Active Re extends capacity to OneAdvent
Active Re is to provide delegated underwriting authority (DUA) to OneAdvent to allow its financial lines business to write financial institutes and commercial D&O on a facultative reinsurance basis.
OneAdvent describes the agreement as “a huge win” for the specialist insurer, which it launched in 2019.
Roberto Murru, head of financial lines at OneAdvent said: “This new partnership will be integral to the building out of our financial lines proposition.
“In the hardest market we have witnessed in over 35 years, we know there is lots of opportunity out there and this increased capacity, thanks to Active Re, will enable us to take advantage of that”.
The MGA also launched on the Whitespace trading platform at the end of 2020. The newly secured additional capacity will allow the teamto grow the existing portfolio while developing and launching complementary products and new classes of business.
Robert Blair Ali, deputy COO of Active Re, added: “As we venture into the financial lines space, the experience and capabilities of the OneAdvent underwriting team will be key to our success. We are delighted to be working with them as they continue on their upward trajectory.”
International rating agency AM Best recently revised the outlooks for Active Re to positive from stable and reaffirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of “A-” (excellent).
Active Re began providing delegated authority to MGAs in 2018 and has since established several successful partnerships with London based MGAs, the reinsurer said.