Carvill has backed the move by Aspen to offer what is believed to be the first reinsurer default protection (RDP) policy which will cover a portfolio of future reinsurance receivables and current reinsurance recoverables.
Nick Foden-Pattinson, director of R K Carvill said, “The product can provide relief and protection to clients for a number of circumstances, including where the level of reinsurance reserves may affect perception in the marketplace, as well as providing ongoing protection for in-force reinsurances.”
Foden-Pattinson added that there was reasonable capacity available using this structure and in conjunction with Deutsche Bank AG, which will act as the exclusive intermediary channel, they are already in discussions with other interested clients.
