Gen Re announces it will reorganize its Direct Global P&C operations in an effort to position the company’s team for the future.
First, the footprint around the globe was evaluated to most effectively serve clients and to access promising business opportunities in the future.
As a result of that analysis, six smaller Property & Casualty operations will be integrated into teams in larger locations to facilitate a more robust delivery of services to our clients. Therefore, Property & Casualty operations will be discontinued at the following locations:
North America – Charlotte, Seattle and St. Paul
Europe – Riga
Asia Pacific – Hong Kong and Melbourne
Despite these changes, Gen Re remains committed to these markets, servicing clients, and pursuing new opportunities across all regions.
Throughout this transition, the company will work closely with its regulators to make certain that transition is appropriately managed, regulations are followed, and obligations to Gen Re’s clients are fully met.
Bob Jones, President and Property & Casualty Chief Marketing Officer of Gen Re, commented "We have reviewed our entire global footprint, and with this change, we are positioning Gen Re’s Property & Casualty operation to address the realities of today’s markets, while capitalizing on tomorrow’s opportunities.
"When you add technology to the equation, being a direct reinsurer in the 21st century has evolved from where it was two decades ago. We need to deliver underwriting and claims expertise in the most effective manner, while not compromising the quality of our products and promises. This new structure positions us to deliver on that."
Secondly, with the same goals in mind, our European Treaty underwriting resources will now be organized more centrally along five line-of-business teams to support the entire region.
This will allow Gen Re to leverage underwriting expertise more effectively across Europe to support business development, and to provide even greater underwriting resources to customers through the company’s direct reinsurance model.
"This European structure is consistent with the underwriting organization that has been successful in other parts of the world," stated Carole Ferrero, President and Property & Casualty Chief Underwriting Officer of Gen Re.
"These changes allow us to leverage the underwriting talent we have across the European region and more effectively deliver our value proposition of uncompromised underwriting excellence to our clients."
Gen Re, a Berkshire Hathaway Company, is one of the leading Property/Casualty and Life/Health reinsurers in the world, with a global network of branch and subsidiary offices in key reinsurance markets.