Rokstone, an international specialty re/insurance MGA, and part of the Aventum Group, has launched a Credit & Surety Treaty division, and has appointed Luis Antonio Ibáñez as the Portfolio Manager to lead the division, based in Madrid.
The company has confirmed that the division has secured A rated capacity from BMI and Malaysian Re, initially with a maximum $2.75 million line.
At the same time, Rokstone is targeting $15 million GWP for Credit & Surety by the end of 2023, and as of April has already signed $11 million GWP.
This marks Aventum’s second Treaty division that it has launched so far this year. In February its broking arm Consilium launched a Specialty Treaty Reinsurance Division.
Overall, Luis Antonio brings more than three decades of experience within Credit & Surety towards his new role.
He joins Rokstone from Active Re where he recently served as Global Chief Operating Officer, and also introduced its Treaty book and developed the surety and credit class, growing it successfully internationally across Europe, the Middle East and Asia.
Before that, he spent 27 years with CESCE, the Spanish Export Credit Agency (ECA), a specialist in trade credit insurance and surety in parts of Europe and Latin America. During his tenure at the firm, held a number of different roles, latterly as serving its Global Chief Operating Officer.
Luis Antonio, commented: “I’ve partnered with Rokstone for many years, watching their success with interest. One can’t help but admire their growth and entrepreneurial spirit and I’m excited to be starting a new chapter as part of that journey.
“More nimble MGAs are increasingly conquering the Treaty market. It’s the bigger and more specialist MGAs though like Rokstone who have the scale and credibility to compete effectively in a market that has previously been the reserve of the large reinsurers, particularly with the smaller risks that are not their mainstay. Rokstone also has access to multiple binders; getting a stamp from different seals – no reinsurer can offer that.”
James Potter, CEO of Rokstone, added: “Luis Antonio has been a long term partner and supporter of ours and we’re absolutely delighted to welcome him to the Group. He has got the division up and running very quickly, securing capacity from a number of A rated players.
“His valuable network, experience and impressive track record globally in the Credit & Surety space will be a huge asset to Rokstone as we further expand out our Treaty book and explore new and emerging opportunities across Europe, Asia and Latin America.”
