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This page contains a single entry from the blog posted on August 12, 2010 12:32 PM.

The previous post in this blog was Why the reinsurance world loves Switzerland.

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A little bit of a mis-communication?

I don't think its any secret that certain large reinsurers have been pumping a lot of money into Solvency II advisory operations.

They saw the opportunity to give a little bit extra to their clients (and of course make a bit more money on the side) by offering their own experts to medium to small clients for all their Solvency II based needs.

However, it seems there may have been a little bit of a miscommunication somewhere along the line. Whilst we're in silly season and everyone has gone to the beach for some pre-Monte Carlo sun, Reinsurance Towers has been busy talking to those same medium to small reinsurance buyers about their current concerns and whilst Solvency II ranks near the top of their lists, very few are looking for help from their reinsurers.

It would seem that these same large reinsurers may have ruffled a few feathers and set off a pride epidemic amongst buyers who are now saying Solvency II is something they would like to cope with on their own thank you very much.

"Yes, Solvency II is a big issue but we don't necessarily want to talk to our reinsurers on this as its something we want to be responsible for ourselves," said one buyer.

From the same buyers there was also many whines that reinsurers treat their clients like commodities. "We want them to value us rather than view us as a commodity," said one buyer. "We want them to spend time with us and take notice of what we do differently," added another.

So, maybe it's time for those large reinsurers to stop pumping the money in and start spending resources on getting to know their clients at bit better...

Reinsurance Towers are off to Cornwall to get in some serious beach time now so enjoy the rest of your week!


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