Dublin-based Unipol Re is a new reinsurer which represents the first venture outside Italy for UnipolSai Assicurazioni, one of Italy’s biggest insurers. Here, Marc Guy Victor Sordoni, the CEO of Unipol Re, explains what makes the venture unique and why it will add value to the reinsurance landscape in Europe.
Why was UnipolRe launched?
UnipolRe represents the first step in a long-term strategy of diversification and growth for UnipolSai Assicurazioni. Our parent company is the biggest insurer in Italy with a substantial market share in the country. It is a very well capitalised and well run insurer with deep expertise in many lines of business, particular third party liability risks.
The scope for it to grow in Italy is very limited, partly due to Italian regulations regarding market share and partly because under Solvency II regulations companies are penalised for having a concentration of risk. A move into reinsurance was considered a natural step for the company and the diversification will ultimately offer our parent significant capital relief under Solvency II.
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UnipolRe, Marc Guy Victor Sordoni, Europe