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Integral ILS announces new US property insurance initiative

Integral ILS Ltd, the independent insurance-linked securities fund manager, has announced the launch of a new US property insurance initiative, with risks underwritten by Amwins and policies issued through subsidiaries of Core Specialty Insurance Holdings, Inc.

The Bermudian-headquartered company was founded last July by industry veterans Lixin Zeng and Richard Lowther.

It said the programme will see Integral assume US catastrophe risk originated from Amwins’ MGAs, including Amwins Access, Seacoast Brokers, Special Risk Underwriters, and Unicorn Underwriting, written by Core Specialty insurance subsidiaries which carry an AM Best rating of A- (Excellent), Financial Size Category XI.

The broad, diversified portfolio will include small commercial, personal lines, middle market, and large shared and layered accounts.

Funds managed by Integral will assume defined natural catastrophe risks originated by Amwins and Core Specialty insurance subsidiaries will retain premium and risk outside of the risk transferred to the Integral ILS funds.

The company said this represents a key milestone in Integral’s effort to access the broader insurance value chain through strategic alliances with leaders in re/insurance risk origination.

Mr Zeng said: “Access to property catastrophe risk through multiple channels is beneficial to Integral and our clients.

“Being closer to the original risk enables us to gain access to exposure with greater data resolution, accuracy, and timeliness, resulting in better portfolio quality.

“We are excited to partner with Amwins and Core Specialty in this endeavour.”

Scott Purviance, chief executive officer of Amwins, said: “Amwins is committed to securing exclusive capacity for our retail clients. This unique partnership provides them with access to long-term, efficient capital in a challenging property market.”

Jeff Consolino, the former founding member of management with Bermudian-based global re/insurer Validus Holdings Ltd, is the president and chief executive officer of Core Specialty.

He said: “I am delighted that Core Specialty will be working with the Integral ILS management team, who are well-known to us. This new initiative is complementary to the capabilities of the Property Division that Core Specialty launched in conjunction with our 2020 recapitalisation.”

Lixin Zeng, co-founder of Integral ILS Ltd (File photograph)

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Published March 19, 2021 at 1:29 pm (Updated March 19, 2021 at 1:29 pm)

Integral ILS announces new US property insurance initiative

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