【出版时间及名称】：2010年1月欧洲再保险行业研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：48
        【目录或简介】：
Table of Contents
Investment thesis .....................................................................3
Raising 4Q09 forecasts for Swiss and Munich ............................................................4
Reinsurance: rates down we estimate 5% but still more disciplined than primary
insurance ......................................................................................................................6
Reinsurers' actions to protect margins .........................................................................7
Alternatives to reinsurance supply...............................................................................7
Reinsurers and value creation relative to primary insurers ........................................10
Capital and potential for more demand for reinsurance following Solvency II .........13
Swiss Re excess capital..............................................................................................14
Valuation charts .........................................................................................................16
Hannover Re ...........................................................................18
Solvency II : Hannover expects QIS5 to be adjusted from the current tough norms .18
Renewals....................................................................................................................19
4Q 09e: non life similar to 3Q 09, life lower due to no forecast ModCo gains .........19
Retention of risks being addressed, not through retrocession but through capital
markets.......................................................................................................................21
Jan 10 renewal rates down by average -6% due to lower nat cat and capital market
recovery in 2009 – as per Guy Carpenter...................................................................22
Book value roll forward.............................................................................................24
Valuation Unchanged