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A new company has been launched that plans to offer capital providers in Central and Eastern Europe (CEE), the Middle East & North Africa (MENA) and countries that were formerly part of the Soviet Union, an area known as the Commonwealth of Independent States (CIS) access to catastrophe retrocessional reinsurance business.
According to a report in Intelligent Insurer on Friday, June 21, Phoenix CRetro Reinsurance Company is a Bermuda domiciled special purpose insurance vehicle registered with the Bermuda Monetary Authority on May 9. The report said that the company has also formed an office in London.
It said Phoenix CRetro has positioned itself as a “bridge between catastrophe markets and the CEE, CIS and MENA” and aims to allow businesses such as Lloyd’s syndicates or global reinsurers to access alternative capacity or capital from regions of the world which have historically had little involvement in the catastrophe retrocession market written on a worldwide basis.