“You’ll see the core aspects of risk taking across the organization whether you’re in Greenwich or Zurich. The way a PartnerRe underwriter looks at risk is probably more similar across our organization than any other reinsurer.”
“Risk management really starts for us at the interview process. Every employee has the opportunity to make a big impact, so it’s important that people not only have the proper risk assessment skills but also fit the culture.”
Skilled people and an appropriate culture
The people who put the strategy, methodologies and policies into practice are just as important as the framework. Our culture does not depend on “superstars,” nor is it a “tick-the-box” environment that discourages individual initiative. We aim to find a happy medium that allows our people the flexibility to use their talent and exercise decision-making responsibility within the framework described. The emphasis on balance between qualitative judgment and quantitative analysis is reflected in the skill sets of our employees. Our underwriters and investment managers work closely with actuaries and analysts when making risk-assumption decisions.
A notable feature of PartnerRe’s culture is a high level of understanding and engagement with the Company’s risk management approach. Regular, clear and open communication has helped to build a consistent risk management culture across our diverse organization. Our underwriters, actuaries and investment managers share a similar perspective on risk, and see the policies and processes not as obstacles, but as valuable tools to assist them as they balance the risk/return ratio of treaties and investments. At the same time, the Company’s return goals and compensation systems are designed to reward behavior that builds stable, long-term value, not just short-term profit.
We work hard to retain and develop our staff, nurturing future leaders with the same values as the present senior management, who will sustain our effective risk management culture as they move up through the organization. The continuity provided by good retention rates and internal succession also helps to ensure stability within our organization.
Stability through balance
Diversification, good governance, a sound and consistent technical framework, skilled people and an appropriate risk-management culture: it all adds up to a balanced approach to managing our business. That in turn ensures the long-term stability, which ultimately benefits our clients, our employees and our shareholders.