International Re launches first re/insurance solution for mid-sized captives
Specialist captive managing general agent (MGA) International Re (I–RE) has launched a re/insurance solution for mid-sized captives with the establishment of I–RE SA.
I–RE aims to open up market access to insurance and reinsurance solutions for high performing mid-sized captive businesses. The company will offer them access to A+ rated capacity, which has traditionally been available only for large captives.
The Lloyd’s coverholder currently underwrites 18 lines of business for insureds and their captives. With an initial focus on the US, I–RE plans to expand both geographically and in product suite.
I–RE claims its "market changing product" will allow captive managers and brokers to grow their client base significantly. By offering captives the ability to participate in their own re/insurance and retain up to 50 percent of their current premium spend, it will encourage mid-sized businesses to set up new captive vehicles.
The MGA, led by co-founders Rupert Taylor and Andy Jeckells, began trading at the start of 2019 and has since completed a number of transactions with US captives.
Jeckells, CEO & chief commercial officer I–RE said: “International Re is an ambitious MGA, bringing revolutionary, market changing insurance and reinsurance to smaller captives, currently underserved by the market. This growth opportunity is exciting interest from captive managers and brokers able to see opportunities to grow their client base exponentially by offering our innovative solution. As a result, our pipeline is very strong and I–RE will see significant growth in the first year and ongoing in the future.”
Taylor, CEO & CUO, added: “It’s great to be able to offer mid-sized businesses the opportunity to participate in their exposures and actively underwrite commercial risks in this way. Distribution comes from brokers and agents, financial advisors and CPA’s as well as existing captive managers.
"It’s anticipated that this product will radically increase the number of captive formations and provide a significant change in the way that strong performing businesses will buy their insurance. We’ve worked hard with captive managers, brokers and the market to deliver an integrated solution that offers numerous benefits for captives ranging from scope of cover, claims management, capital efficiency and delivers the financial benefits of sharing in potential profits.”
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