In an industry characterized by ups and downs, how do reinsurers hold a steady course and ensure that their people make the right decisions on a daily basis to achieve success over the long term?
With a softening reinsurance market and an ongoing credit crisis in the financial markets, it would hardly be surprising if stakeholders in these industries felt a sense of insecurity. Now, more than ever, clients, employees and investors should be looking for evidence of financial strength and long-term stability in their reinsurer.
To preserve a reinsurer’s consistency and continuity, a company must be well managed. A well-managed company is thoughtful, transparent and respectful of its people, with clear decision-making processes and compensation systems that are aligned with the interests of shareholders and reward the right behaviors.
Consistency of approach and continuity of management are essential to our long-term success. We aspire to be a well-managed company, which means we seek to avoid volatility and instability in our human capital as well as our financial capital. Through transparent communication of the Company’s values, strategy and goals, our leaders of tomorrow are compatible with and supportive of our vision for the future.
Dick Sanford
Head of Specialty Casualty, U.S.
Laurie Desmet
Chief Accounting Officer, Group
Kurt Angst
Head of Specialty Lines, Global
Dennis Giannos
Head of Standard Lines, U.S.
Stephan Winands
Chief Financial Officer, Global
Every reinsurer’s nightmare is the rogue underwriter writing poor risks without the company’s knowledge. How do we ensure that doesn’t happen? In a well-managed company, risk taking is supported through appropriate governance. This includes a clearly articulated risk management framework that is fully integrated into the company’s policies and processes.
Finally, there cannot be a reliance on any one person, or a handful of people at the top. A company’s culture should transcend its senior management, and be institutionalized at all levels. This is achieved through a common understanding and belief in the company’s strategy and goals. There must be transparency from the top of the organization right through to the people making the individual transactional decisions. Next >