In this Inside RGA Q&A, Bryce Shepherd, RGA’s Head of Client Engagement & Market Development for Continental Europe, details how RGA's proven expertise in asset-intensive solutions is unlocking unprecedented opportunities in Continental Europe's emerging reinsurance market.
In this Inside RGA Q&A, Bryce Shepherd, RGA’s Head of Client Engagement & Market Development for Continental Europe, details how RGA's proven expertise in asset-intensive solutions is unlocking unprecedented opportunities in Continental Europe's emerging reinsurance market.
I’ve been very fortune and lucky with opportunities in my career to date. I’d say it’s been shaped by three key experiences, each building on the last. I began my journey with RGA in 2008 in our London office, and it’s here where I discovered my excitement for commercial roles. I received positive feedback in terms of my core strengths so I made the decision to double-down and deepen my expertise in this area.
The second transformative chapter was my move to Asia, where I was based in Hong Kong and worked with another global reinsurer. This experience was genuinely game-changing: The dynamic business culture, innovative products, and market approach expanded my perspective tremendously. It challenged me professionally and personally, broadening both my knowledge base and my understanding of global reinsurance markets.
My return to RGA represents the natural evolution of these experiences. I was increasingly hearing from clients about their interest in asset risk solutions, and I could see the market clearly shifting in this direction. RGA is at the forefront of this transformation in Europe, which made the opportunity irresistible.
In my current role, I have two primary objectives: first, to develop the asset-intensive market – which has the potential to become the largest in the world – and second, to strengthen our relationships with clients and C-suite stakeholders across the region. It's an exciting time to build these foundational relationships as the European market embraces innovative solutions.
“Hand-on-heart,” it’s our people and business culture that makes us stand out among global reinsurers. We have incredible biometric expertise and a full suite of financial solutions – including asset-risk solutions – which are key differentiators. I love that we start from the position of “how can it be done” rather than “it cannot be done.” It is hugely energizing to be a part of that mindset.
RGA’s recent deal with Allianz Suisse points to the growing role of asset-intensive reinsurance (known also as funded re or full-risk co-insurance) as an efficient and resilient tool for capital and risk management for insurers of all sizes across Continental Europe.
Continental Europe is at the beginning of its asset-intensive journey, and RGA has been a major player since the start. In the last two years, we have completed two landmark deals, one in Belgium (Baloise) and one in Switzerland (Allianz-Suisse), which remain the only asset-intensive transactions executed in the region.
The bespoke needs of the client drive RGA’s solutions. We tap into our extensive experience and global capabilities to provide new ideas and solve complex problems.
For longevity risk, the Netherlands would be at the forefront with a growing and competitive market. As other major European markets begin exploring these solutions, RGA is strongly positioned to open the region and become the preferred partner for insurers seeking innovative, customized asset-intensive and longevity risk solutions.
Lack of knowledge is the biggest barrier. Until we have greater awareness and understanding of the asset-risk solutions, this inertia will persist in the market.
Having said that, there is momentum building and awareness growing in Europe around reinsurance. This happens when players fully understand the benefits these asset risk solutions bring, to policy holders and to insurers. In turn these will help to unlock sustainable growth opportunities that benefit the entire insurance ecosystem.
Regulation is also a key component, but it takes time to develop. That’s why it’s important for us to find strong, capable partners that are willing to engage regulators with us.
We have two young kids so “free time” is very different in this phase of life. For example, I currently spend an inordinate amount of time negotiating with my 5-year-old to wear a coat!
When I do have free time, I head to the mountains for hiking, skiing, and snowboarding. I recently completed a trail run in Grindelwald, in the Swiss Alps. The 17km race (though >1km elevation) featured spectacular scenery and included a hike to a glacier.
