Barbados-based Aliseo Reinsurance SCC announced its entry into the global retrocession market with an initial capitalization of $300 million. Aliseo Re said it would “operate as a monoline retrocessionaire focusing on providing property catastrophe protection, targeting the reinsurance market worldwide. Aliseo Re will provide fully collateralized retrocession products to reinsurers, both on an ultimate net loss and an industry loss warranty basis.”
The new entry has been founded by and will be headed by James Bryce as Chairman, and Andreas Kusay as President and CEO. Bryce was instrumental in establishing IPC Re Limited in 1993 and served as its President and CEO until 2009. “He will provide an active corporate governance and strategic leadership to Aliseo Re,” said the bulletin.
Kusay has had a distinguished career in reinsurance, which spans over 25 years. Most recently he was President and CEO of Manufacturers P&C Limited, the property catastrophe subsidiary of Manulife Financial Corporation, and a Senior Consultant to the Insurance Futures Exchange Services Ltd. (IFEX).
Aliseo Re’s senior management team will also include Manoj Karnani who will serve as Chief Financial Officer, and a Chief Underwriting Officer who will join the Company upon commencement of operations in Barbados.
Karnani has 20 years of experience in insurance and reinsurance encompassing operational, accounting and finance. Aliseo’s Chief Underwriting Officer has over 25 years of experience in property retrocession.
Kusay commented: “Despite the current challenging dynamics in the broader reinsurance industry, demand for property retrocession protection is expected to grow. We are confident that Aliseo Re will offer valuable capacity to meet that demand.”
Bryce added: “It is a privilege to have the opportunity to serve as Chairman of Aliseo Re. I am looking forward to guiding senior management in establishing what I believe will be a leading player. I am confident that under the leadership of Andreas and his team, Aliseo Re will be a market of choice for global reinsurers.”
Aliseo Re is licensed and will write business effective January 1, 2011, subject to formal and customary closing conditions. The U.S. RE Group and VKP Group structured the transaction and acted as advisors to Aliseo Re.
Source: Aliseo Re
Topics New Markets Reinsurance
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