Inver Re has announced the set up of a Bermuda-based Class 3 re/insurer and segregated accounts company, Inver Re (Bermuda) SAC Ltd.
According to the firm, Inver Re (Bermuda) SAC Ltd. (Inver SAC) was registered in Bermuda by the regulator the Bermuda Monetary Authority (BMA) on May 24th 2023.
Inver Re told Reinsurance News that Inver SAC has been established as part of the newly created Bermuda-based captive platform.
“Inver SAC provides captive cells for clients as a self-insurance component in their holistic risk management program,” explained the firm.
The reinsurer continued, “It will enable Inver Re and the broader Ardonagh Group to offer Segregated Accounts, or ‘captive cells’, to its clients.”
Inver Re also told Reinsurance News that the formation of Inver SAC complements Robus, another captive business within the Ardonagh Group, which offers captive solutions to clients from the domiciles of Guernsey & Gibraltar.
This is the latest development for Inver Re, which has built its parametric, credit, motor and marine capabilities in recent months.
William Wood, Senior Vice President of Price Forbes (Bermuda) Limited, commented, “Bermuda’s the oldest and largest captive market in the world. It’s a compelling location for any client exploring captive & cell solutions.
“We particularly see interest from North America but also from the rest of the world, so we’re pleased to further extend the suite of services we can offer to Inver Re and Price Forbes clients.”
