New reinsurance broker led by industry vet launches amid hard market

An industry veteran with 40 years’ experience at large brokers Gallagher Re, Aon Benfield and Towers Watson has set up what he describes as a new “organic” reinsurance brokerage “with technology at its heart” to take advantage of the hard market conditions. With operations in Bermuda and near term plans for expansion into London and the US, a new player has entered the market.

Bermuda reinsurance brokerage ReFlex Solutions has been launched by Neville Ching, aiming to provide advisory solutions to global reinsurance buyers.

ReFlex has been launched with the backing of eight private investors that include leaders in the technology, insurance, reinsurance, legacy, reinsurance underwriting, investment and life insurance sectors. The company was incorporated in Bermuda in 2022, but has launched this month.

Ching, chief executive officer of ReFlex Solutions, was most recently managing partner of Capsicum Re Bermuda (Gallagher Re) since March 2015 where he led its retro division and run its Bermudian operation. He has extensive experience in producing, managing and placing large reinsurance transactions. He has also served as managing director for retro and held other senior positions at Aon Benfield Bermuda, Aon in London, Towers Watson and Benfield.

Ching’s new venture aims to drive transactional efficiencies, attract new capital sources into the industry, and develop new products and coverage solutions, as well as drive down costs and increase trust and transparency in broking.

In addition to traditional market solutions, ReFlex has access to non-traditional capacity and solutions through Jireh Risk Advisors, which was established by Bermuda ILS market executive Sal Tucci earlier this year. Jireh provides risk transformation and advisory services on behalf of investors seeking to provide capacity for re/insurance risk.

“ReFlex has been a year in the workshop, and I am delighted to be opening this new venture,” said Ching, CEO and founder of ReFlex. “In this hard market, there are opportunities for a new type of brokerage that has technology at its core combined with deep broking knowledge and expertise.”

“There has been a clarion call from buyers of reinsurance to help them find coverage in challenging market conditions, and we will respond to that demand with a blend of traditional reinsurance, capital market solutions, and other new alternatives. Increasingly the one-size-fits all model is outdated, and creative and tailored solutions are required,” Ching added.

“It has been a long time since a broker was set up in Bermuda – and ReFlex will blend the best of Bermuda, with local finance, technology and investment provided from here – as well as using our excellent service providers and local expertise. It is ‘organic’ in the way it has been formed - Bermuda is at the heart of this venture.

“Many young brokers were simply out of their depth in what has been the most challenging renewal period seen in over a decade,” Ching continued. “Some traders had no experience of operating in volatile market conditions and did not know where to get capacity or coverage during tough negotiations. Our brokerage will bridge that knowledge gap and find effective solutions for buyers of reinsurance looking for coverage.”

“Normally it is a London brokerage that sets up a subsidiary in Bermuda. This will be a Bermuda broker, which will also set up in London,” he concluded.

Tucci commented: “Efficient technology has to be at the core of any modern service provider. ReFlex and Jireh share a common core thesis of combining experienced market practitioners alongside innovative technology to better serve clients with elevated service, capability and standards. Our respective businesses, while distinct and separate, are complementary and will collaborate to provide ReFlex clients with superior service and solutions.”

Ching added that ReFlex is fully operational. “Our very active Q1 2023 is both encouraging and humbling as it underscores the value clients see in our approach,” he said.

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