Vesttoo, an insurance risk transfer and investment platform, has announced the completion of a successful $120 million renewal of quota share reinsurance cover for a leading London Lloyd’s syndicate.
The transaction, which was brokered by Howden Tiger, demonstrates continued global demand to bridge the insurance and capital markets.
According to the announcement, the renewal provides multi-line cover for a portfolio of long-tail, North American treaty reinsurance. At the same time, it also highlights Vesttoo’s commitment both to finding collateralized solutions for complex portfolios and delivering the levels of service required to retain cedents as long-term partners.
Brian Kirwan, Vesttoo’s Global Head of P&C and Speciality, commented: “This transaction highlights what Vesttoo brings to the market – a new bridge between the insurance and the capital markets.
“Vesttoo enables cedents to strengthen their balance sheets .while allowing capital market investors to access an attractive asset class that was previously out of reach. We pride ourselves in offering the highest standard of service in the market, especially when this leads to valued clients renewing with us in 2023.
“This renewal is testament to the hard work by our experienced team members across the globe and we look forward to further developing this mutually-beneficial relationship in the years ahead.”
Moreover, this nine-figure renewal comes on the heels of Vesttoo’s quarterly Risk Capital Report, showing that the market for ILS is set to increase 11% by 2025 to an estimated $120 billion.
Driven by global demand for uncorrelated, low-volatility assets and lack of capacity in the traditional reinsurance industry, this projected growth will be centered on non-catastrophe markets, including low volatility Property & Casualty (P&C), Specialty and Life lines of business.
