TigerRisk Partners, a reinsurance broker, risk and capital management firm with a strong reputation in the catastrophe arena, is opening a Bermuda office both for traditional products but also to answer demand for retrocessional reinsurance solutions.
The Bermuda office and platform will be led by Alex Bridges, from TigerRisk’s London office, who has moved to the island. The new office will allow TigerRisk to be closer to already established client relationships and to tap into the catastrophe retro focus that is a feature of the Bermuda market.
“There is a new group of sophisticated retrocessional buyers,” commented Rod Fox, CEO of TigerRisk. “These buyers want more creative, more efficient structures. TigerRisk is known for its property CAT expertise, innovative products and highly creative solutions. That’s what the new retro buyers are looking for.”
The Bermuda office opening sees TigerRisk continue its business expansion, while enabling continued growth in the retro market with dedicated retro broker teams already in Stamford (CT) and London, and now the new office in Bermuda. TigerRisk’s global retro business is managed by Marc Lauricella.
Lauricella said that TigerRisk’s reinsurance product designs and products, opened doors in the retro space for the broker.
He commented; “Historically, retro purchasing has been guided by client relationships and therefore it’s a more difficult business to enter. However, some of the newer retro buyers have taken notice of our analytic applications and structural techniques. Those buyers have decided that smart ideas trump relationships. After six plus years of growing our business with exceptional clients and building an unrivalled analytics & structuring platform, TigerRisk is well positioned to expand our reinsurance and retro business with our new Bermuda office.”
TigerRisk believes that Bermuda markets have been increasing their involvement within the retro space, both purchasing increased numbers and amounts of retro protections as well as supplying retro capacity. With established trading relationships with Bermuda markets in place, TigerRisk now looks to grow these in order to help clients expand their business opportunities.
CEO Rod Fox added; “TigerRisk will continue its focus on new reinsurance and retro product development, working closely with many of the reinsurance markets to solve our clients’ coverage needs through new product development.”
TigerRisk’s new office will be located in central Hamilton, Bermuda and will open before the end of September.