Cavell Management Services, the run off management specialist based in London and Norwich, is once again bringing together interested parties to promote commutation across the market place.
Now in its fourth year, the Cavell Commutations Rendez-Vous has quickly become the most important event in many commutation managers' diary. The international mix of risk carriers, from larger current reinsurers to the smaller dormant pool participants, is unrivalled in the field of commutations.
A tradition has quickly emerged that each Rendez-Vous begins with a welcome dinner, hosted by Cavell, in the same halls complex that on subsequent days becomes a hive of business activity. The relaxed atmosphere is ideal for the purpose of breaking the ice and putting at their ease delegates from all over the world. The contact, communication and networking on the first night are reinforced by cocktail parties at a nearby theatre on subsequent evenings.
While the success of the Rendez-Vous can be gauged from its ever-growing delegate list, the real proof comes from the numbers of commutations the visitors to Norwich feel they have achieved entirely due to the event. There is a purpose and energy to proceedings over the three days that seems to put all delegates in a positive frame of mind.
Some quotes from regular supporters of the Rendez-Vous are:-
“We as Equitas have attended each year starting in 1997 and have found this to be a professional and efficiently run meeting of minds. It has proved beneficial to our cedant contact base and our commutation thinking and strategy.”
Mike Lucuk, Equitas
“Each Rendez-Vous so far has been better than the last. Each has exceeded expectations, in terms of the progress we have made in resolving old problems (and we've enjoyed them too). If you're serious about commutations, it is not to be missed. We've had it in our diaries since the last Millennium.”
Nigel Morson, RSA
“With each year there seems to be a growing emphasis upon negotiation and less upon speculative discussion. It isvery much a working conference, and not one for theorists.”
Martin Baker NRG Victory Re
While companies in run off might seem to be the most likely attendants at a commutations event, the live market is beginning to see the benefits of attendance, following the lead provided by some of its more proactive members.
Indeed, Cavell has made a speciality of being proactive on the commutation scene on behalf of its clients, as part of an overall emphasis on exit strategies of all kinds. The uncertainty inherent in many books of reinsurance business is exacerbated by the spiralling costs of running them off. Commutation can lighten the load of many such accounts, paving the way for sale, portfolio transfer or for more cost-effective reinsurance of the run off.
The Rendez-Vous illustrates the international nature of reinsurance in that delegates have come to Norwich over the years from far and wide. Companies from Austria, Belgium, Bulgaria, Denmark, Finland, France, Germany, Japan, Netherlands, Norway, Sweden, Switzerland, and USA have all been represented as well as a substantial portion of the London Market. This year Cavell hopes to have delegates from Australia, Singapore and Venezuela for the first time, following promotion of the event through delegate's contacts in those countries.
Another first in 2000 will be the running in conjunction with the Rendez-Vous of the spring Technical Meeting of IntAP, the International Alliance of Asbestos and Pollution Reinsurers. Having held their own gathering at a nearby hotel, most of the IntAP delegates will then join in with the rest of the Rendez-Vous. IntAP has a wide and varied membership, including some of the world's major current reinsurance underwriters, and their presence lends further prestige to the event.
Exclusive, Cavell Announces the Launch of ‘Calibre'
Of course, Cavell is not only known for its Commutations Rendez-Vous. The company has recently been in the headlines for linking up with loss adjuster Peter Blem Associates and for subsequently jointly launching the new Markitas venture.
The Peter Blem group of companies comprises the recently established joint venture company known as Recover Re, a reinsurance collection service, Peter Blem Management Services Ltd, Peter Blem Adjusters Ltd and Peter Blem Associates Inc. (New York).
In the few months that it has been established, the alliance has worked on a number of joint initiatives and looked at accelerating the development of Recover Re, which offers a specialist fast track reinsurance administration and collection service. Peter Blem has already seen the benefits of having access to Cavell's support and expertise in the development of its existing projects and Cavell has been able to reach a much larger audience through Peter Blem's global offices.
The subsequent launch of Markitas also saw Cavell hit the headlines earlier this year. The project was in development for over two years before the announcement and has been established to ultimately assume portfolios of discontinued business and take over all responsibilities for them. The formation of Markitas is at an advanced stage with support from a number of risk carriers and investors, including Titmuss Sainer, Phillip Marcell and Hawkpoint Partners.
The concept evolved over a long period after realising the need to provide a solution in the world-wide insurance and reinsurance environment by offering finality to discontinued business together with the highest level of technical support.
Through exploiting the synergies in the assumed portfolios and dedication to the management of liabilities in partnership with existing shareholders and management, it is expected that Markitas will be well placed to offer a safe and credible exit route.
In the short term, the products offered will be on a reinsurance basis, the company will work with the reinsured to pursue a form of novation at the earliest possibility.
Jon Niemiec of Peter Blem and Roy Townsend of Cavell commented that, since announcing the project, progress has accelerated considerably and executives have travelled to Bermuda, USA, Japan and Australia as part of the implementation of the development plan for next year's launch.
During this year's Rendez-Vous, Cavell, in conjunction with its partners, has announced the launch of a new venture known as Calibre.
Cavell, while individually offering a range of specialist services to the Insurance and Reinsurance industries, has recognised the increasing demand for a ‘single source' operation, which can deliver the highest level of satisfaction, cost-effectively across the fullest range of services possible. Therefore, in addition to the services currently provided by Cavell, it now offers this wider service through the Calibre Alliance Ltd, through linking up with other companies.