PartnerRe and Ark Syndicate Management Ltd (ASML) have
entered an agreement regarding the transfer of PartnerRe’s
upstream energy insurance portfolio to ASML Syndicate NOA
3902.
The agreement applies to policies incepting or written on January
01, 2018 and thereafter. It also applies to renewal rights of policies
subsequent to this date. PartnerRe will continue to participate in
the portfolio as reinsurer to Syndicate 3902.
“We are delighted to have reached this agreement with
PartnerRe,” said ASML chief executive Ian Beaton. “We have a
longstanding and valued relationship with PartnerRe and this
transaction allows ASML to strengthen its proposition in
upstream energy insurance.
“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.”
Meanwhile, Emmanuel Clarke, president and CEO of PartnerRe,
added: “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.”
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