Verdant Rock secures 30% quota share treaty with A+ rated reinsurance panel

Bermuda-based Class 3B insurer and financial guarantor Verdant Rock has secured a 30% quota share reinsurance treaty with a panel of global reinsurers, strengthening capacity behind its financial guarantees and supporting its growth in emerging markets.

The treaty covers Verdant Rock’s portfolio of irrevocable, unconditional and on-demand financial guarantees on private corporate, structured and project finance exposures across emerging markets.

Under the agreement, the reinsurers will share 30% of the risks, providing additional security behind guarantees issued by Verdant Rock while diversifying its capital base and supporting scalability.

Verdant Rock appointed Aon’s Reinsurance Solutions to advise on the transaction.

Rupert Evans, international head of credit and financial risks, reinsurance, at Aon, said: “We are delighted to have worked with Verdant Rock to bring a truly innovative and diversifying new product to the credit insurance market, which has been whole-heartedly supported by such a strong cohort of the credit reinsurance market.”

Tolga Uzuner (pictured), co-founder and chief executive officer of Verdant Rock, said: “Securing a reinsurance panel of this calibre, rated A+ on average, at this stage of our development is a strong validation of our underwriting framework and our approach to governance. Every guarantee Verdant Rock issues now carries an additional layer of security from counterparties that have spent time understanding and believing in what we are building. We are grateful to Aon for their execution, and to each panel member for their confidence in us.”

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