Reinsurance News

BMS Re acts as broker for Conifer Holdings LPT transaction

14th November 2022 - Author: Kassandra Jimenez-Sanchez

BMS Re, the specialty reinsurance broker, has announced it has acted as broker and advisor for a bespoke Loss Portfolio Transfer (LPT) transaction on behalf of Conifer Holdings, Inc., a specialty insurance holding company.

bms-group-logoAccording to the broker, this transaction marks the latest from BMS Re’s thriving legacy and capital solutions practice, which continues to move from strength to strength.

BMS Re facilitated the LPT in co-ordination with other areas of BMS, including its Capital Advisory, Ratings and Pathlight Analytics areas, reinforcing the BMS value proposition of bringing total solutions to its clients with an emphasis on analytics.

Mory Katz, legacy practice leader at BMS Re, said: “This transaction demonstrates how a legacy transaction can produce a positive outcome for even strong, well-capitalised companies. We are very grateful to have been given the opportunity to assist our valued client with this transaction.”

The completion of this transaction served as part of Conifer’s comprehensive strategy to continue its growth as a prime choice in the specialised E&S space it serves, noted the company.

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Nick Petcoff, the co-CEO of Conifer, commented on the deal: “We are pleased to have partnered with BMS on this successful transaction as an integral part of our long term strategic plan.”

Last November, Conifer Holdings announced it had closed a Loss Portfolio Transfer (LPT) reinsurance agreement with Fleming Reinsurance Ltd. It secured $20m of adverse development cover for accident years 2019 and prior.

Under the agreement, Fleming Re will cover an aggregate limit of $66.3m of paid losses on $40.8m of stated net reserves as of June 30, 2022, relating to accident years 2019 and prior.

Within the aggregate limit, there is a $5.5m loss corridor in which the company retains losses in excess of $40.8m.

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