Reinsurance and investment management firm FG Financial Group has announced that its reinsurance subsidiary, FG Reinsurance (FGRe), has entered into a contract with a leading Insurtech company.
This is FGRe’s second reinsurance contract written since FG Global launched the subsidiary in June 2020.
The contract provides automotive insurance utilising driver monitoring to predictively segment and price drivers, and is underwritten by a contracted team of reinsurance underwriters.
“We are pleased to execute our second contract since the launch of FGRe,” said Tom Heise, CEO of FGRe.
“Other reinsurers on this risk include some of the largest and highest rated carriers in the industry. Due to the unique structuring of this contract, our modeled returns are expected to meet or exceed internal target rates.”
Larry Swets, CEO of FG Financial Group, added, “This contract reflects our strategy of patiently deploying capital in compelling, and frequently unique asymmetrical risk reward opportunities.
“This is a particularly attractive contract given its structure and the other established carriers involved.”
FG is focused on opportunistic collateralized and loss capped reinsurance, alongside its SPAC focused investing, the company said.
