UnipolRe to be placed into run-off

Dublin-based reinsurer  UnipolRe is to be placed into run-off by its parent UnipolSai Assicurazioni, some eight years after the Italian insurer, one of Europe’s largest non-life insurance groups, first ventured into the reinsurance space.

UnipolRe was launched in 2015 with assets of more than €500 million. It was launched to offer tailored reinsurance coverage to small and medium-sized insurance companies throughout continental Europe.

Some 18 months ago, it became one of the first reinsurers to exit the catastrophe excess-of-loss market. After that, it pivoted to start to grow other lines including some short tail lines such as personal accident, per risk or proportional fire. These complement its core, which was a growing motor and telematics books, leveraging the expertise of its parent.

The venture represented UnipolSai Assortation’s first venture into reinsurance and the first time it has launched its brand outside its home market of Italy. The move offered UnipolSai Assicurazioni diversification. In its home market of Italy, the insurer’s market share is significant, both in terms of geography and lines of business.

At the time of publication, the company had declined to comment.

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