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Integral ILS partners with Amwins & Core Specialty on new US property program

18th March 2021 - Author: Luke Gallin

Independent insurance-linked securities (ILS) fund manager, Integral ILS Ltd., has launched a new U.S. property insurance program with risks underwritten by Amwins and policies issued via subsidiaries of Core Specialty Insurance Holdings, Inc.

Integral is set to assume U.S. catastrophe risk originated from Amwins’ MGAs, including Amwins Access, Seacoast Brokers, Special Risk Underwriters, and Unicorn Underwriting, written by Core Specialty insurance subsidiaries.

The portfolio includes small commercial, personal lines, middle market, and large shared and layered accounts.

Under the arrangement, funds managed by Integral will assume defined natural catastrophe risks originated by Amwins, and Core Specialty’s subsidiaries will retain premium and risk outside of the risk transferred to the Integral ILS Fund.

Integral states that this launch represents an important milestone in its efforts to access the broader insurance value chain through strategic partnerships with leaders in insurance and reinsurance risk origination.

RMS

Scott Purviance, Chief Executive Officer (CEO) of Amwins, commented: “Amwins is committed to securing exclusive capacity for our retail clients. This unique partnership provides them with access to long-term, efficient capital in a challenging property market.”

Jeff Consolino, President & CEO of Core Specialty, said: “I am delighted that Core Specialty will be working with the Integral ILS management team, who are well-known to us. This new initiative is complementary to the capabilities of the Property Division that Core Specialty launched in conjunction with our 2020 recapitalization.”

While Lixin Zeng, Co-Founder and Managing Partner of Integral, added: “Access to property catastrophe risk through multiple channels is beneficial to Integral and our clients. Being closer to the original risk enables us to gain access to exposure with greater data resolution, accuracy, and timeliness, resulting in better portfolio quality. We are excited to partner with Amwins and Core Specialty in this endeavor.”

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