International Re (I-RE), a specialist captive insurance and reinsurance MGA, has announced the launch of I-RE SA, a mid-sized captive insurance and reinsurance solution. The MGA will be led by co-founders and co-CEOs Rupert Taylor and Andy Jeckells.
I-RE offers mid-sized captives access to A+-rated capacity, allowing them to participate in the risk and reward of their commercial insurance, the company said. Until now, that option had only been available to larger captives. Offering captives the ability to participate in their own reinsurance and retain up to 50% of their premium spend will encourage many mid-sized businesses to set up new captive vehicles, I-RE said.
I-RE is a Lloydâ€™s coverholder and currently underwrites 18 lines of business for insureds other than captives. Its focus will initially be on US business, but the company said that it sees significant opportunities to expand geographically. I-RE has already completed a number of transactions in the US.
â€œInternational Re is an ambitious MGA, bringing revolutionary, market-changing insurance and reinsurance to smaller captives currently underserved by the market,â€ said Jeckells, co-CEO and chief commercial officer. â€œThis growth opportunity is exciting interest from captive managers and brokers able to see opportunities to grow their client base exponentially by offering our innovative solution. As a result, our pipeline is very strong and I-RE will see significant growth in the first year and ongoing in the future.â€
â€œItâ€™s great to be able to offer mid-sized businesses the opportunity to participate in their exposures and actively underwrite commercial risks in this way,â€ said Taylor, co-CEO and CUO. â€œDistribution comes from brokers and agents, financial advisors and CPAs, as well as existing captive managers. Itâ€™s anticipated that this product will radically increase the number of captive formations and provide a significant change in the way that strong-performing businesses will buy their insurance.â€