PartnerRe sets up retro & specialty vehicle amid 'favourable' market conditions

Bermudian reinsurer  PartnerRe has established a retrocession and specialty reinsurance vehicle, called Laplace-C, in a move intended to take advantage of the favorable market conditions in these markets.

The newly-created vehicle has secured an investment from US-based private equity firm Olympus Partners.

Olympus manages funds in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programmes.

The company sees opportunities in the short-tail specialty and retrocessional insurance lines of business in the current favourable market conditions.

"We have been actively looking at opportunities to invest in the current favorable reinsurance cycle and believe the newly created Laplace-C vehicle represents a differentiated value proposition combining superior risk-adjusted returns with established market access to a broadly diversified book of business," said Olympus' Matt Boyd.

"We are excited to partner with PartnerRe, one of the leading reinsurers in the world with a long history of exceptional underwriting returns," he added.

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