Insurance Insider: CEE insurer gets first licence to post collateral abroad

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The National Bank of Ukraine has granted the first licence permitting a domestic insurer to post collateral in a bank outside of the Central and Eastern Europe (CEE) region.

Ukrainian insurer Brokbusiness was given approval to post collateral directly into a designated Western bank as part of its retro reinsurance capacity provision.

It was assisted by strategic partner Phoenix CRetro, a Bermuda-based retrocession carrier.

Phoenix CRetro’s chief executive Kirill Savrassov said the move allowed the local Ukrainian insurance market to become an alternative capacity provider and would create new opportunities in the international insurance-linked securities markets.

Set up last year, Phoenix CRetro is looking to offer $100mn of limit – with a focus on catastrophe retrocession – for the start of 2015 by pooling capital from regional insurers in CEE, Central Asia and the Middle East and North Africa.

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