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May 2012 Walter Kielholz, Chairman of Swiss Re’s board of directors, believes that the current environment is likely to allow the market to start a new challenge. According to him, the insurance business has reached the point where premiums must be revised upwards. As a consequence, he does not expect any consolidation moves on the European continent. Regarding the convention between the Swiss reinsurer and giant Berkshire Hathaway, due to expire by the end of 2012, Walter Kielholz has not ruled out a revaluation of the agreement. “We have to maintain insurance business and externalize risks only in exceptional cases.” He justified.