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As The Market Shrinks, Life Reinsurers Look To New Products For Growth Sep 11
Standard & Poors, Sep 2011
Abstract
The life reinsurance market isn't what it used to be. The size of the market has been shrinking since 2003, and we don't expect it to bounce back anytime soon, primarily because of increasing risk retention by direct insurers and evolving regulations. As life reinsurers vie for a larger piece of a shrinking pie, we expect most to increasingly turn to less well-understood and riskier, nontraditional products to sustain long-term growth. The shrinking traditional life reinsurance market-particularly in the U.S., which is the largest mortality insurance market globally-contributed to three significant acquisitions in the past year: SCOR SE (SCOR; A/Positive/--) purchased AEGON N.V.'s (AEGON; AA-/Stable/A-1+) Transamerica Re unit. This acquisition materially expands SCOR's global footprint and reduces the number of...
Companies mentioned in this report are: Manulife Financial Corp.,Sun Life Financial Inc.,Hannover Rueckversicherung AG,Swiss Reinsurance Co. Ltd.,AEGON N.V.,SCOR SE,Munich Reinsurance Co.,RGA Reinsurance Co.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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