PartnerRe transfers upstream energy insurance portfolio to Ark Syndicate
Bermuda-based PartnerRe has revealed that it will exit the upstream energy insurance market having signed a deal to transfer its book of business to Ark Syndicate Management.
The reinsurer said the move is in line with its intention to become a pure play reinsurer and not compete with its clients on the primary side.
Its upstream energy insurance portfolio will be transferred to ASML Syndicate NOA 3902. The agreement relates to applicable policies incepting and written on or after January 1, 2018, alongside renewal rights for policies renewing subsequent to that date. PartnerRe said that it intends to maintain ongoing participation in the portfolio as reinsurer to Syndicate 3902.
The reinsurer's CEO Emmanuel Clarke said: “I am pleased that PartnerRe and Ark Syndicate Management Limited have entered into this agreement. I believe that this will be a successful partnership with a quality organisation and one that will provide continuity for our clients and brokers.
"The decision to transfer the portfolio aligns with our overall strategy to focus on reinsurance and reinsurance-like solutions that don’t compete with our clients."
Ian Beaton, CEO of ASML, said: “We are delighted to have reached this agreement with PartnerRe. We have a longstanding and valued relationship with PartnerRe and this transaction allows ASML to strengthen its proposition in upstream energy insurance. ASML is privileged to be aligned with such a high quality reinsurer.
"We look forward to working closely with our Policyholders and Brokers in order to effect an orderly transfer in the near term and, over the longer term, in providing meaningful capacity, underwriting and claims capability to upstream energy customers.”
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