Press Release: Phoenix CRetro
- ksavrassov8
- 17 сент. 2014 г.
- 2 мин. чтения
See the original Phoenix CRetro PR here.
Phoenix CRetro and BROKBUSINESS Consortium Obtains ‘First of its Kind’ CEE Licence for Collateralised Retro Activities in Ukraine Ukraine, 16th September 2014 - Insurance company «BROKBUSINESS» (Kiev, Ukraine) – a strategic partner of Bermudian niche reinsurer Phoenix CRetro - has been awarded a licence from the National Bank of Ukraine to post collateral abroad as part of its retro reinsurance capacity provision.
This is a significant development for the local insurance industry in the CEE as obtaining such a licence (the first of its kind throughout the CEE) opens up new opportunities in the international ILS markets and reaffirms a modern trend in global CAT reinsurance that has been debated in depth at this year’s Monte Carlo Rendezvous.
Previously, no CEE insurance company has been granted permission to post collateral
directly into a designated western bank as part of Collateral Trust arrangements. Kirill Savrassov, London CEO of Phoenix CRetro said: “We are pleased to introduce the local Ukrainian market as an alternative capacity provider and proud to have performed the task in accordance with the highest standards in the international reinsurance market.
“We would also like to thank the National Bank of Ukraine as well as a number of highly regarded collateral Trustees in the international reinsurance industry for their support. As well as providing a timely boost to the local CEE insurance sector, this initiative will also widen the frontiers for regional institutional investors by providing
them with access to ILS as a new class of assets.”
Notes to editors
About BROKBUSINESS
In operation since 1993, BROKBUSINESS is a Ukrainian insurance entity operating
out of more than 50 branches nationwide. BROKBUSINESS holds 46 different licenses, 20 of which are voluntary, 16 compulsory and 10 providing for state compulsory-
types of insurance. Its main shareholders comprise local Cascade Invest Fund (50%) and a number of international corporate entities.
The Company enjoys a “uaAA-“ rating by local “Expert-Rating” Agency (http://www.expert-rating.com/eng/) which is comparable to “A-“ on the international agencies scale and certified by ISO 9001:2008 for quality management.
About Phoenix CRetro
Phoenix CRetro is a Bermudian specialist reinsurance platform that brings the Lloyd’s
and international catastrophe reinsurance market together with insurers and capital
providers from Central & Eastern Europe.
Acting both as an aggregator and a subscription market, the company benefits from
the classic retail-wholesale framework. This provides Lloyd’s Syndicates and global
reinsurers with alternative, fully collateralised capacity or capital from areas of the
world with little previous exposure to CAT retrocession written on a worldwide basis
– despite having the necessary infrastructure in place to operate in the market.
For insurers or capital providers from the CEE region, Phoenix CRetro gives transparent and effective access to the catastrophe reinsurance market, which can otherwise be challenging because of lack of financial strength, weak local sovereign rating or small individual capacities.
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