The move, which will occur during September 2022, is in-line with parent company MD&AD’s commitment to forming a globally diversified reinsurer and will see MS Reinsurance clients continue to benefit from the group’s balance sheet strength and diversified portfolio.
In a Press release, the group noted that the name change is part of a broader business transformation project. MS Reinsurance will continue to offer its existing suite of global products and will also evaluate opportunities to expand the scope of its business operations on an ongoing basis.
MS Reinsurance will continue to operate from its established platforms in Zurich, Bermuda, Miami and its newly opened New York office. Its target operating model will serve markets and segmented client groups with bespoke delivery models, furthering its ability to optimise its reinsurance solutions and enhance the ease of doing business for clients and brokers.
In addition to MS Reinsurance, which solely underwrites reinsurance risks, other units within the MS&AD group will continue to write reinsurance business in line with their strategy and risk appetite.
Commenting on the move, CEO of MS Reinsurance Robert Wiest highlighted that the landscape in which the business operates had significantly changed in the last few years and said he was excited to be part of a business with the capacity and appetite for continued evolution.
“Unified under our new name and with a clear overarching vision to become a world-class global reinsurance platform, the underwriting expertise and specialism across our business enables both our team and clients to reach their full potential and ultimately achieve success,” he said. “As we continue our transformation journey as MS Reinsurance, our business remains underpinned by fruitful long-term relationships, local expertise across global markets and an unparalleled ability to provide flexible client solutions through the agility of our operations. I am greatly looking forward to this new chapter of strategic and sustainable growth.”
Tamaki Kawate, director and senior executive officer, head of international business for Mitsui Sumitomo Insurance also commented on the rebrand and said the group was delighted to see MS Reinsurance near this strategic milestone, allowing the business to clearly define itself as a company focused on reinsurance solutions.
“MS Reinsurance will continue to grow as an ambitious, client-focused reinsurer with a pragmatic and efficient approach,” he added. “This rebrand represents the next step in MS Reinsurance’s evolution, and we are fully committed to continuing to support its ongoing journey.”
