Kelvin Re Limited

The shuttering of Guernsey based, Credit Suisse Insurance-Linked Strategies supported, reinsurance firms Kelvin Re and Humboldt Re is due to strategic decisions being taken by the ultimate institutional investors behind them, a Credit Suisse spokesperson told us.

Following the news that Guernsey based, Credit Suisse Insurance Linked Strategies supported reinsurance firms Kelvin Re and Humboldt Re are to cease underwriting new business, rating agency AM Best has placed their ratings under review with negative implications.

The two Guernsey domiciled, rated reinsurance carriers managed by and backed by capital from the Credit Suisse Insurance Linked Strategies Ltd. team, Kelvin Re and Humboldt Re, are not renewing any business this January and will stop writing.

The two Guernsey domiciled rated reinsurance vehicles managed by and backed by capital from the Credit Suisse Insurance Linked Strategies Ltd. team have had their ratings affirmed and their underwriting strategies tweaked to reduce the volatility in their results going forwards.

Kelvin Re Limited, a rated reinsurance company run by the Credit Suisse Insurance Linked Strategies Ltd. team and backed by investments from the Abu Dhabi Investment Council has taken an injection of capital to strengthen it in 2019.

Both of the rated reinsurance vehicles that are managed by and backed by capital from the Credit Suisse Insurance Linked Strategies Ltd. team have had their ratings affirmed by A.M. Best, despite suffering losses from the catastrophe activity through 2018.

Kelvin Re Limited and Humboldt Re Limited, the two rated reinsurance vehicles managed by and backed by capital from the Credit Suisse Insurance Linked Strategies Ltd. team, have both had their ratings affirmed by A.M. Best despite falling to losses due to recent catastrophe events.

Kelvin Re Ltd., the rated reinsurance vehicle operated by Credit Suisse Insurance Linked Strategies Ltd. and backed by an investment from the Abu Dhabi Investment Council, has increased its gross premiums written in 2016 to over $150 million of catastrophe reinsurance cover.

Kelvin Re Ltd., the rated reinsurance vehicle established and operated by Credit Suisse Asset Management’s (CSAM) ILS team, has underwritten over $120 million of gross natural catastrophe reinsurance premiums in the first nine months of 2015.

Utilising a rated reinsurance model that’s backed by third-party investor capital, as seen with Credit Suisse Asset Management’s (CSAM) Humboldt Re and Kelvin Re, adds efficiency without losing the strategy and spirit of insurance-linked securities (ILS), says Niklaus Hilti.