Live performance Group Holdings, Inc., a privately owned insurance coverage holding firm and fronting specialist, has launched and capitalised a brand new reinsurance sidecar named Concord Re, Inc., which whereas termed a danger retention platform can be set to be positioned to draw third-party capital in future as properly, Artemis has realized.
Live performance mentioned at this time that Concord Re, Inc. has been totally operationalised and established with a board of administrators in place and that Katarina Scamborova has been newly-hired from her most up-to-date position with Swiss Re Company Options to steer the sidecar platform ahead.
Live performance mentioned that Concord Re has first been established as a danger retention platform and the corporate confirmed to Artemis that it has been capitalised by the corporate for its launch.
However the longer-term plan is to welcome third-party investor capital to help the Concord Re sidecar, the corporate confirmed to us, as Live performance appears to be like to construct it out into an aligned capital companion automobile for its underwriting companies.
Katarina Scamborova performed an instrumental position in establishing Concord Re, the corporate mentioned, and she or he has now been appointed to the place of President, reporting to Live performance’s Chief Government Officer, John Hendrickson.
“We’re delighted to welcome Katarina to our govt crew at Live performance,” Hendrickson commented. “Working in collaboration with Chief Underwriting Officer Joe Alberti, she has been invaluable in creating the muse for Concord Re. We all know that underneath her professional steerage, and together with her deep underwriting and operational experience, our new danger retention automobile will flourish.”
Concord Re’s position as a part of Live performance Group will probably be to imagine danger for its insurance coverage carriers, Live performance Insurance coverage Firm and Live performance Specialty Insurance coverage Firm, working with a give attention to portfolio diversification, danger and capital administration.
“As Live performance’s wholly owned reinsurance sidecar, Concord Re is the group’s steadiness sheet entity that assumes danger from Live performance’s carriers and generates insurance coverage income with a eager give attention to portfolio diversification, danger and capital administration,” defined Live performance CUO Joe Alberti. “The platform supplies the corporate with a second line of protection on portfolio and danger administration, in addition to extra flexibility in assembly the market’s wants.
“Concord Re is one other instance of how, as a hybrid fronting service, Live performance continues to develop differentiated progressive options for the highest tier reinsurers with whom we companion.”
Scamborova was a Managing Director at Swiss Re Company Options in her most up-to-date business position and her profession additionally contains seven years at AIG as a senior govt in its Common Insurance coverage enterprise phase, in addition to two years at McKinsey & Firm the place she was P&C Insurance coverage Business Chief.
Concord Re has been established with a Board of Administrators that features Frank Papalia as its Chair (most just lately Chief Authorized Officer and Head of Claims at ProSight International), Charlie Kline (a Managing Director at Century Fairness Companions and previously CEO of insurer Homesite Group) and Dave Hupp (a longstanding senior AIG govt), in addition to Live performance Chief Authorized Officer Matthew Wagner and Laura Rodrigo (Managing Director of impartial insurance coverage supervisor Strategic Danger Options).
For an insurance coverage group like Live performance, that specialises in fronting for captive and program administration market segments and leverages reinsurer relationships, the launch of Concord Re will add balance-sheet and capital supply flexibility, permitting the corporate to each retain extra earnings from enterprise it fronts for, in addition to work with third-party capital buyers to reinforce its capability to underwrite.
