Intertrust, a leading global provider of corporate and fund services, has played a pivotal role in the launch of the UK's first ILS (Insurance Linked Securities) vehicle, NCM Re (UK PCC) Ltd ('NCM Re'), the launch of which was sponsored by Neon Underwriting, a specialty (re)insurer operating in the Lloyd's market. This landmark transaction used the newly approved ILS regulations to establish the first 'protected cell company' in the UK which has entered into a $72m collateralised quota share reinsurance transaction. This underwrites a part of Neon Syndicate 2468's property treaty reinsurance and direct facultative portfolios.Insert intro text here.
Cliff Pearce, Global Head of Capital Markets at Intertrust says:
'Intertrust has long been recognised as being at the forefront of delivering complex, highly structured and innovative deals. However, as this is the first transaction of its kind to be launched in the UK, Intertrust is especially proud to have worked with Neon in this pioneering transaction which will no doubt pave the way for further transactions.'
Pearce adds: 'There is likely to be an increase in demand among reinsurers for these new ILS structures as the insurance market takes advantage of the new regulatory framework. As a first mover in the field, Intertrust is particularly well placed to manage similar deals in future.'
Intertrust NV published this content on 09 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 January 2018 14:04:04 UTC.
Original documenthttps://www.intertrustgroup.com/news-and-insights/press-releases/2018/2018-09-01-intertrust-supports-launch-of-uks-first-ils-vehicle-and-transaction
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