International Re (I–RE), the specialist captive insurance and reinsurance MGA, has launched a re/insurance solution for mid-sized captives with the establishment of I–RE SA.
Traditionally, highly-rated re/insurance capacity has only been available to large captives, but I–RE aims to open up market access for high performing mid-sized businesses.
I–RE’s captive solution, which it claims is the first to target mid-sized businesses, will also allow captive managers and brokers to grow their client base significantly, it said.
By offering captives the ability to participate in their own re/insurance and retain up to 50% of their current premium spend, the idea is that many mid-sized businesses will be encouraged to set up new captive vehicles.
I–RE began trading at the start of 2019 and has since completed a number of transactions with US captives. It is a Lloyd’s coverholder, and currently underwrites 18 lines of business for insureds and their captives.
Initially, its focus will be on US business, but I–RE sees significant opportunities to rapidly expand both geographically and in product suite.
“International Re is an ambitious MGA, bringing revolutionary, market changing insurance and reinsurance to smaller captives, currently underserved by the market,” said Andy Jeckells, CEO & Chief Commercial Officer at I–RE.
“This growth opportunity is exciting interest from captive managers and brokers able to see opportunities to grow their client base exponentially by offering our innovative solution,” he continued. “As a result, our pipeline is very strong and I–RE will see significant growth in the first year and ongoing in the future.”
Rupert Taylor, CEO & CUO at I–RE, also commented: “It’s great to be able to offer mid-sized businesses the opportunity to participate in their exposures and actively underwrite commercial risks in this way.”
“Distribution comes from brokers and agents, financial advisors and CPA’s as well as existing captive managers,” he explained. “It’s anticipated that this product will radically increase the number of captive formations and provide a significant change in the way that strong performing businesses will buy their insurance.”
Taylor added: “We’ve worked hard with captive managers, brokers and the market to deliver an integrated solution that offers numerous benefits for captives ranging from scope of cover, claims management, capital efficiency and delivers the financial benefits of sharing in potential profits.”