XL Catlin teams up with MGU on SME offering
XL Catlin and Ventus Risk Management, a newly formed managing general underwriter (MGU), have formed a partnership that will allow Ventus to provide commercial property insurance offerings for small and mid-sized enterprises (SMEs).
Ventus and XL Catlin, along with key distribution partners, will bring property insurance solutions to the catastrophe exposed SME market. This will be supported by collateralised catastrophe reinsurance funds and traditional reinsurance.
George Reeth, chief executive officer (CEO), Ventus, said: “We are initially targeting select classes of coastal commercial property risks, leveraging our proprietary industry-leading catastrophe risk analytics with the combined strength of XL Catlin’s access to capital markets reinsurance capacity and strong balance sheet.”
In addition to Reeth, who is a co-founder and former president of Validus Re, the management of Ventus is led by Stuart Mercer (president), a co-founder and former chief risk officer of Validus Re and CEO of AlphaCat Managers, and Richard Goldfarb (chief underwriting officer and chief actuary), the former chief financial officer and chief actuary of CapSpecialty.
Craig Wenzel, XL Catlin’s head of alternative capital, added: “We are excited to be partnering with this experienced team in bringing leading-edge modelling and distribution practices to the marketplace.
“This builds on our history of developing innovative solutions in the re/insurance capital markets, and furthers our objectives in matching the right capital to each risk we underwrite.”
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