NEW YORK, Feb. 9, 2016 /PRNewswire/ -- XL Catlin and Ventus
Risk Management ("Ventus"), a newly formed Managing General
Underwriter, today announced that they have formed a partnership
that will allow Ventus to provide commercial property insurance
offerings for small and mid-sized enterprises ("SME").
Ventus and XL Catlin, along with key distribution partners, will
bring unique property insurance solutions to the catastrophe
exposed SME market. This will be supported by collateralized
catastrophe reinsurance funds and traditional reinsurance.
Ventus CEO George Reeth said: "We
are initially targeting select classes of coastal commercial
property risks, leveraging our proprietary industry-leading
catastrophe risk analytics with the combined strength of XL
Catlin's access to capital markets reinsurance capacity and strong
balance sheet."
In addition to Mr. Reeth, who is a co-founder and former
President of Validus Re, the management of Ventus is led by
Stuart Mercer (President), a
co-founder and former Chief Risk Officer of Validus Re and CEO of
AlphaCat Managers, and Richard
Goldfarb (Chief Underwriting Officer and Chief Actuary), the
former CFO and Chief Actuary of CapSpecialty.
Commenting on the partnership with Ventus, XL Catlin's Head of
Alternative Capital, Craig Wenzel
said: "We are excited to be partnering with this experienced team
in bringing leading-edge modeling and distribution practices to the
marketplace. This builds on our history of developing
innovative solutions in the re/insurance capital markets, and
furthers our objectives in matching the right capital to each risk
we underwrite."
About XL Catlin
XL Catlin is the global brand used by XL Group plc's (NYSE:XL)
insurance and reinsurance companies which provide property,
casualty, professional and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin for
answers to their most complex risks and to help move their world
forward. To learn more, visit xlcatlin.com.
About Ventus
Ventus Risk Management, a South
Carolina-based Managing General Underwriter which also has
an office in New York, provides
commercial property insurance solutions for small and mid-sized
enterprises through its partnership with XL Catlin.
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SOURCE XL Catlin