neville-ching
Neville Ching
9 March 2023News

New ‘best of Bermuda’ broker to plug the knowledge gap

Neville Ching, the former managing partner at Capsicum Re Bermuda, has launched a new independent reinsurance brokerage in Bermuda. ReFlex Solutions was incorporated on the island last year but launched yesterday. It plans to expand to London and the USA in the “near term”, according to the company.

With “technology at its heart,” the venture seeks to drive transactional efficiencies, attract new capital sources into the industry, and develop new products and coverage solutions. It also aims to drive down costs and increase trust and transparency in broking.

“ReFlex has been a year in the workshop, and I am delighted to be opening this new venture,” said Ching, the chief executive officer and founder. “In this hard market, there are opportunities for a new type of brokerage that has technology at its core combined with deep broking knowledge and expertise.

“There has been a clarion call from buyers of reinsurance to help them find coverage in challenging market conditions, and we will respond to that demand with a blend of traditional reinsurance, capital market solutions, and other new alternatives. Increasingly the one-size-fits-all model is outdated, and creative and tailored solutions are required.”

He added that the new broker would draw on the “best of Bermuda,” using local finance, technology, investment, service providers and expertise. “Bermuda is at the heart of this venture,” he said.

“Normally, it is a London brokerage that sets up a subsidiary in Bermuda. This will be a Bermuda broker, which will also set up in London,” he added.

The broker has backing from eight private investors, including leaders in technology, insurance, reinsurance, legacy, reinsurance underwriting, investment and life insurance. It will also have access to non-traditional capacity and solutions through Jireh Risk Advisors, the business set up by Bermudan ILS market executive Sal Tucci earlier this year for investors seeking to provide re/insurance risk capacity.

Ching brings 40 years’ experience to the venture. Before Capsicum, which he left in 2022, he was managing director at Aon Benfield. Experience was essential given the recent hard, said Ching.

“Many young brokers were simply out of their depth in what has been the most challenging renewal period seen in over a decade,” he said. “Some traders had no experience of operating in volatile market conditions and did not know where to get capacity or coverage during tough negotiations. Our brokerage will bridge that knowledge gap and find effective solutions for buyers of reinsurance looking for coverage.”




More on this story

ILS
19 January 2023   The LGBTQ network hopes that the launch will be the first of many Bermuda events.
News
12 January 2023   Three specialist underwriters will be based at the new location.

More on this story

ILS
19 January 2023   The LGBTQ network hopes that the launch will be the first of many Bermuda events.
News
12 January 2023   Three specialist underwriters will be based at the new location.