Swiss Re said today that it grew its non-life reinsurance portfolio by 14 percent during the Jan. 1 renewal season.

Michel Lies, head of client markets, said that market conditions remain very favorable with "better than average pricing and terms and conditions."

The January renewal season accounts for 67 percent of the traditional reinsurance treaty portfolio of Swiss Re and the former Insurance Solutions, which the Swiss company acquired last year from General Electric.

Across the combined portfolio, total premium volume grew to $8.2 billion.

A strong demand for catastrophe capacity dominated the American renewal market. Swiss Re's overall premiums in the Americas grew 36 percent, the company said.

Swiss Re premiums in Europe grew 8 percent, while in Asia the figure was 22 percent.

Overall, Swiss Re reported retaining 70 percent of Insurance Solution's non-life treaty business in the January renewals.

Last month, Swiss Re Chief Financial Officer Ann Godbehere said the January renewals came in later than usual and were marked by higher client retentions with a shift to excess of loss structures.

She did report there was some pressure on casualty rates.

Other reports from the renewal season indicated that by holding the line on catastrophe covers it shored up the company against weakening pricing in other sectors.

Special Reports /

Swiss Re Says Renewal Up 14%

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