UnipolSai captive becomes third-party reinsurer

UnipolSai Assicurazioni, the insurance arm of the Italian Unipol Group, has altered its reinsurance captive business operation Unipol Re.

The insurer revealed that Unipol Re has now become a third-party reinsurer with assets of more than €500 million.

Based in Dublin, it will target property and casualty business in continental Europe, offering tailored reinsurance coverage to small and medium-sized insurance companies for a number of risks including third party liability business.

This is UnipolSai Assicurazioni’s first venture into the reinsurance market and the first time it has launched its brand outside its home market of Italy.

Marc Sordoni, head of reinsurance for UnipolSai Assicurazioni, has been appointed chief executive officer of the reinsurer.

Enrico San Pietro, chairman of the board of UnipolRe, also holds the position of deputy general manager of general insurance at UnipolSai Assicurazioni.

Additionally, Simon Wigzell, previously a senior reinsurance manager at the Fondiaria SAI Group of companies, has been appointed underwriting manager of the reinsurer.

Michael Doyle, the chief risk officer of UnipolRe, previously worked at the Central Bank of Ireland holding various roles in the insurance supervision department.

Rating agency AM Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of ‘a-’ to Unipol Re, with a stable outlook.

“The ratings reflect the company’s excellent risk-adjusted capitalisation and good prospective operating performance. In addition, the ratings are reflective of UnipolRe’s strategic importance to UnipolSai,” said the rating agency.