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Economic uncertainty strengthens fac offering
08 March 2010
Fac players are bullish about their business offering in the uncertain economic climate. But with fierce competition among brokers and softening rates there the picture is not as rosy as it may seem.
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Fac
brokers
papworth
aon benfield fac
facultative reinsurance
flatman
fac pool re
faconnect
The facultative reinsurance market has an optimistic air. Fac brokers are confident that the growth of the market, which was spurred on post 2001 and has since been boosted by the financial crisis, will continue. The bullish outlook for the fac market has seen more and more players enter. At a time when the number of treaty reinsurers and reinsurance brokers is diminishing, the opposite is true of fac. Last year mergers between PartnerRe and Paris Re and IPC and Validus contributed to the number of top-rated treaty reinsurers dwindling, while the union between Aon and Benfield in 2008 led to the emergence of new fac brokers. In June last year, independent insurance and reinsurance broker Miller expanded into facultative reinsurance with the creation of a global fac unit headed by Michael Papworth, who joined the firm from Aon Benfield where he was head of facultative solutions at Benfield before...
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