‘Big and nimble’ specialist MGA targets expansion in credit & surety treaty market
Speciality re/insurance MGA Rokstone believes it has the “scale and credibility” to compete effectively in a market dominated by large reinsurers. It has launched a new treaty division, securing capacity from a number of A rated players, to target $15 million GWP for credit and surety by the end of 2023.
Rokstone, part of the Aventum Group, has launched a credit and surety treaty division, to be led by Luis Antonio Ibáñez (pictured) as portfolio manager, based in Madrid.
The division has secured A rated capacity from BMI and Malaysian Re, initially with a maximum $2.75 million line. Rokstone is targeting $15 million GWP for credit and surety by the end of 2023, and as of April has signed $11 million GWP.
It is the second treaty division launched by Aventum this year. In February its broking arm Consilium launched a specialty treaty reinsurance division.
Antonio Ibáñez has more than 30 years’ experience in credit & surety. He joins Rokstone from Active Re where he was global chief operating officer and introduced its treaty book and developed the surety and credit class, growing it internationally across Europe, the Middle East and Asia. Prior to that, he spent 27 years with CESCE, the Spanish Export Credit Agency (ECA) a specialist in trade credit insurance and surety in parts of Europe and Latin America. He held a number of roles at CESCE, latterly as its global chief operating officer.
Antonio Ibáñez, commented: “I’ve partnered with Rokstone for many years, watching their success with interest. One can’t help but admire their growth and entrepreneurial spirit and I’m excited to be starting a new chapter as part of that journey. More nimble MGAs are increasingly conquering the Treaty market. It’s the bigger and more specialist MGAs though like Rokstone who have the scale and credibility to compete effectively in a market that has previously been the reserve of the large reinsurers, particularly with the smaller risks that are not their mainstay. Rokstone also has access to multiple binders; getting a stamp from different seals – no reinsurer can offer that.”
James Potter, CEO of Rokstone, said: “Luis Antonio has been a long term partner and supporter of ours and we’re absolutely delighted to welcome him to the Group. He has got the division up and running very quickly, securing capacity from a number of A rated players. His valuable network, experience and impressive track record globally in the Credit & Surety space will be a huge asset to Rokstone as we further expand out our Treaty book and explore new and emerging opportunities across Europe, Asia and Latin America.”
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