We do this by understanding the needs of our clients and society at large, and then crafting innovative risk transfer and technology solutions based on our extensive knowledge and strong financial foundations. GCS enables Swiss Re to diversify its revenue sources, deepen our relationships with existing and new clients, and unlock new fee income streams beyond our traditional risk transfer capacity.

GCS consists of four distinct but cohesive divisions: Globals, Public Sector Solutions (PSS), Reinsurance Solutions and iptiQ.

In 2023, GCS expanded its capacity to support clients in the private and public sectors, where our cross-divisional teams worked to solve complex challenges, often with tailored reinsurance solutions. We strengthened long-standing relationships and forged new ones, while expanding the installed presence of Swiss Re's technology platforms that clients rely on to respond to their customers' needs.

Underpinning our mission to close the protection gap, GCS also contributed to Swiss Re's growth aspirations by increasing the number of policyholders served by insurance products. 

Globals

Established more than 20 years ago, the Globals division serves the world's largest insurance companies and contributes around a third of technical results across P&C Re and L&H Re. Given the importance of the Globals segment, I lead this division personally, ensuring it is represented in our decision-making at the Group Executive Committee level.

Alongside Globals' core risk transfer activities, we work closely with our clients to address specific strategic challenges, such as how to use reinsurance to efficiently optimise their capital management. This is often highly technical work that requires tailoring large transactions to our clients' needs. The complexities of a Globals client, such as running multi-line products in many diverse markets where the nature of risk is dynamic, are highly attuned with Swiss Re's Reinsurance Solutions offerings. These services pair efficiency and speed with comprehensive portfolio oversight, allowing fine tuning, growth and enhancement of profitability. Around half of our Reinsurance Solutions revenue comes from our Globals clients. 

Public Sector Solutions

PSS is Swiss Re's team dedicated to developing and managing business with the vast public sector ecosystem, comprising various levels of governments, specialised agencies, international financial institutions and third-sector non-governmental organisations seeking or facilitating risk protection.

PSS creates bespoke risk transfer and risk insights solutions, which it executes in close collaboration with other Swiss Re teams and often via public-private partnerships. PSS has built a formidable track record, with over 1 000 transactions concluded since the division's creation.

Beyond disaster risk management, PSS also facilitates public investments and inclusive economic growth in areas such as international trade, critical infrastructure development, and new industries needed to achieve decarbonisation targets and ensure the protection of biodiversity.

In 2023, PSS closed 116 new covers, highlighting demand for its services and the growing acceptance of public-private partnerships for risk transfer. These new transactions included several innovative covers. For example, PSS supported the largest-ever sovereign-sponsored transaction in the history of the insurance-linked securities (ILS) market, strengthening Chile's resilience to catastrophic earthquakes. Further, Swiss Re joined a group of 11 private insurers to facilitate the Galápagos Marine Bond. Through this debt conversion, Ecuador will realise more than USD 1 billion in lifetime savings through reduced debt service costs. 

Reinsurance Solutions

The Reinsurance Solutions division was formed at the start of 2023 and brings together Swiss Re's risk knowledge in the form of software solutions, data analytics and consulting. Comprised of 400 risk and data specialists, Reinsurance Solutions works with our existing clients as well as other parts of the insurance ecosystem such as corporates and governments to improve profitability and growth, and reduce costs by leveraging the data and knowledge of Swiss Re, gained over 160 years, in every insurance line around the world.

Well-known solutions such as Magnum (L&H automated underwriting) and CatNet® (a natural catastrophe intelligence and visualisation tool) are complemented by new solutions such as Rapid Damage Assessment (P&C Claims) and by important partnerships, such as Guidewire, GoogleX and our recently acquired flood intelligence business called Fathom. 

iptiQ

iptiQ is Swiss Re's digital business-to-business-to-consumer (B2B2C) insurance company, enabling partner companies to offer life and non-life insurance products under their own brands. This work integrates insurance products into companies' adjacent value chains and across a range of distribution channels. iptiQ has developed state-of-the-art technology platforms that allow us to present an enhanced customer experience and seamless integration with our partners' infrastructure.

iptiQ has built an impressive footprint in the market. The company now has well over 2.7 million policies in force, contributing over USD 1.1 billion in gross premiums written in 2023.