J. Robert Bredahl, President and Chief Operating Officer of Third Point Reinsurance Ltd (TPRE), says that the reinsurance market is at a cyclical low. But, while competitors are diversifying into primary insurance, he says Third Point is remaining independent.
“A lot of them have given up on the pure-play reinsurance model,” Bredahl says. “For us, given what we do on the asset side of our balance sheet, we get plenty of risk-taking diversification through Third Point, our investment manager, so there’s no compelling reason for us to diversify into the primary insurance business.”
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Bredahl, who previously worked for Aon, says he is not concerned about pricing pressure, even in a consolidating market. He says companies that are merging often “push this narrative” that it is better to be bigger in the reinsurance market. Bredahl disagrees.
“I think brokers and clients want more choices. When the market consolidates, we’re going to see more business,” he says. “We’re already seeing more business, despite there only having been a couple of mergers that have taken place.”
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