22 September 2014ILS

Phoenix CRetro partner licenced in Ukraine

A strategic partner of Bermudian niche reinsurer Phoenix CRetro has been licenced to post collateral abroad as part of its retro reinsurance capacity provision.

BROKBUSINESS, a Ukraine-based insurance company, has been awarded the licence from the National Bank of Ukraine which will allow it to post collateral directly into a designated western bank as part of collateral trust arrangements.

The licence, the first of its kind throughout Central and Eastern Europe, is expected to open up new opportunities in the international insurance-linked securities markets.

Kirill Savrassov, London chief executive officer 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.”




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30 November 2018   Multi-cat bonds or other ILS solutions are the only viable solution for coping with natural disasters in the Eastern European and Commonwealth of Independent States region, and Bermuda could have a big role to 
play in making this happen, says Kirill Savrassov, chief executive of Bermuda-based Phoenix CRetro Reinsurance.

More on this story

ILS
30 November 2018   Multi-cat bonds or other ILS solutions are the only viable solution for coping with natural disasters in the Eastern European and Commonwealth of Independent States region, and Bermuda could have a big role to 
play in making this happen, says Kirill Savrassov, chief executive of Bermuda-based Phoenix CRetro Reinsurance.