Ark Syndicate Management Limited & PartnerRe form strategic partnership in respect of Upstream Energy insurance.
March 8, 2018
Ark Syndicate Management Limited (ASML) today announces that it has entered into an agreement with PartnerRe whereby the Upstream Energy insurance portfolio of PartnerRe will be transferred to ASML Syndicate NOA 3902.
This agreement will apply in respect of applicable policies incepting and written on or after January 1st, 2018 together with renewal rights for policies renewing subsequent to that date.
It is intended that PartnerRe maintains ongoing participation in the portfolio as reinsurer to Syndicate 3902.
Ian Beaton, CEO of ASML commented “We are delighted to have reached this agreement with PartnerRe. We have a longstanding and valued relationship with PartnerRe and this transaction allows ASML to strengthen its proposition in upstream energy insurance. ASML is privileged to be aligned with such a high quality reinsurer. We look forward to working closely with our Policyholders and Brokers in order to effect an orderly transfer in the near term and, over the longer term, in providing meaningful capacity, underwriting and claims capability to upstream energy customers”.
Commenting on the announcement, Emmanuel Clarke, President and CEO, PartnerRe Ltd. said, “I am pleased that PartnerRe and Ark Syndicate Management Limited have entered into this agreement. I believe that this will be a successful partnership with a quality organization and one that will provide continuity for our clients and brokers. The decision to transfer the portfolio aligns with our overall strategy to focus on reinsurance and reinsurance-like solutions that don’t compete with our clients.”