Specialist reinsurance firm Barents Re has signed an agreement to reinsure Uzbekistan insurance company KAFOLAT Insurance Company.
The facultative reinsurance agreement was signed with Barents Reinsurance SA in March, according to Uzbek insurer KAFOLAT, with Barents Re chosen as the successful reinsurance partner, given its market position and global reach.
KAFOLAT has secured the reinsurance arrangement as a financial tool that will enable it to expand geographically and make fast decisions, while certain that it has the reinsurance capacity available to back its portfolios of risk.
For smaller, regionally focused insurers, the backing of a major reinsurance partners can help them achieve faster growth, by sharing their risks and removing the potential for major losses to severely impact their financial strength.
Barents Re provides niche and specialty reinsurance products to property and casualty insurers, but is a selective underwriter and likes to position itself as a capital partner in the value-chain.