A new Cayman Islands-based reinsurer has launched with $25 million from a private investment group.
Northern Reinsurance SPC’s (Northern Re’s) focus will be on high-frequency, low-severity risks representing modelled returns to capital partners. Its targeted business lines will include; personal and commercial auto, general liability and worker's compensation.
Northern Re was founded by brothers Anthony and Peter McKelvy, who both previously worked for various insurance companies, including Boost Insurance.
The company will combine sector knowledge with a “modern” framework that will provide third-party capital the ability to participate in the insurance-linked securities alternative asset class.
Commenting on the launch, McKelvy says: “We worked with many of the major fronting companies in the US during our development to create a structure that provides exceptional collateral and additional layers of financial security."
He adds: "Our team has a wealth of experience both in the industry and across verticals. We are excited to already be supporting several great partners throughout the market in Q1.”
