Five years after the World Trade Center attacks in New York, counterparty security and rating agency input have taken on new importance for reinsurance buyers, according to a report put out today.
London-based insurance broker Willis Group Holdings in its report looking at the secondary insurance industry five years after Sept. 11, 2001, said the days of reinsurers consisting of a single corporate entity with one balance sheet are long gone.
The development of the sidecar special entities have raised questions among reinsurance buyers as to why such vehicles are needed, since they are apparently too volatile to include in the sponsor's main entity. “If it is not good enough for them, why should it be good enough for me?” the report said was the question posed by buyers.
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