UnipolSai launches €500m reinsurer

UnipolSai Assicurazioni, the insurance arm of the Italian Unipol Group, has launched a reinsurer targeting property and casualty business in continental Europe.

Based in Dublin, Ireland, UnipolRe has assets of more than €500 million and will offer tailored reinsurance coverage to small and medium-sized insurance companies throughout continental Europe for a number of risks including third party liability business.

This is UnipolSai Assicurazioni’s first venture into the reinsurance market and the first time it has launched its brand outside its home market of Italy.

Marc Sordoni, head of reinsurance for UnipolSai Assicurazioni, has been appointed chief executive officer of the reinsurer.

Enrico San Pietro, chairman of the board of UnipolRe, also holds the position of deputy general manager of general insurance at UnipolSai Assicurazioni.

Additionally, Simon Wigzell, previously a senior reinsurance manager at the Fondiaria SAI Group of companies, has been appointed underwriting manager of the reinsurer.

Michael Doyle, the Chief Risk Officer of UnipolRe, previously worked at the Central Bank of Ireland holding various roles in the insurance supervision department.

UnipolRe is in the process of securing an insurance financial strength rating from AM Best.

Sordoni said: "As our parent group's first venture outside of the Italian market, this represents an historic moment for the company. It was an important decision for the group to make this move but thanks to the relevant current market share in Italy combined with the incentives Solvency II provides, it is made it a natural one.

"The fact is our parent company has great expertise in certain lines, in particular third party liability and property business. We believe we can offer insurers very specific and tailored solutions thanks to this expertise, knowledge and database in these types of business.

“Our clients will also be working with us with the confidence that we are owned by a very large financial group with very deep pockets should abnormal unexpected claims arise.

"Finally, because of the obvious reasons for our formation; our return on equity requirements are very different to most other comparable reinsurers. We are seeking a single digit return, well below the much higher expectations of most of the market players. Along with our strengths; in what are clearly challenging market conditions, we have an opportunity to make a real difference to clients and stable business relationships in Europe.”