Maiden Re targets capital deals in Europe

Maiden Re is continuing its campaign to extend its reach into Europe, its president told Monte Carlo Today.

Pat Haveron, president of Maiden Re, said that the company was making a long-term effort to provide capital solutions for European insurers as it continues to build out its global product offering.

Maiden Re offers a combination of pro-rata and excess-of-loss reinsurance products along with tailored capital management solutions designed to assist small to mid-sized insurance companies to maintain strong risk-based capital in the post-Solvency II regulatory environment.

As it is a Bermuda-domiciled reinsurance company, Haveron believes Maiden Re is highly differentiated. Its focus is on optimising capital support for clients through the creation of specialised reinsurance solutions oriented around more predictable and lower-layer risks rather than severity-oriented reinsurance such as catastrophe risks, he said.

According to Haveron, the reality of risk-based capital rules globally will require companies large and small to focus on capital management in a way they never have before. As a result, Maiden Re thinks its product offering dovetails well with the new environment those companies have to operate in.

Maiden Re began to actively market its European risk offerings in 2015 and Haveron stressed that the company is pushing to build enduring relationships with clients that match its own long-term ethos. This necessitates a long-term approach to viewing business, Haveron said.

“Our solutions in the European market, and throughout our business, focus on delivering sustainable capital support, particularly for companies with more limited access to capital markets,” he said.

“We are sensibly growing our top line; maintaining our profitability and a strong balance sheet is foremost in our minds. As a relatively new business, the deal flow has been strong across Europe.

“We’ve been successful in providing long-term capital solutions for a number of clients and we see an additional pipeline building, so we’re encouraged by that.

“In the new risk-based regulatory environment, companies are having to think about capital management a bit more—by definition they’re going to be more deliberate about deploying solutions. Being just two years in I think that the early returns are positive,” he concluded.