The legacy and run-off market represents a dynamic and evolving sector where companies manage and transfer insurance policies that are no longer actively marketed, focusing on claims management and settlement until all liabilities are resolved.
The global non-life run-off market is substantial, with estimated reserves exceeding EUR 933.5 billion. Europe alone holds reserves of EUR 321 billion as of 2023, with Germany and Switzerland contributing EUR 127.8 billion. General Liability, Motor, and Financial & Professional Liability are the most attractive lines of business (LOBs) in this sector. There is a strong pipeline for 2024 and beyond, driven by proactive claims management, which is a key value creation aspect in managing non-life run-off business.
The European market shows significant potential for growth. As more live insurers increase their legacy reserves on balance sheets, external run-off deal handling is becoming an increasingly appealing option.
Innovative technologies, such as Artificial Intelligence (AI), are ever more crucial in the legacy sector, especially in claims processing and settlement. Additionally, changes to Solvency II will require run-off firms to navigate divergent regulatory and compliance requirements in cross-border transactions.
As a specialized reinsurance broker, Genillard & Co provide comprehensive solutions to help insurers manage their legacy and run-off portfolios efficiently.
1. Risk Transfer Solutions: We facilitate the transfer of risk through strategic reinsurance arrangements.
2. Market Access: With our extensive network, we connect insurers with top-tier reinsurers, ensuring optimal terms and conditions.
3. Strategic Advisory: We offer expert advisory services to navigate the complexities of the legacy market.
4. Claims Management Support: We focus on efficient claims handling to maximize value and minimize costs.
For more information, please visit our Reinsurance Services & Risk Management page or contact us.