International Re (I–RE), a specialist captive insurance and reinsurance MGA, has launched a new insurance and reinsurance solution for mid-sized captives, which will offer mid-sized captives access to A+ rated capacity.
The MGA, co-founded by Rupert Taylor and Andy Jeckells at the start of 2019, has already completed a number of transactions with US captives. Offering them access to A+ rated capacity allows them to participate in the risk and reward of their commercial insurance, a route that up to now has only been available for large captives.
I–RE also claims that its solution will also help captive managers and brokers able to grow their client base significantly. It says the potential reward of retaining up to 50 percent of premium spend will encourage more mid-sized businesses to set up new captive vehicles.
I–RE is a Lloyd’s coverholder, and underwrites 18 lines of business for insureds and their captives. Initially, its focus is on US business, but it also eyes opportunities to expand both geographically and in product suite.
Jeckells, CEO and chief commercial officer of I–RE, said: “International Re is an ambitious MGA, bringing revolutionary, market changing insurance and reinsurance to smaller captives, currently underserved by the market. This growth opportunity is exciting interest from captive managers and brokers able to see opportunities to grow their client base exponentially by offering our innovative solution. As a result, our pipeline is very strong and I–RE will see significant growth in the first year and ongoing in the future.”
Taylor, CEO & CUO of I–RE, added: “It’s great to be able to offer mid-sized businesses the opportunity to participate in their exposures and actively underwrite commercial risks in this way. Distribution comes from brokers and agents, financial advisors and CPA’s as well as existing captive managers.
“It’s anticipated that this product will radically increase the number of captive formations and provide a significant change in the way that strong performing businesses will buy their insurance. We’ve worked hard with captive managers, brokers and the market to deliver an integrated solution that offers numerous benefits for captives ranging from scope of cover, claims management, capital efficiency and delivers the financial benefits of sharing in potential profits.”
International Re, Specialty insurance, Captive, Reinsurance, Insurance, MGA, A+ Rating, Ratings, Rupert Taylor, Andy Jeckells, North America