Insurance expert Arndt Gossmann has set up a new risk carrier, known as Gossmann & Cie for non-life insurers in Europe.
The new entity will roll out its product called Expiring Policy Roll-Over (ExPRO) during the second quarter of 2019. Munich Re will act as the reinsurance partner for Gossmann & Cie.
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The new ExPRO is aimed at helping non-life insurance companies across Europe which are undergoing portfolio restructuring.
By directly neutralising all the business in their balance that will no longer generate revenue in the future, the product will facilitate the ongoing transfer of insurance contracts expiring in the future to an external risk carrier.
Gossmann & Cie founder and owner Gossmann said: “We want to offer insurers an opportunity to optimise their portfolios long before entire portfolios accumulate for run-off.
“With our innovative ExPRO approach, such a roll-over of expiring policies will soon not only be easier and quicker, but also more cost-efficient than the sale of legacy portfolios practised to date.”
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By GlobalDataUsing ExPRO, the ceding insurer can free the capital and operational resources tied up by the ex-client instantly after the termination of a client relationship. Subsequently, the insurers will use the capital on active client relationships and future growth.
At the outset, Gossmann & Cie will operate throughout Europe with a focus on the German, Austrian, Swiss, French and Italian markets. In future, the specialist insurer will expand to other countries.
