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.”
Phoenix CRetro, BROKBUSINESS, Bermuda, Europe