GRF's objective is to promote a "stable, innovative and competitive reinsurance market environment on a worldwide basis," Denis Kessler, CEO of SCOR and chairman of the Global Reinsurance Forum, said at a press conference.

He noted that the group acknowledges a number of similar trade associations--including the Reinsurance Association of America, the Association of Bermuda Insurers and Reinsurers, and others--and has informed them on the initiative. "They do a good job," he said. "We'll work closely with them on reinsurance issues."

Mr. Kessler explained that the GRF will be a charter group made up of private companies. "An organization of CEOs--no cost, no fees, no staff. You will have a hard time to find us, but we want to be reactive to issues."

He added, "The announcement was made in Monte Carlo and the group will meet in Monte Carlo each year."

Mr. Kessler said the forum will respect global cartel regulations and will not discuss prices, terms and conditions. He added that the CEOs will discuss matters such as U.S. tax issues.

Patrick Thiele, CEO of Partner Re, said the group's topics will include the regulatory climate and banking industry issues.

Lloyd's Chairman Lord Peter Levene said, "This is a way of getting the major reinsurers together to talk together--a supplementary group."

He added that the banking industry has "real problems, but our industry is in good shape--we want people to know this. The financial crisis has brought this to the forefront."

The forum said it seeks to:

o Develop industry positions on regulatory, legal, tax and accounting developments affecting the reinsurance industry.

o Represent industry positions toward relevant regulatory and supervising organizations, especially international organizations.

o Promote a worldwide, open and fair framework for the development of reinsurance markets.

o Advance the understanding of the value of reinsurance to the economy.

Mr. Kessler said in a statement that there currently is no "global representation for the reinsurance industry with the clear mandate to promote a regulatory framework that facilitates global risk transfer through reinsurance and other reinsurance-linked capital solutions.

"GRF will also work in conjunction with local or regional reinsurance associations on issues that have an international dimension."

Other GRF representatives at the press conference were: Stefan Lippe, Swiss Re; Hiroshi Fukushima, Toa Re; Nikolaus Van Bomhard, Munich Re; Robert F. Orlich, Transatlantic Re; Ulrich Wallin, Hannover Re; Franklin Monhoss, Gen Re; and Mike McGavick, XL.