Informa Insurance News 24
NECTARIS RE LAUNCHES IN BERMUDA WITH A RATING FROM AM BEST
The Bermuda Monetary Authority has licensed Nectaris Re as the island’s newest Class 3A insurer. The company, the operating unit of Nectaris Holdings, has formed a mutual co-operation agreement with Mitsui Sumitomo Insurance’s London-based Leadenhall Capital Partners under which Nectaris will retrocede all of its business to the Horseshoe Re II segregated accounts company with cells funded by Leadenhall-backed insurance-linked securities funds. Around 90% of total limit ceded to Nectaris Re will be business written via MS Amlin. Nectaris Re will initially underwrite property catastrophe reinsurance and retrocession, with some casualty and marine risks as well. AM Best has assigned Nectaris Re an A (excellent) financial strength rating and an “a” long-term issuer credit rating, reflecting the company’s strong balance sheet, adequate operating performance (based on the historical results of Leadenhall’s funds), limited business profile and appropriate enterprise risk management.