Swiss Re Insurance-Linked Fund Management

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Integral ILS registers Bermuda SPI named Integral Reinsurance Ltd.


Integral ILS Ltd., the start-up Bermuda based insurance-linked securities fund manager run by well-known industry execs Richard Lowther and Lixin Zeng, has registered its special purpose insurer (SPI) underwriting vehicle.

integral-ils-launch-image-logoIntegral ILS Ltd. continues to ramp up its development, targeting being ready to deploy capital by January 2021.

The start-up ILS fund manager has backing from global insurance distributor and servicer AmWINS and reinsurance firm TransRe and two co-founders with plenty of expertise in the ILS and reinsurance linked investments space, in Lowther and Zeng.

But the company will need a vehicle to underwrite its reinsurance and retrocession contracts with and to control the allocation of collateral assets to those obligations, hence establishing a new Bermuda special purpose insurer (SPI) for that purpose.

Integral Reinsurance Ltd. (Integral Re) was registered as a Special Purpose Insurer (SPI) by the Bermuda Monetary Authority (BMA) on June 14th, becoming the ninth SPI to be registered on the island domicile of 2020.

Integral Re will be the dedicated underwriting vehicle for Integral ILS Ltd’s collateralised reinsurance and retrocession transaction flow, we assume, providing a fully regulated environment that is familiar to most insurance-linked securities (ILS) investors.

As we explained in our article about the impending launch of Integral ILS at the beginning of July, the company is already building out an experienced team and infrastructure, which Integral Re will be a core component of.

With a number of hires already made to join co-founders Lowther and Zeng, in ex-Hiscox ILS employees Matthew Swann, Adriaan Van der Merwe and Emily Birrell, as well as a software developer, an analyst and a Bermuda underwriter on the way, the Integral ILS platform is taking shape.

Also read: Integral ILS to launch with Lowther & Zeng at helm, AmWINS & TransRe in support.

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