The key to riding out a soft market in reinsurance is profitable growth, a top executive at Bermuda-based Qatar Re argues.

And Luke Roden, head of ceded reinsurance and global head of catastrophe at Qatar Re, which redomiciled to Bermuda less than a year ago, added that cybercrime offered a chance to boost business — but only with care and expert advice.

Mr Roden said that rate erosions loosening terms and conditions had not hampered growth at the firm.

He added: “As a company — not as individuals — we have only known these conditions and we have not let them distract us.”

And Mr Roden said: “We are well prepared for the upcoming renewals in North America.

“Despite the soft market and challenging business environment, we see opportunities for profitable growth. As a result, we will continue to broaden our portfolio and expand our client base.”

Mr Roden, speaking to industry publication Intelligent Insurer, added: “As we have already been writing property, per risk, pro rata, property facultative and property catastrophe, both for proportional and non-proportional treaty reinsurance, for a couple of years now — actually it’s our fifth renewal season here in Bermuda — we will further diversify our portfolio and expand our offering into general casualty lines.

“In addition, we offer specialty lines such as agriculture, aviation, energy — on and offshore — engineering and marine with the support from our experts in Zurich.”

Mr Roden said that the firm’s North American book of business is around 10 per cent of its overall portfolio with some bias on mutual insurers “which we support with our strong capacity due to their limited access to capital markets as compared to stock-listed companies”.

He added, however, that Qatar Re still saw pressure on reinsurance rates, but that the market remained competitive and that the firm had maintained its focus on the right terms and conditions “as it is significantly more important to get the wording correct rather than simply to achieve higher premiums and then get stuck with higher losses”.

Mr Roden said: “The current position within the market cycle remains a challenge for all industry players, but we are committed to ride out the cycle while embracing competition and working alongside our clients and business partners.”

Mr Roden said Qatar Re saw “plenty of headroom” in all lines of business.

But he added: “We are cautiously entering the general casualty marketplace and expanding upon our existing short tail relationships.”

And Mr Roden predicted: “Our growing, unique capital base will allow us to expand into entirely new client relationships as well.

“As a marketplace, cyber-risk is clearly a topic that requires attention. This is potentially an area of great growth, but it is also one that requires a very specialist education and expertise.”