Q-Re reports strong growth in January renewals
Q-Re announced that it expects to write approximately $269m of property, casualty and speciality lines premiums from the January 1 renewals. On a constant foreign exchange basis, this volume represents an increase of 43% from the 2013 expiring renewable base of business. For the full year 2014 Q-Re expects to maintain momentum for strong growth following on from the successful expansion of its portfolio in the previous year.
Gunther Saacke, Q-Re Chief Executive Officer, commented: “We are pleased with the January renewals. Q-Re remains on track to building a strong global reinsurance franchise. Thanks to our in-depth technical know-how and specialty lines expertise, we continued to deliver against plan in a highly challenging and competitive market environment. Our underwriting teams managed to significantly increase our shares in profitable business and successfully established new client relationships. Q-Re also bolstered its presence in the Lloyd’s market through new participations. At the same time, we opted for significant reductions of renewed business in lines and territories where our profitability criteria were not met.”
Willi Schuerch, Q-Re Chief Underwriting Officer, added: “We recorded the fastest growth in North American property and credit and surety business as well as in the aviation segment where we basically started from scratch. Our more established specialty lines, in particular agriculture and casualty classes, also developed very favourably with growth of 20 to 30%. In these areas rates held up well, contrary to most other lines of business. We chose to shrink our international property catastrophe business by 10% while increasing marine premiums only slightly by 15%, as Q-Re remains committed to active portfolio management. In some lines such as marine declinature ratios of up to 70% were reflective of a continuously challenging environment.”
Dr. Schanz, Alms & Company AG
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