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Reinsurance Trade Group Or Cartel – Global Reinsurance Forum

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Reinsurance Trade Group Seen By Some As Cartel

Is this reinsurance trade group a cartel?  The Global Reinsurance Forum reached it’s first anniversary in September of this year. Launched by 10 major reinsurers, the forum’s aim is to be a lobby group that’s goal is to shape international regulatory and policy issues.

Picture of Employer Reinsurance Trade Group Pulling A Rope
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Though vigorously defended, this forum has been alleged to be little more than a cartel. Members of the GRF say that the forum’s first year has made great progress by promoting the role of reinsurance as a sort of financial shock absorber to both regulators and politicians.

Traditionally, Bermuda and London have always been hubs but new sites such as Zurich and Dublin have challenged their premier positions. Some have even dubbed Zurich as “the new Bermuda.”

There does seem to be agreement that Bermuda at least will remain a key reinsurance center, even though there have been a few defectors. Bermuda’s status, however, will depend on no major deterioration of it’s favorable political and tax environments.

Picture Of Reinsurance Trade Group In Line
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London’s insurance market leaders realize that London must also do more to accentuate it’s strengths. While the London insurance market leaders have more clarity on the goals and how to achieve them, they have not yet reached the efficiency that it will take to hold off the new contenders.

Whether current reinsurance pricing levels are still adequate is a question that has caused differences in opinions even within the forum. Some industry giants take the position that they are not. Others in the big ten believe the industry is just fooling itself.

Information taken from the November 2010 issue of Risk and Insurance Magazine.

According to the Global Reinsurance Forum website,

The Global Reinsurance Forum (GRF) is composed of thirteen leading global reinsurers; its main objective is to promote a stable, innovative, and competitive worldwide reinsurance market. The members of the GRF, all private companies, are Everest Re, Gen Re, Hannover Re, Lloyd’s, MAPFRE Re, Munich Re, Partner Re, Renaissance Re, RGA, SCOR, Swiss Re, Toa Re and XL Capital. The GRF secretariat is managed by The Geneva Association.

In support of its main objective, the GRF helps to define industry positions on regulatory, legal, tax, and accounting developments. It represents these positions in discussions with relevant regulatory and supervisory bodies (especially international ones). It works to advance understanding of the value of reinsurance to the economy, and encourages an open and fair international framework for the development of reinsurance markets.

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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