Blerina Essen, the Managing Director of UK-based lottery provider MyLotto24 and someone who worked on and sponsored some of the earliest lottery jackpot insurance-linked securities (ILS) transactions, is to consult and advise to gaming services provider RISQ on reinsurance and hedging.
Essen was one of the driving forces behind MyLotto24’s Hoplon ILS transactions, the most recent of which was Hoplon III Insurance Ltd.
She joins RISQ to assist the provider of liquidity, pricing and risk management services to the gaming industry with its hedging and reinsurance related strategy.
Given Essen’s previous form in sponsoring jackpot ILS transactions, it’s safe to assume that the capital markets and ILS investors will be one source of capacity looked to.
The company said that Essen will work with them to “improve the hedging and reinsurance structures for the RISQ Insurance Platform, which allows operators to build a campaign or product with huge jackpots on any platform and with any partner with prize pots backed by leading A-rated insurance markets.”
RISQ wants to establish itself as a B2B market leader in the global gaming space, leveraging the reputation it has built for the quality of its insurance platform and service.
In the event of a jackpot claim, RISQ ensures that payouts are made quickly and without any issues to the operator, something that of course requires access to efficient reinsurance capacity.
Tom Mitchell, Chief Commerical Officer at RISQ, explained, “I am delighted to welcome Blerina to the team and to leverage her unrivalled experience and knowledge to improve our lottery insurance offering. It is important to us that our backend reinsurance structures are as robust as possible and in the event of a large win will payout quickly and smoothly.
As our business grows and volumes increase, our backend structures become increasingly important. Blerina will be a driving force behind these improvements to make our offering as flexible as possible and grow the use of jackpots in the global gaming industry.”
Blerina Essen, risk and strategy consultant at RISQ, added “It is an honour to join RISQ in a consulting capacity at a time when the business is looking to achieve significant growth and to cement its position as a world class alternative risk trading provider to the global gambling industry.”
The MyLotto24 sponsored Hoplon III ILS transaction recently faced a small loss after a jackpot payout triggered a reinsurance payout for the operator.