KAFOLAT Insurance Company JSC, an insurance company based in Uzbekistan, has secured reinsurance from companies including SCOR, Canopius Lloyd’s syndicate 4444, and Polish Re.
The insurer believes that the backing of these reinsurance partners will help to keep its solvency at a high level, by sharing risks and eliminating potential threats that could impact financial strength.
Agreements with the Lloyd’s syndicate are also expected to increase the international rating of KAFOLAT and help it to provide its customers with reliable insurance coverage.
The move comes as part of a push to achieve greater international recognition for the company, which has been working to enhance its capacity and rating, working with Lloyd’s syndicates to support its underwriting.
For smaller, regionally focused insurers such as KAFLOT, the backing of major reinsurance partners can help achieve faster growth, by sharing their risks and removing the potential for major losses to severely impact their financial strength.
KAFOLAT also signed a facultative reinsurance deal with Barents Reinsurance SA back in March 2018 to help expand its geographical reach.
Barents Re provides niche and specialty reinsurance products to property and casualty insurers, but is a selective underwriter and likes to position itself as a capital partner in the value-chain.