GE Insurance Solutions says it secured nearly $1.5 billion of property and casualty reinsurance business in the recently-completed January 1 renewal season.
The GE Insurance Solutions team added 62 new reinsurance treaty clients and $149 million in new business premiums, a 14% increase in new business over the 2005 renewal season.
The companies renewed more than $1.3 billion of their property and casualty reinsurance business, an 86% retention rate.
Our clients have been supportive of our strategy, our focus on underwriting rigor and the proposed sale of GE Insurance Solutions to Swiss Re, said Ron Pressman, chairman, president and CEO of GE Insurance Solutions. We are very pleased with the success of this renewal season and the vote of confidence given us by our clients around the world.
Renewals were strongest in North America with a 90% retention rate and premiums of $600 million. The global markets and continental European teams had somewhat lower retention rates of 82% and 86% respectively.
The January 1 renewal season is important for reinsurers because many clients update their annual agreements effective on that date. About 50% of GE Insurance Solutions’ property and casualty reinsurance premiums renew on January 1.