PartnerRe and Ark Syndicate Management Ltd (ASML) have entered an agreement regarding the transfer of PartnerRe’s upstream energy insurance portfolio to ASML Syndicate NOA 3902.
The agreement applies to policies incepting or written on January 01, 2018 and thereafter. It also applies to renewal rights of policies subsequent to this date. PartnerRe will continue to participate in the portfolio as reinsurer to Syndicate 3902.
“We are delighted to have reached this agreement with PartnerRe,” said ASML chief executive Ian Beaton. “We have a longstanding and valued relationship with PartnerRe and this transaction allows ASML to strengthen its proposition in upstream energy insurance.
“We look forward to working closely with our policyholders and brokers in order to effect an orderly transfer in the near term and, over the longer term, in providing meaningful capacity, underwriting and claims capability to upstream energy customers.”
Meanwhile, Emmanuel Clarke, president and CEO of PartnerRe, added: “The decision to transfer the portfolio aligns with our overall strategy to focus on reinsurance and reinsurance-like solutions that don’t compete with our clients.”