ORIGINAL PUBLICATION HERE (PAGE 3)
Ukrainian insurer becomes first to gain CEE-wide licence for collateralised retrocession.
Reinsurers will be able to access new sources of retrocession capacity from Eastern Europe after a Kiev-based insurer was awarded the first CEE-wide licence for collateralised retro activities.
Brokbusiness has been awarded a licence from the National Bank of Ukraine to post collateral abroad as part of its retro reinsurance capacity provision.
ORIGINAL PUBLICATION HERE
As tensions have escalated in eastern Ukraine in recent weeks with Russia consolidating its grip on Crimea, and thousands of Russian troops remain massed near the Ukrainian border, speculation has mounted that US and EU Sanctions Regimes in General may be widened. How would such sanctions be applied in practice and how would they be operated?
To date, sanctions have been enforced on a very narrow circle of contacts and influencers close to the Russian regime. However in case of further escalation a much wider range of (economic) sanctions remain available, including: trade embargoes, export controls, asset freezes, travel bans, “targeted sanctions”, activity-based sanctions and restrictions on financial assistance.
ORIGINAL PUBLICATION HERE
Phoenix CRetro serves as an aggregator for companies in the CEE, CIS and Mena regions to participate in the international catastrophe reinsurance markets
To begin with, Phoenix CRetro Re, a special purpose vehicle which was authorised in Bermuda in May of this year, will be providing catastrophe retrocession cover to syndicates in the Lloyd’s market. In terms of its structure, Phoenix CRetro Re is not a risk carrying entity, but serves as a platform through which Lloyd’s syndicates and, after a year or so, other global reinsurers, can access retrocession capacity provided by insurance and reinsurance companies as well as institutional investors based in Central and Eastern Europe (CEE), the Commonwealth of Independent States (CIS) and in the Middle East and North Africa (MENA).
