Mexico-based reinsurer Patria Re opens marketing office in London, supported by Ambant Underwriting Services, By James Brewer
Mexico City-headquartered reinsurance specialist Patria Re has launched a presence in the Lloyd’s and London company markets. The venture is in the form of a subsidiary, Patria Re Marketing Services (PRMS), and is being given practical City support by Ambant Underwriting Services.
Patria Re, which had gross written premium of US$124m in 2012, offers reinsurance cover in global markets in the fields of life, accident and health, aviation, marine, property, casualty and surety.
“Our new London office is aligned with our plans to position our company as an International reinsurer with a specialty in Latin America, ” said Ingrid Carlou, chief executive of Patria Re. “We are expanding internationally according to plan and our marketing office is now open for business. PRMS will be of particular interest to brokers looking for an alternative source of capacity in the vibrant, well established and thriving Latin America market.”
Founded in 1953 by Storebrand of Norway and a group of Mexican and Norwegian investors, Patria Re became part of the Peña Verde group in 2012-13. The reinsurer states on its website: “Our specialty is medium sized risks regardless of the size of the companies we assist.”
Ms Carlou said: “Ambant Underwriting Services are directly supporting us with their enabling skills. They have helped bring this well respected Latin America specialist to market quickly and seamlessly.”
Danny Maleary, chief executive of Ambant Underwriting Services, added: “Patria Re are an example of forward thinking international insurance and reinsurance specialists looking to enter this market the smart way. We are looking forward to helping PRMS build its business in the UK. Our specialist know-how and expert support allows a firm to launch at low risk and low cost, in weeks rather than months.”
Ambant Underwriting Services is part of Ambant, an independent insurance service group dedicated to giving managing general agents a professional, secure and straightforward route to market. It provides launch and host services to underwriters and underwriting teams setting up as managing general agents, support to existing enterprises in that field, and bespoke support to firms involved in delegated underwriting.