what better time to begin than now, as we edge nervously towards the start of the 31 December renewal season?

Traditionally, the Monte Carlo Rendez-Vous is the launch pad for information that will be cascaded into an increasingly frenetic (and often severely and detrimentally delayed) year-end renewal season. That being the case, I think we will see a difference in the tone of discussion and debate in the cocktail lounges of Monte Carlo this year, with the subject of financial security knocking pricing off the top spot.

Of course, pricing will always be on the table, and it is an integral part of the debate over the quality and adequacy of reinsurance capacity, but financial security is the single most pressing issue that currently faces the reinsurance industry.