N@N

SCOR: Leading global reinsurers establish an Independent 'Global Reinsurance Forum'

^{Published on 2009-09-06 10:52:51 - Market Wire}
 

PARIS--(Marketwire - September 6, 2009) -

Leading global reinsurers establish an Independent

"Global Reinsurance Forum"

At this year's "Rendez-Vous de Septembre", the international convention of insurers, reinsurers, brokers and reinsurance consultants in Monte-Carlo, a group of leading reinsurers announced the establishment of the Global Reinsurance Forum (GRF), an independent forum. The founding members of the GRF are: Gen Re, Hannover Re, Lloyd's, Munich Re, Partner Re, RGA, SCOR, Swiss Re, Toa Re, Transatlantic Re and XL Capital.

The objective of the GRF is to promote a stable, innovative and competitive reinsurance market environment on a worldwide basis. More specifically, the forum seeks to:

- develop industry positions on regulatory, legal, tax and accounting developments affecting the reinsurance industry;

- represent industry positions towards relevant regulatory and supervising organizations, especially international organizations ;

- promote a worldwide, open and fair framework for the development of reinsurance markets;

- advance the understanding of the value of reinsurance to the economy.

Denis Kessler, Chairman of the GRF comments: "The global reinsurance industry is facing a changing international environment, especially with regard to regulatory matters. In order to address these challenges, the leading global reinsurers have come together to form the GRF, whose main objective is to promote a stable, innovative and competitive reinsurance market environment on a worldwide basis. Today there is no such global representation for the reinsurance industry with the clear mandate to promote a regulatory framework that facilitates global risk transfer through reinsurance and other reinsurance-linked capital solutions. GRF will also work in conjunction with local or regional reinsurance associations on issues that have an international dimension."

This information is provided by HUGIN