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Intelligent Insurer: New Retro player targets ‘virgin’ markets

 intelligent insurerORIGINAL PUBLICATION HERE

A new reinsurance company is looking to match global catastrophe retrocessional business with investors from “virgin” markets, which have not previously had access to these risks. Its chief underwriting officer explains its strategy and why he believes it could be providing $100 million of capacity within 18 month.

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.

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Trading Risk: Lloyd’s deals in the pipeline for start-up Phoenix CRetro

Trading risk logo   ORIGINAL PUBLICATION HERE. PAYWALL FREE TEXT HERE 

Start-up retrocession carrier Phoenix CRetro hopes to be able to offer $100mn of limit by 1 January 2015 by pooling capital from providers in Central and Eastern Europe, Central Asia and Middle East & North Africa.

Initially Phoenix CRetro will look to regional insurers as capital providers but will then expand to include financial institutions including banks, asset managers, institutional investors and hedge funds.