Lutece Re has begun operating in Bermuda and plans to underwrite new business from January 1st 2018 with a near-term focus on retro.
Erik Manning and Angus Ayliffe, both co-founders of Lutece Re and its affiliates will head up the management team.
Lutece Chief Executive Officer, (CEO) Erik Manning, said the firm’s investors had given Lutece a mandate “that allows us to be disciplined and ‘keep our powder dry’ for future opportunities if the 1/1 renewals do not present the much-needed market correction that we nonetheless anticipate.
“As the full extent of the $100 billion+ of 2017 losses crystallise and manifest themselves in the course of 2018 we expect to see opportunities and a continued retro market correction well into 2018 –2019.”
Lutece has not been established with a single mono-line product focus or a focus on a particular area of the retro market.
“Lutece stands ready to provide support to the market as and when required, and looks forward to building upon our market relationships by providing a stable and steady alternative to the retro market, with the support of our investors and partners,” Manning said.
The carrier is launching with a significant amount of committed capital; with a business model highly aligned with its investors, it promises to be a highly-disciplined underwriter, only writing business at 1/1 at pricing, terms and conditions that are sensible for its investors and sustainable as an underwriting strategy.
