February 05, 2014
BOULDER, CO – (February 5, 2014) –ICAT has teamed up with Ariel Syndicate 1910 to deliver additional risk capacity to catastrophe-exposed small and medium sized businesses in the U.S. The partnership is expected to generate first year premium income of $15 million.
This partnership brings together two highly specialized underwriting organizations focused on intelligently managing risk. Through Ariel Syndicate 1910, Ariel underwrites a global portfolio of insurance and reinsurance business through offices in London and Bermuda and is a leading underwriter in the Lloyd’s market. ICAT is a property catastrophe specialist for SME risks in the U.S. ICAT’s Syndicate 4242 has been a top performer in the Lloyd’s market over its seven years of underwriting at Lloyd’s.
“We respect and admire ICAT’s disciplined approach to underwriting catastrophe-exposed business,” said Chris Fisher, Chief Underwriting Officer, Property Insurance of Ariel. “We are excited about working with them to expand Ariel’s presence in the U.S. marketplace.”
“We have been close to the Ariel organization for some time, and have similar philosophies in our approach to underwriting. We are pleased to have a partnership with this highly regarded Lloyd’s syndicate,” said Gregory Butler, President of ICAT. “Our partnership delivers additional stability and cat capacity to our producers and their clients.”
Established in 2005, Ariel Re provides property and casualty insurance and reinsurance on a global basis, delivering value to customers through a focus on risk analysis, innovative solutions and financial discipline. Ariel Re conducts the majority of its business through Ariel Syndicate 1910 at Lloyd’s of London. Underwriting teams are located in London and Bermuda, including Ariel Re Bda Limited, which acts as a coverholder for Ariel Syndicate 1910. The business is operated by an experienced team of approximately 80 industry professionals in Bermuda, London and New York. Ariel Re is a subsidiary of Global Atlantic Financial Group Limited, a multiline insurance and reinsurance company with over $30 billion in assets, 750 employees and 10 offices. Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in April of 2013.
ICAT is a leading provider of property insurance to SME’s in catastrophe-exposed regions of the United States, and to homeowners in Hawaii. ICAT is an underwriter at Lloyds of London through ICAT Syndicate 4242, rated “A” (Excellent) by A.M. Best Company and “A+” (Strong) by Standard & Poor’s. The company also underwrites on behalf of other U.S.-based insurance companies and other syndicates at Lloyd’s of London.
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