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BMS Group Announces New Retrocessional Hire

BMS Group announced today it has appointed a new retrocessional expert to build out its existing BMS Re team, as part of its on-going growth strategy.

Glyn Hall, a former partner at Millers Insurance Services, will join BMS as Divisional Director of the BMS Re unit as soon as he is free of any contractual obligations. He will be based in the BMS London headquarters office.

Jonathan Morris, Managing Director, BMS Re, commented:

Glyn brings with him an impressive skill set and long-standing involvement in the retrocession market. We are delighted to welcome him to BMS and with his input we see the business going from strength to strength. His appointment reflects BMS’ continued commitment to investing in the best talent and willingness to capitalize on development opportunities in the market.”

PCI – Boom time in the ILW market

Stefano Nicolini, SVP BMS Retro, featured in the Reactions PCI Reporter discussing the industry loss warranty (ILW) business and the 1/1 renewals.

Stefano reported that the need for extra retrocessional cover has had a huge impact on the demand for ILW and overall will push up retro prices at January 2012. This alongside fears of the potential impact on pricing of the new RMS 11 catastrophe model and the Japanese earthquake has seen the popularity for buying ILW increase exponentially.

Click here for the full article on Page 5.

Baden Baden – Loss reporting debate

Jonathan Morris, Managing Director BMS Retro Team, raised the issue of delayed loss reporting on accurate pricing during an interview with Intelligent Insurer Magazine.

Jonathan discussed how the ‘loss reporting creep’ that is experienced after larger catastrophes, such as the Japanese earthquake, make it difficult to finalise pricing. When full loss figures are not reported until after the renewal season is completed, it can cause numerous problems and is likely to cause global reinsurance premiums to rise in 2012.

Click here for the full article page 2.

Retrocession carriers – Interview Baden Baden

Jonathan Morris, managing director of the BMS Retro team was interviewed by Insurance Day’s Chris Munro before heading off to the Baden Baden Conference.

Jonathan talked about how retrocessional reinsurers, in light of the catastrophe-heavy first quarter of 2011, will need to make clients understand that prices will need to increase to cover the losses. Although he advised that these increases should be spread gradually over a number of renewal seasons to ensure they do not force companies out of the market. Alongside these increases, Jonathan also referred to the considerable talk in the market about other available capacity to complete programmes from both traditional and non-traditional sources.

Please go to the Insurance Day website for the full article