Shevawn Barder - Connecting Asia with the US Market
Shevawn Barder, Chief Executive Officer at AM RE Syndicate recently sat down with Insurance Asia News to discuss how AM RE works with international reinsurers, challenges facing overseas insurers seeking to access the US market, the role of data and analytics, and the types of risk AM RE focuses on. Watch the full video interview, or read the transcript below.
Can you explain how AM RE works with non-US reinsurers and highlight some of your existing partnerships?
We partner with international reinsurers that do not have a presence in the US market and have a desire to access US primary business.
We've been in this segment for over 20 years and have significant traction in the market.
Our team is highly trained and made up of underwriters and analysts, we have a proprietary database, and we're able to match our securities risk appetite with primary business in the US market.
Our specialization is writing quota share business that is low limit, non-Nat Cat grassroots business that does not go into the international market.
Our deep experience in the US market and our technical underwriting expertise allows us to identify domestic partners that produce industry-leading risk adjusted returns.
What are some of the challenges facing overseas insurers seeking to access the US market?
International reinsurers typically don't see these non-Nat Cat grassroots risks with low limits without a domestic operation.
This is because without an operating subsidiary in the US, they don't have the means to access this form of low severity business. This type of business rarely travels into the international market and generally remains in the domestic market.
Given the size and complexity of the US market, identifying high quality grassroots business can be challenging for international reinsurers.
Managing these specialty lines of business without an experienced team in the market can be overwhelming. To maintain strong profitability over a long-term horizon, reinsurers need to conduct audits, conduct meetings, meet potential new partners, and actively manage claims.
This isn't easy to achieve while operating outside of the US, especially without first-hand knowledge of the market. This is why partnering with AM RE makes sense.
With data and analytics becoming increasingly important, what kind of solutions does AM RE offer?
Our technical underwriting expertise is powered by our twenty years plus data and analytics. This allows us to evaluate MGA's and programs at a granular level and, if necessary, work with the program managers to modify product structure and terms to improve their expected underwriting results.
Our proprietary database, AmDex gives us a competitive advantage in the market because it allows us to actively monitor the programs which our reinsurers participate on. By identifying issues early, it provides us the opportunity to maintain a proactive approach and react in real time.
This allows us to address any potential challenges before they become real threats to our program results. This data empowers us to actively manage any claims leakage.
Our sister company AM Star Claims, allows us to reduce the overall cost of claims through specialized MGA oversight, a structured reporting model and the capability to resolve matters promptly on behalf of the reinsurer.
What types of risk does AM RE focus on, and can you highlight some recent developments?
AM RE offers property casualty treaty reinsurance, traditionally using a quota share model.
We operate across several specialty lines such as inland marine, ocean marine, general liability, transportation lines, and cyber offering low limit coverage on non-Nat Cat risks; $2,000,000 and less. We seek MGAs that have innovative solutions to today's market challenges such as adaptive proprietary software and efficient cradle to grave in-house claims management.
We also seek out risks with excellent risk spread both geographically and per business class. This helps to create increased predictability with regards to underwriting results. We provide international securities with access to niche, high-quality reinsurance business.
We align ourselves with expert MGAs, we have significant traction in the US market, and we focus on long standing and stable mutually beneficial partnerships to create an environment where sustainability and consistent growth are hallmarks of our relationships.
We have an outstanding distribution platform, we have a high level of expertise, and we have the ability to focus on the technical terms of underwriting, which produces an outstanding balance of business. We've been in this segment for over 20 years, and we are well known and respected.