PartnerRe is transferring its upstream energy insurance portfolio to Ark Syndicate Management (ASML) as it exits that line of business to concentrate on others.
The two companies have signed an agreement under which the Bermuda-based company will transfer its upstream energy book of business to ASML Syndicate NOA 3902.
The deal covers those applicable policies incepting and written on or after January 1st, 2018 together with renewal rights for policies renewing subsequent to that date.
“I am pleased that PartnerRe and Ark Syndicate Management have entered into this agreement,” said Emmanuel Clarke, president and chief executive officer, PartnerRe. “I believe that this will be a successful partnership with a quality organization and one that will provide continuity for our clients and brokers. The decision to transfer the portfolio aligns with our overall strategy to focus on reinsurance and reinsurance-like solutions that don’t compete with our clients.”
The company intends to maintain ongoing participation in the portfolio as reinsurer to Syndicate 3902.
Ian Beaton, chief executice officer of ASML said: “We are delighted to have reached this agreement with PartnerRe. We have a longstanding and valued relationship with PartnerRe and this transaction allows ASML to strengthen its proposition in upstream energy insurance. ASML is privileged to be aligned with such a high quality reinsurer. We look forward to working closely with our Policyholders and Brokers in order to effect an orderly transfer in the near term and, over the longer term, in providing meaningful capacity, underwriting and claims capability to upstream energy customers”.
PartnerRe, ASML, upstream energy, portfolio, transfer, syndicate, lines of business, strategy