NEW YORK, Feb. 9, 2016 /PRNewswire/ -- XL Catlin and Ventus Risk Management ("Ventus"), a newly formed Managing General Underwriter, today announced that they have formed a partnership that will allow Ventus to provide commercial property insurance offerings for small and mid-sized enterprises ("SME").
Ventus and XL Catlin, along with key distribution partners, will bring unique property insurance solutions to the catastrophe exposed SME market. This will be supported by collateralized catastrophe reinsurance funds and traditional reinsurance.
Ventus CEO George Reeth said: "We are initially targeting select classes of coastal commercial property risks, leveraging our proprietary industry-leading catastrophe risk analytics with the combined strength of XL Catlin's access to capital markets reinsurance capacity and strong balance sheet."
In addition to Mr. Reeth, who is a co-founder and former President of Validus Re, the management of Ventus is led by Stuart Mercer (President), a co-founder and former Chief Risk Officer of Validus Re and CEO of AlphaCat Managers, and Richard Goldfarb (Chief Underwriting Officer and Chief Actuary), the former CFO and Chief Actuary of CapSpecialty.
Commenting on the partnership with Ventus, XL Catlin's Head of Alternative Capital, Craig Wenzel said: "We are excited to be partnering with this experienced team in bringing leading-edge modeling and distribution practices to the marketplace. This builds on our history of developing innovative solutions in the re/insurance capital markets, and furthers our objectives in matching the right capital to each risk we underwrite."
About XL Catlin
XL Catlin is the global brand used by XL Group plc's (NYSE: XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
Ventus Risk Management, a South Carolina-based Managing General Underwriter which also has an office in New York, provides commercial property insurance solutions for small and mid-sized enterprises through its partnership with XL Catlin.
SOURCE XL Catlin