Every September the global reinsurance community meets in Monte Carlo and this year the talk of the town was Brexit (given the looming deadline of 31 October), The Insurer’s black cab, Sir Philip Green in the Sass Café, rain on Tuesday, and – of course – the legacy market. The Insurance Insider’s commentary on the battle between Compre and Premia Re over Charles Taylor’s Lloyd’s managing agency and its Standard Syndicate 1884 was a particular highlight.

Lloyd’s is certainly an attractive market for legacy players. Given its continued focus on improving underwriting performance, some syndicates have discontinued poorly performing lines of business, while others have been shifted into run-off in their entirety. As the quest for ‘discipline’ continues, Reinsurance to Close opportunities are likely to be on the rise over the next few years.

Maintaining a strong reputation is key in the Lloyd’s market. We hope the reputation Compre has built in Europe will position us well for the future at Lloyd’s. Having closed transactions with the likes of Allianz, Generali, Hannover Re, and Swiss Re, we are trusted to manage portfolios underwritten by blue-chip, global re/insurers and to protect the interests of their policyholders.

Generally, Monte Carlo remains an opportunity to see old friends and make new ones in the market. The acceptance of the legacy market at this global industry event is evidence of the true integration of legacy into the insurance cycle. Managing capital and the operational efficiency of prior year liabilities positions re/insurers well for future growth (whether at Lloyd’s or elsewhere), – digitisation was a theme from Munich Re this year; cyber was a hot topic, as well as capital markets convergence and ILS. Insurers constantly need to invest for growth and the legacy market plays an active and increasingly important and prominent role in optimising efficiency

I’m heading next to Bermuda to speak on a panel at Convergence 2019: “Developments in the Legacy Market and its relevance to ILS”.