BRIDGETOWN, BARBADOS--(Marketwire - November 23, 2010) - Barbados-based Aliseo Reinsurance SCC today announced its entry into the global retrocession market with an initial capitalization of $300 million. Aliseo Re will operate as a monoline retrocessionaire focusing on providing property catastrophe protection, targeting the reinsurance market worldwide. Aliseo Re will provide fully collateralized retrocession products to reinsurers, both on an ultimate net loss and an industry loss warranty basis.
Aliseo Re will be led by Mr. James Bryce as Chairman, and Mr. Andreas Kusay as President and CEO. Mr. Bryce was instrumental in establishing IPC Re Limited in 1993 and served as its President and CEO until 2009. He will provide an active corporate governance and strategic leadership to Aliseo Re. Mr. Kusay's distinguished career in reinsurance spans over 25 years. Most recently he was President and CEO of Manufacturers P&C Limited, the property catastrophe subsidiary of Manulife Financial Corporation, and a Senior Consultant to the Insurance Futures Exchange Services Ltd. (IFEX). Aliseo Re's senior management team will also include Mr. Manoj Karnani who will serve as Chief Financial Officer, and a Chief Underwriting Officer who will join the Company upon commencement of operations in Barbados. Mr. Karnani has 20 years of experience in insurance and reinsurance encompassing operational, accounting and finance. Aliseo's Chief Underwriting Officer has over 25 years of experience in property retrocession.
Commenting on the formation of Aliseo Re, Mr. Kusay said: "Despite the current challenging dynamics in the broader reinsurance industry, demand for property retrocession protection is expected to grow. We are confident that Aliseo Re will offer valuable capacity to meet that demand."
Mr. Bryce added: "It is a privilege to have the opportunity to serve as Chairman of Aliseo Re. I am looking forward to guiding senior management in establishing what I believe will be a leading player. I am confident that under the leadership of Andreas and his team, Aliseo Re will be a market of choice for global reinsurers."
Aliseo Re is licensed and will write business effective January 1, 2011, subject to formal and customary closing conditions. The U.S. RE Group and VKP Group structured the transaction and acted as advisors to Aliseo Re.
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