UnipolRe benefits from its parent’s expertise and support
UnipolRe, the reinsurer formed in Dublin in 2015 by Italian insurer UnipolSai Assicurazioni, the insurance arm of the Italian Unipol Group, is benefiting from the unique positioning and approach of its parent company, Simon Wigzell, underwriting manager at Unipol Re, told Baden-Baden Today.
First, he explained, knowing it was launching a reinsurer in possibly the softest market in two decades, UnipolSai set its new venture a realistic return on equity (ROE) target in the single-digit range—a figure in stark contrast to many of the much higher returns sought by hedge-funded backed new entrants to the industry in recent years.
Second, it is benefiting from its parent’s unique expertise in some areas. UnipolSai is Italy’s largest insurer with a market share of some 30 percent in its domestic market but with no insurance operations outside Italy. It is also a global pioneer in the use of telematics, although this skillset is currently leveraged only in its domestic market.
It has allowed UnipolRe to offer this expertise and some of the very sophisticated tools that go with it to potential clients in Europe. Those willing and able to leverage this expertise can potentially gain a competitive advantage in their domestic markets.
“While telematics has been around for a while, UnipolSai has become very sophisticated in the best way to market its use and leverage its benefits,” Wigzell said. “We can show how this technology can reduce claims and have a very positive impact on both the insurer and the end customer.”
He said the markets ripe for adopting this more sophisticated approach to telematics include France and the Netherlands. UnipolRe can provide all the technical knowhow to implement such a new approach, plus offer proportional reinsurance support for its partners.
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