While the favourable market environment for reinsurance played a significant role in MS Reinsurance’s strong performance in 2024, CEO Robert Wiest has emphasised that what truly sets the firm apart is its unique approach and the way it engages with clients.
Speaking in an interview following the release of MS Re’s 2024 results, Wiest told us that his firm places a strong emphasis on relationships with cedents and brokers, maintaining a deep focus on understanding their specific needs.
“Our underwriting process operates on two levels: first, we seek business partners who share our philosophy on risk and risk management. Once that alignment is established, we proceed to the technical aspects of underwriting,” Wiest explained.
He continued, “This client-centric approach has proven to be highly effective. While I acknowledge that the broader market conditions have been advantageous, I would still emphasise that our performance is a direct result of our disciplined strategy and deep commitment to our clients.”
Elsewhere in the interview, Wiest offered insights into how MS Re is navigating the current reinsurance market, noting, “The reinsurance market certainly presented more challenges in 2024 compared to 2023.
“That said, as we look at 2025, the market remains generally positive, even if it’s not as favourable as it was over the past couple of years. We’re seeing a shift in trajectory, less advantageous than before, but this is part of the natural market cycle.”
Wiest added, “In addition to market dynamics, we’re also facing specific challenges tied to the current geopolitical and geo-economic environment.
“For us, as a Switzerland-based reinsurer, one of the most direct impacts is the implementation of tariffs affecting our U.S. clients. However, it’s important to note that not all markets are exposed to such trade barriers, so the effects are uneven globally.
“What we are seeing across the board, though, is a broader economic slowdown. While a few weeks ago, I might have said the data didn’t yet confirm it, it’s now becoming increasingly clear that global economic activity is decelerating. And for the insurance and reinsurance sectors, that typically translates into a slowdown in premium volumes.”
MS Re’s CEO also shared his expectations for the reinsurance landscape moving forward and highlighted where he sees the greatest opportunities, stating, “Our growth to date has primarily come from North America and Europe. If you look more closely, much of that growth has been driven by increasing our shares with existing clients, deepening relationships and expanding our footprint, along with bringing a few new clients on board.
“That said, we still see significant untapped potential. There are lines of business we haven’t yet explored, and there’s room to grow our client base further. Looking ahead, we see a two-dimensional growth path: one is geographic, particularly expanding in Asia, and the other is broadening our participation across lines of business we’re not currently active in.
“It’s a relatively straightforward growth strategy, but that’s precisely why I find it compelling.”
The Switzerland-domiciled global reinsurer reported growth of 17.6% in gross written premiums to $3.6 billion for the full year 2024, up from $3.1 billion in 2023, driven by top-line growth in a favourable market environment, in line with the firm’s strategy to build a diversified and well-balanced portfolio.
MS Re reported net premiums earned of $2.98 billion for 2024, representing a 19.5% increase from $2.49 billion in 2023. The combined ratio improved to 88.7% in 2024, down from 90.5% the previous year, reflecting strong underwriting performance.
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