Ardonagh’s Inver Re launches Bermuda SAC, collateralised reinsurance vehicle
Reinsurance broker Inver Re, a part of the Ardonagh Group of companies, has established a Bermuda-based Class 3 re/insurer and segregated accounts company.
Inver Re (Bermuda) SAC (Inver SAC) has been established as part of the newly created Bermuda-based captive platform.
It will enable Inver Re and the broader Ardonagh Group to offer segregated accounts, or ‘captive cells’, to its clients, the company said.
Inver Re SAC will provide captive cells for clients as a self-insurance component in their holistic risk management programme.
Inver Re SAC's segregated accounts can also be used for collateralised reinsurance transactions, the company said.
“This is similar to the protected cell structure offered to clients in Guernsey or Gibraltar by sister company Robus, which offers captive solutions to clients from the domiciles of Guernsey & Gibraltar,” Inver Re said.
William Wood, senior vice president of Price Forbes (Bermuda), commented: “Bermuda’s the oldest and largest captive market in the world. It’s a compelling location for any client exploring captive and cell solutions.
“We particularly see interest from North American but also from the rest of the world, so we’re pleased to further extend the suite of services we can offer to Inver Re and Price Forbes clients.”
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