Inver Re has announced the set up of a Bermuda-based Class 3 re/insurer and separate account company, Inver Re (Bermuda) SAC Ltd.
According to the company, Inver Re (Bermuda) SAC Ltd. (Inver SAC) was registered in Bermuda by the regulator Bermuda Monetary Authority (BMA) on May 24th 2023.
Inver Re told Reinsurance News that Inver SAC was established as part of a newly created captive platform based in Bermuda.
“Inver SAC provides captive cells for clients as a self-insurance component of their holistic risk management program,” the company explained.
The reinsurer continued, “This will enable Inver Re and the wider Ardonagh Group to offer Segregated Accounts, or ‘captive cells’, to its clients.”
Inver Re also told Reinsurance News that the formation of Inver SAC complements Robus, another captive business within the Ardonagh Group, which offers captive solutions to clients from domiciles in Guernsey & Gibraltar.
This is the latest development for Inver Re, which has been building its parametric, credit, motor and marine capabilities in recent months.
William Wood, Senior Vice President of Price Forbes (Bermuda) Limited, commented, “Bermuda is the oldest and largest captive market in the world. This is an attractive location for any client exploring captive and cell solutions.
“We’ve seen interest primarily from North America but also from the rest of the world, so we’re excited to further expand the suite of services we can offer to Inver Re and Price Forbes clients.”