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Insurance Day CEE Special Report: Q&A Coming to terms with Bermuda

ID_logoORIGINAL PUBLICATION HERE (PAGE 7) OR ENTIRE ARTICLE HERE

Kirill Savrassov, senior vice-president and chief executive of Phoenix CRetro Reinsurance Company, discusses the blacklisting of Bermuda by central banks and regulators in the CEE region.

In terms of Phoenix CRetro business in central and eastern Europe and Commonwealth of Independent State region, one important issue keeps raising its head – Bermuda

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Bermuda:Re+ILS: CEE regulators still blacklisting Bermuda

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Regulators and banks in Central Eastern Europe (CEE) are continuing to blacklist Bermuda, meaning that insurers in the region are unable to make the most of Bermuda’s vast offering. 

“The general attitude of central banks and regulators in CEE is a misunderstanding of Bermuda. Despite being the first offshore territory to be taken off the blacklist and having bilateral agreements with a number of markets, many banks and regulators do not want insurers working with companies based on Bermuda,” said Kirill Savrassov, chief executive officer of Phoenix CRetro Reinsurance Company. 

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Insurance Day Baden-Baden Special Report: Eastern European reinsurers poised to provide $100m retro capacity in wake of new licence

ID_logoORIGINAL PUBLICATION (PAGE 10) HERE. PREVIOUS ARTICLE ON THE TOPIC HERE 

By Kirill Savrassov, CEO, Phoenix CRetro

The granting of a special license to the Ukrainian insurance company, Brokbusiness, by the National Bank of Ukraine (NBoU) to post collateral abroad represents the culmination of developments in both the global catastrophe reinsurance markets and the local insurance markets in the central and eastern Europe (CEE) and Commonwealth of Independent States (CIS) regions. It is envisaged this will enable regional companies to provide around $100m retrocession capacity to the global insurance market by insurers in the CEE region over the course of the next three to five years.

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xprimm: CEE insurer gets first licence to post collateral abroad

xprimmcom_TEXT NOUORIGINAL PUBLICATION HERE 

The National Bank of Ukraine has granted the first license 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. Read the full story

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

ins insider whiteORIGINAL PUBLICATION HERE 

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.

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Bermuda:Re+ILS: Phoenix CRetro partner licenced in Ukraine

Bermuda Re logoORIGINAL PUBLICATION HERE 

A strategic partner of Bermudian niche reinsurer Phoenix CRetro has been licenced to post collateral abroad as part of its retro reinsurance capacity provision.

BROKBUSINESS, a Ukraine-based insurance company, has been awarded the licence from the National Bank of Ukraine which will allow it to post collateral directly into a designated western bank as part of collateral trust arrangements.

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Intelligent Insurer: Phoenix CRetro branches into Ukraine

intelligent insurerORIGINAL PUBLICATION HERE 

Ukraine-based insurance company BROKBUSINESS, a strategic partner of Bermudian niche reinsurer Phoenix CRetro, has been awarded a licence from the National Bank of Ukraine to post collateral abroad as part of its retro reinsurance capacity provision.

The licence, the first of its kind throughout Central and Eastern Europe, is expected to open up new opportunities in the international insurance-linked securities markets.

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Insurance Day: Collateral trust licence opens door for new Eastern European retro capacity

ID_logoORIGINAL 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.

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Artemis: Phoenix CRetro & BROKBUSINESS in CEE collateralized reinsurance push

artemisORIGINAL PUBLICATION HERE 

Phoenix CRetro, a niche Bermudian collateralized retrocessional reinsurance firm, has assisted Ukrainian insurance firm BROKBUSINESS in becoming the first CEE based re/insurer with a license to post reinsurance collateral abroad.

BROKBUSINESS, which has more than 50 branches across the Ukraine, has been awarded a licence to post collateral abroad as part of its retro reinsurance capacity provision by the National Bank of Ukraine. It is the first Central & Eastern European re/insurance entity to obtain such a license and opens up new opportunities in the international ILS markets.

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Insurance Day: Insurers must beware expansion of Ukraine sanctions

 ID_logoORIGINAL 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.