New York-based intermediary Reinsurex and Lloyd's broker Bowood Partners are to provide index-based property catastrophe reinsurance to Lloyd's syndicates.
New York-based intermediary Reinsurex and Lloyd's broker Bowood Partners have formed a strategic alliance to provide index-based property catastrophe reinsurance to Lloyd's syndicates.
The companies said the alliance would allow Bowood to provide Lloyd's syndicates with access to Reinsurex's structuring and global distribution capabilities.
The two companies said the alliance came at an opportune time for Lloyd's syndicates, with demand for property catastrophe reinsurance rising but supply falling.
"Syndicates will clearly benefit from the alliance's ability to access significant amounts of highly rated catastrophe capacity," they said in a statement.
Reinsurex said it viewed the alliance as an important part of its efforts to consolidate its position as a leading broker of index-based property catastrophe products.
The tie-up follows Reinsurex's statement in early August that it planned to expand into the European marketplace by joining forces with an existing Lloyd's broker. Reinsurex began operating as a reinsurance intermediary in early June.
