Specialist reinsurance MGA, Connect Underwriting Limited, has announced the launch of Pixel Re, a new dedicated monoline reinsurance vehicle for global property and downstream energy risks.
For attachments of typically USD 500 million and above, the newly launched Pixel Re will offer facultative reinsurance for large multinational risks on an excess-of-loss basis, effective immediately.
Pixel Re has exclusive Lloyd’s and London-market sourced capacity and has been launched to meet the growing demand for high quality capacity for larger line sizes as a result of inflationary pressures on insureds’ assets.
So, it doesn’t seem that Pixel Re is bringing USD 500 million+ of new capacity to market, but rather it is on risks that attach at USD 500 million or higher.
Jamil Elbahou, Chief Executive Officer (CEO) and Chief Underwriting Officer (CUO), Connect Underwriting, said: “We are excited to announce the addition of Pixel Re, which provides new capacity for property and downstream energy risks. This is available immediately to select distribution partners that have a regular requirement for these attachment levels globally.
“Pixel Re is very much part of our commitment to leverage our expertise to bring more to the market and to fulfil the need for additional high-quality capacity in what is fast becoming an underserved area of the market.”