Niche reinsurer Sequoia enters market, led by PartnerRe veteran
US-based Sequoia Reinsurance has begun operations focusing on HMO reinsurance and provider excess, while appointing former PartnerRe executive Dan Bolgar as its CEO.
The company has received financial backing from ELMC Risk Solutions, which will also provide reinsurance leverage and noncore administrative services for Sequoia. With offices in Minneapolis, San Francisco and Kansas City, Sequoia said it is open to serve brokers and clients during the upcoming buying season.
Sequoia will specialise in underserved niches in reinsurance – including HMO reinsurance, provider excess, medical excess reinsurance, and specialised employer stop-loss – to serve brokers and their clients with best-in-class underwriting, actuarial, cost containment, claims, and reinsurance-based risk management services.
Bolgar was most recently head of health of PartnerRe. Previously, he served as CEO of AXIS accident & health reinsurance, and prior to that was responsible for global accident and health at Willis Re.
"Sequoia is entering the market with a unique set of skills at a time when client centricity has never been so important," said Bolgar. "We look forward to working with ELMC and leveraging their resources to rapidly build a recognized market leader in this space."
Richard Fleder, CEO of ELMC, said: "We are extremely fortunate to have developed a relationship with Dan and the Sequoia team in this very specialised area of managed care reinsurance. Given the vast experience of the talented Sequoia managed care reinsurance experts, we are confident that the company will be a significant contributor to our portfolio of Managing Group and Specialty Underwriting companies."
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