Bermuda reinsurer IPCRe has chosen BNY Mellon Asset Servicing to be the global custodian for its $2.5 billion portfolio.

"BNY Mellon's presence in Bermuda and its ability to provide full-service solutions for our growing needs were important factors when we made our selection," said John Weale, senior vice-president and chief financial officer of IPCRe. "We look forward to creating a successful partnership."

"We have been building our asset servicing capabilities in Bermuda for more than 20 years and now support a wide range of off-shore financial services companies," said Patrick Curtin, executive vice-president, and head of financial institutions at BNY Mellon Asset Servicing. "We continue to enhance the services that we provide to the insurance industry."

IPCRe provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance.

IPCRe Limited in 2008 is celebrating its 15th year of specialty focus on property catastrophe reinsurance.

Since its formation in Bermuda in 1993, in the wake of hurricane Andrew, it has created a strong presence in the marketplace and has established relationships with many of the world's leading insurance organisations.

Its business encompasses clients domiciled in North America, the UK, Continental Europe, Japan, Australia and New Zealand.