AM RE secures Chinese and Indian capacity
New York-headquartered managing general underwriter (MGU) AM RE has signed up extra capacity from Chinese and Indian carriers, The Insurance Insider can reveal.
AM RE has extended existing underwriting agreements with a clutch of (re)insurers looking to access the North American market including GIC Re, PICC and China Pacific Insurance Company (CPIC).
The reinsurer secured the additional paper after its plans to launch a new syndicate at Lloyd’s were rebuffed last year.
The new reinsurance agreements were signed late last year in time for 1 January 2019 and are understood to have increased the MGU’s underwriting capacity by about $50mn.
AM RE underwrites a range of business including marine, inland marine and other commercial lines on behalf of other carriers.
The MGU wrote approximately $150mn of business over the 2018 calendar year and is targeting in the region of $250mn for 2019.
Last year the reinsurance specialist was forced to halt plans to launch a Lloyd’s operation after market management rejected a new business proposal.
AM RE’s plans were vetoed despite the North American MGU tweaking initial plans to focus on inland marine and marine general liability business – segments of the marine market not identified by Lloyd’s as underperforming.
AM RE was launched by marine (re)insurance underwriters Shevawn Barder and Simon Barder and has a portfolio of North American inland marine, ocean marine, general aviation and offshore energy business.
AM RE CEO Shevawn Barder said low rates and high profit commissions in the marine reinsurance market had spurred the MGU to look at other classes of business as it grows.
“AM RE has broadened its focus beyond marine to incorporate all specialty lines including marine, inland marine and other commercial lines,” she said.