Nate Reznicek has joined International Re (I–RE), the London-based specialist captive insurance and reinsurance MGU, as head of US distribution. He is responsible for building distribution in the US.
Reznicek was most recently director of operations at CIC Services, based in Knoxville, Tennessee, where he led the captive practice. He also serves on a number of industry boards and committees and is a faculty member for the International Center for Captive Insurance Education (ICCIE).
Andy Jeckells, co-chief executive of I–RE, called Reznicek “a tireless advocate for captive ownership in the US, to which I–RE is equally committed.”
I–RE works with high performing mid-market businesses, for which its RE–PAID product has been specifically designed, giving them the same ability to underwrite their own commercial property and casualty insurance as larger companies. All clients in the RE–PAID product have stand-alone or independent cell captives.
It is not a group captive. However, clients that are already members in a group captive can place other lines, such as commercial property, into the RE–PAID program without having to leave the group.
Reznicek said he was immediately impressed with I–RE’s unique RE–PAID product, which he said allows up to 50 percent of gross written premium spend with A rated carriers to be ceded to captives for commercial property and casualty lines.
Reznicek said: “For a business paying premiums between $250,000 and $2,500,000, their brokers or captive managers have not had a viable option for putting property and casualty risk into a captive, as businesses of that size can’t afford fronting, reinsurance and the other costs associated with risk participation. Through I–RE they can now use a captive which to reinsure their exposures, retaining up to half the premiums they would be paying to a commercial insurer, while still earning full commissions.”
Jeckells added: “We are looking forward to working with Nate whose recognised skillset and experience spanning both captive and commercial insurance will be instrumental in building I–RE in the US as it launches a range exciting new products in 2021.”
Nate Reznicek, International Reinsurance, I-Re, Andy Jeckells