Neville Ching, the former retrocession managing partner at brokerage Capsicum Re, has formally launched ReFlex Solutions Ltd, an independent reinsurance brokerage headquartered in Bermuda with a mission to bring distribution efficiencies and efficient capital to market.
ReFlex Solutions has been in the making for over a year and now Ching has revealed his plans for expanding a Bermuda-based reinsurance broker into London and US markets, while building out the operational base on the island.
“ReFlex has been a year in the workshop, and I am delighted to be opening this new venture,” explained Ching, Chief Executive Officer and Founder of ReFlex.
He added, “In this hard market, there are opportunities for a new type of brokerage that has technology at its core combined with deep broking knowledge and expertise.
“There has been a clarion call from buyers of reinsurance to help them find coverage in challenging market conditions, and we will respond to that demand with a blend of traditional reinsurance, capital market solutions, and other new alternatives. Increasingly the one-size-fits all model is outdated, and creative and tailored solutions are required.
“It has been a long time since a broker was set up in Bermuda – and ReFlex will blend the best of Bermuda, with local finance, technology and investment provided from here – as well as using our excellent service providers and local expertise. It is ‘organic’ in the way it has been formed – Bermuda is at the heart of this venture.”
ReFlex has ambitious goals, in seeking to deliver a different reinsurance broking value-proposition.
The company will aim to drive transactional efficiencies, attract new capital sources, develop new products and coverage solutions, and drive down costs, while increasing trust and transparency in reinsurance broking, the new company explains.
It has also been launched just in time to capitalise on the hard reinsurance market opportunity and began placing risks for its clients at 1/1 2023.
“Many young brokers were simply out of their depth in what has been the most challenging renewal period seen in over a decade,” Ching said. “Some traders had no experience of operating in volatile market conditions and did not know where to get capacity or coverage during tough negotiations. Our brokerage will bridge that knowledge gap and find effective solutions for buyers of reinsurance looking for coverage.
“Normally it is a London brokerage that sets up a subsidiary in Bermuda. This will be a Bermuda broker, which will also set up in London.
“Our very active Q1 2023 is both encouraging and humbling as it underscores the value clients see in our approach.”
ReFlex already has access to non-traditional capacity and solutions delivered through the recently launched Jireh Risk Advisors.
Launched by Bermuda ILS market executive Sal Tucci earlier this year, Jireh offers risk transformation and advisory services on behalf of investors seeking to allocate capital to opportunities in insurance and reinsurance risk.
“Efficient technology has to be at the core of any modern service provider,” explained Tucci, Founder and Chief Executive Officer of Jireh.
“ReFlex and Jireh share a common core thesis of combining experienced market practitioners alongside innovative technology to better serve clients with elevated service, capability and standards. Our respective businesses, while distinct and separate, are complementary and will collaborate to provide ReFlex clients with superior service and solutions.”
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