Merger increases Swiss Re’s non-life portfolio by 14%

Swiss Re’s non-life insurance portfolio grew 14% as a result of renewals of business acquired through the purchase of Insurance Solutions. The increase works out to CHF1.3 billion [about Cdn$1.2 billion].

The January renewal season accounts for 67% of the traditional treaty portfolio of Swiss Re and the former Insurance Solutions.

Across the combined portfolio, total premium volume grew to CHF10.3 billion [approximately Cdn$9.63 billion].

The American renewal was dominated by strong demand for catastrophe capacity, a Swiss Re release says.

Overall premiums in the Americas grew to CHF2.3 billion [about Cdn$2.15 billion], an increase of 36%.

Swiss Re retained 70% of Insurance Solutions non-life treaty business in the January renewals.

“Market conditions remain very favourable,” Michel Lies, head of client markets at Swiss Re, said in a statement. “Swiss Re enjoys a leading position in this attractive environment, with a focus on delivering economic profits, targeting better-than-average pricing and terms and conditions.”