Following its first year of reinsurance activities, Ageas Re has reflected on 2023 and what it describes as an overwhelming market response to its offerings.
Initially focusing on property insurance, Ageas Re says that it is now poised to diversify, with a particular emphasis on expanding into the casualty sector, specifically in motor third-party liability reinsurance.
The year 2023 also marked a period of both hurdles and prospects for Ageas Re. Navigating the annual reinsurance renewal process presented challenges due to the prevailing hard market conditions.
However, as a reinsurance provider, Ageas Re explained that it capitalized on market dislocations at the start of the year, thanks to its rapid mobilization of a dedicated team for renewals. The firm’s foundation, backed by the Ageas Group’s balance sheet and ratings, facilitated its acceptance as a credible new market participant.
Ageas Re also described its market entry as timely, meeting a demand for new capacity. The company successfully secured the maximum allocation for nearly all programs in its target portfolio for 2023.
Transitioning from an internal reinsurer to a market-facing seller also required Ageas Re to adopt a “startup” mindset, despite being a segment of the larger Ageas corporate structure. This shift necessitated new personnel, processes, and infrastructure, including establishing a new office in Zurich, it stated.
Throughout 2023, Ageas Re focused on assembling a top-tier team, benefiting from the industry trend of reinsurers scaling back or exiting the market. This allowed Ageas Re to attract talent from globally renowned reinsurers and a complete team from a local Belgian reinsurer.
With a workforce now comprising approximately 32 individuals covering essential front and middle office functions, fully supported by the Ageas Group, Ageas Re said that it has surpassed its initial expectations.
Looking ahead to 2024, Ageas Re aims to achieve a more balanced portfolio between property and casualty lines.
“I am extremely proud of the achievements of a great team, and the breathtaking success they have had in such a short timeframe in establishing Ageas Re as a trusted long-term partner for brokers and clients around the world,” Ageas Re CEO Joachim Racz said.
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