PartnerRe has struck an agreement to transfer its upstream energy insurance portfolio to Lloyd’s insurer Ark.
Under the terms of the deal, the book will be transferred to Ark Syndicate Management Limited (ASML) Syndicate NOA 3902.
The agreement relates to applicable policies incepting and written on or after 1 January 2018 alongside renewal rights for policies renewing subsequent to that date.
It is intended that PartnerRe maintains ongoing participation in the portfolio as reinsurer to Syndicate 3902.
PartnerRe president and CEO Emmanuel Clarke said that the decision to transfer the portfolio aligns with the company’s overall strategy of focussing on reinsurance and reinsurance-like solutions that don’t compete with its clients.
ASML CEO Ian Beaton said: “We have a longstanding and valued relationship with PartnerRe and this transaction allows ASML to strengthen its proposition in upstream energy insurance. ASML is privileged to be aligned with such a high quality reinsurer.
“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”.