INTERVIEW | October 2017 | The ICISA INSIDER
Paul Daas, manager Operations, Nationale Borg
“Now we have around 75 employees, with offices in Antwerp and Nieuwegein”
“Solvency and ratings are more important nowadays in order to continue to be accepted by the beneficiaries”
After a long period of being quoted on the Amsterdam Stock exchange, Nationale Borg was acquired by ING in 1991. Paul remembers: “It was decided to trim down the reinsurance business somewhat, because of the financial guarantee results. Reinsurance accounted for about 75% of the turnover at the time. Being just a tiny part of the huge ING, there were little opportunities to grow the
Present situation of the surety industry and outlook
business. This changed when ING sold the shares to
“From what I see in the market and the information ICISA
HAL and Egeria in 2007.”
members share, the situation is healthy, with solid loss ratios over the last few years. But we all had our problem
The economic climate in 2007 was not helpful to the
cases every now and then, with larger clients defaulting
envisioned high goals set by the company. “We invested
and producing losses under the bonds or guarantees”,
in staff and IT, but had to temporary reduce our ambiti-
Paul evaluates the current status of the surety industry.
ons because of the economic climate. In the reinsurance
“Solvency and ratings are more important nowadays in
activities, however, our turnover more or less doubled
order to continue to be accepted by the beneficiaries. “
since 2007.”
He is also positive about the outlook of the industry. “Because I learned over the years, that there is always
Since 2016 Nationale Borg is part of the US Amtrust
room for professional specialized service providers in our
Group and Paul is pleased with their clear ambition
industry. It is important though, that the industry sticks to
to actively grow the direct surety business within the
the basic rules and that lessons learned from the past will
Group. “The reinsurance company has been transfer-
always be remembered.”
red to an Amtrust entity on Bermuda. We are still very much involved in the daily business of Nationale Borg
Nationale Borg
Re, providing services and staff”, Paul explains and
Paul remembers when he joined Nationale Borg in 1977
likes to add that “currently the independent position,
the company had only about 25 employees with one office
market and product know-how, speed in service and
in Amsterdam. “Now we have around 75 employees, with
underwriting capacity are in my opinion the main USPs
offices in Antwerp and Nieuwegein”, Paul proudly states.
of Nationale Borg.”
19
