19 March 2021ILS

Integral ILS partners with Amwins and Core Specialty on US property initiative

Integral ILS, the independent Insurance-Linked Securities (ILS) fund manager, has launched a new US property insurance initiative, with risks underwritten by Amwins and policies issued through subsidiaries of Core Specialty Insurance Holdings.

Under the programme Integral assumes US catastrophe risk originated from Amwins' MGAs, including Amwins Access, Seacoast Brokers, Special Risk Underwriters (SRU), and Unicorn Underwriting, written by Core Specialty insurance subsidiaries which carry an AM Best rating of A- (excellent).

Integral said it will build a broad, diversified portfolio including small commercial, personal lines, middle market, and large shared and layered accounts. Funds managed by Integral will assume defined natural catastrophe risks originated by Amwins and Core Specialty insurance subsidiaries will retain premium and risk outside of the risk transferred to the Integral ILS funds.

The move is part of Integral's strategy of accessing the broader insurance value chain through strategic alliances with re/insurance risk originators.

Lixin Zeng, co-founder and managing partner at Integral, said: "Being closer to the original risk enables us to gain access to exposure with greater data resolution, accuracy, and timeliness, resulting in better portfolio quality.”

Scott Purviance, chief executive officer of Amwins, said Amwins is committed to securing exclusive capacity for its retail clients, which this partnership accomplishes.

Jeff Consolino, president and chief executive officer of Core Specialty, said: "This new initiative is complementary to the capabilities of the property division that Core Specialty launched in conjunction with our 2020 recapitalisation."