PartnerRe has announced a collaboration with Ark Syndicate Management Limited (ASML) that sees the reinsurer’s Upstream Energy insurance portfolio transfer to ASML Syndicate NOA 3902.
The new, strategic agreement relates to applicable policies incepting and written on or after January 1st, 2018, alongside renewal rights for policies renewing subsequent to that date.
ASML Chief Executive Officer (CEO), Ian Beaton, commented: “We are delighted to have reached this agreement with PartnerRe. We have a longstanding and valued relationship with PartnerRe and this transaction allows ASML to strengthen its proposition in upstream energy insurance. ASML is privileged to be aligned with such a high quality reinsurer. We look forward to working closely with our Policyholders and Brokers in order to effect an orderly transfer in the near term and, over the longer term, in providing meaningful capacity, underwriting and claims capability to upstream energy customers.”
According to an announcement on the partnership, it’s intended that PartnerRe will continue ongoing participation in the portfolio as a reinsurer to Syndicate NOA 3902.
President and CEO of PartnerRe, Emmanuel Clarke, said: “I am pleased that PartnerRe and Ark Syndicate Management Limited have entered into this agreement. I believe that this will be a successful partnership with a quality organization and one that will provide continuity for our clients and brokers. The decision to transfer the portfolio aligns with our overall strategy to focus on reinsurance and reinsurance-like solutions that don’t compete with our clients.”