UnipolSai Assicurazioni has re-launched its third-party reinsurer in Dublin to target property and casualty business.
Unipol Re is now become a third-party reinsurer and holds assets of more than €500 million in assets. It will offer tailored reinsurance coverage to small and medium-sized insurance companies throughout Europe, for a number of risks.
The venture represents UnipolSai Assicurazioni's first venture into reinsurance and the first time it has launched its brand outside of Italy.
Enrico Pietro, chairman of the board of Unipol Re, also holds the position deputy general manager of general insurance at UnipolSai Assicurazioni.
Marc Sordoni, head of reinsurance for UnipolSai Assicurazioni, has been appointed CEO of the reinsurer and will supervise reinsurance for the 16 affiliated companies of Unipol Group in Italy.
Michael Doyle, who is the chief risk officer of UnipolRe, previously worked at the Central Bank of Ireland holding various roles in the insurance supervision department.
Simon Wigzell, who was previously a senior reinsurance manager at Fondiara SAI Group, has been appointed underwriting manager of UnipolRe.
Sordoni commented: "As our parent group's first venture outside of the Italian market, this represents an historic moment for the company. It was an important decision for the group to make this move but thanks to the relevant current market share in Italy combined with the incentives Solvency II provides, it is made it a natural one.”
"The fact is our parent company has great expertise in certain lines, in particular third party liability and property business. We believe we can offer insurers very specific and tailored solutions thanks to this expertise, knowledge and database in these types of business.”
A.M. Best has assigned a financial strength rating of “A- (Excellent)” and an issuer credit rating of “a-“ to UnipolRe. The outlook assigned to both ratings is stable.
