24 November 2017Analysis

Madison RE II to reinsure Novea captive subsidiary

Financial services software company Novea has selected international insurer Madison RE II to provide reinsurance for its wholly owned captive insurance subsidiary, Jacana Insurance.

"Having Jacana Insurance established as a wholly owned captive specialty insurance provider is an important aspect of Novea Inc.'s extended warranty business model," said Jermaine McDonald, senior vice president of risk management for Novea.  "The choice of Madison RE II provides Jacana Insurance with structure and the necessary backstop required to build out the Jacana Warranty business."

Madison RE II was launched in February 2016 to provide captive creation and management structure for clients of Captive Alternatives.