PartnerRe partners with Italian insurer
PartnerRe Wholesale, a new division of global reinsurer PartnerRe, has entered into partnership with specialist Italian insurer AEC Wholesale Group.
The new entity offers financial lines insurance coverage, tailored for small and medium enterprises, including commercial PI, commercial directors & officers and general liability insurance. It will operate through a distribution network consisting of global-based managing general agents, brokers and insurers writing on PartnerRe Ireland Insurance paper.
AEC has received the binding authority from PartnerRe Wholesale to underwrite professional indemnity insurance.
It is estimated from recent studies that the market for professional indemnity insurance in Italy will grow from €986.4 million to €1.15 billion between 2013 and 2017.
By combining AEC’s distribution power and strong brand with PartnerRe Wholesales' deep understanding of Financial Lines insurances, they aim to unlock the SME opportunity, said AEC.
Fabrizio Callarà, chief executive officer of AEC, said: “Our group will provide to our correspondent network the underwriting capability of PartnerRe, one of world’s leading players in the reinsurance market with a very strong financial, A+ (S&P and A.M. Best) rating.”
Marc van der Veer, general manager at PartnerRe Wholesale, said: “Within our Wholesale strategy, the Italian market represents a very important market for us. With AEC we have found a solid and relevant partner to build a multi-year relationship.”