Broker TigerRisk Partners has opened a Bermuda office, which is set to focus on answering the strong demand for retrocessional solutions for Bermuda clients.
Alex Bridges, from TigerRisk’s London office, has moved to Bermuda to lead the new business platform.
“There is a new group of sophisticated retrocessional buyers,” said Rod Fox, CEO of TigerRisk partners. “These buyers want more creative, more efficient structures. TigerRisk is known for its property-cat expertise, innovative products and highly creative solutions. That’s what the new retro buyers are looking for.”
TigerRisk already has dedicated retro broker teams located in Stamford, Connecticut, and London. TigerRisk’s global retro business is managed by Marc Lauricella.
Lauricella noted that TigerRisk’s recent reinsurance designs and products opened the door to delivering new retro structuring solutions for buyers.
“Historically, retro purchasing has been guided by client relationships and therefore it’s a more difficult business to enter,” Lauricella said.
“However, some of the newer retro buyers have taken notice of our analytic applications and structural techniques. Those buyers have decided that smart ideas trump relationships.
“After six plus years of growing our business with exceptional clients and building an unrivalled analytics & structuring platform, TigerRisk is well positioned to expand our reinsurance and retro business with our new Bermuda office.”
Bermuda markets have been increasing their involvement within the retro market, both purchasing retro protections and supplying retro capacity. TigerRisk said it already has significant trading relationships with Bermuda markets and now looks to grow these relationships to help clients expand their business opportunities.
Fox added: “TigerRisk will continue its focus on new reinsurance and retro product development, working closely with many of the reinsurance markets to solve our clients’ coverage needs through new product development.”
Alex Bridges, TigerRisk, Bermuda