Ted Blanch returns with cat-focused broker COIN Re
Industry veteran Ted Blanch has returned to the market with a new venture, a new Florida-focused broker, which he claims will disrupt catastrophe reinsurance with lowered costs and a radically different ownership model.
COIN Re claims that its unique selling point is ensuring its interests remain aligned with those of its clients. To achieve this, the company is structured so that client investors, collectively, will own more than 50 percent of the company.
Blanch said the start-up broker will follow a set of basic broking goals and techniques. These include connecting clients with reinsurance opportunities for the limits sought, at the lowest market price; reducing frictional costs by lowering the bite taken by the broker; and actively intermediating the placement/underwriting of the reinsurance programs based on aggressive pursuit of the client’s interests.
“We’re here to fill a need,” Blanch said. “With COIN Re, we are creating a new paradigm that will both make insurers more profitable and reduce cost to consumers. We plan to be very aggressive in meaningfully reducing reinsurance premium and net cost for primary insurance companies.
“Previous attempts to co-op in this market have failed, either because of exposure imbalances, or because of inbuilt competition among the participants. The equity structure of COIN Re eliminates all these problems.”
Blanch has enjoyed a lengthy career in the risk transfer industry. After joining E.W. Blanch & Co. in 1958 he became CEO in 1977 and held the position until 2000. The company was sold in 2001. He then formed Ted Blanch & Associates, a consultancy to the reinsurance industry.
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