The Bermuda Monetary Authority has granted Advent Re a class 3 reinsurer licence.
Advent Re will be capitalised at £37.5m and will underwrite retrocessional contracts.
Advent chairman Brian Caudle said: “I am delighted that we have established Advent Re at such an opportune time. I look forward to leading its development as our second reinsurance platform whilst continuing oversight of our Lloyd's operations and the broader strategic goals of the group.”
