Kelvin Re becomes first Guernsey-based rated commercial reinsurer

24 November 2014

Aon has announced a ground-breaking partnership with new Guernsey-based rated reinsurer Kelvin Re Limited.

Kelvin Re is a privately owned start-up company using management services provided by Aon Insurance Managers (Guernsey) Limited. Providing short-tail property and specialty lines reinsurance, the company plans to build a $100m book of business in its first year of which around two thirds will be non-proportional catastrophe risks.

Paul Sykes, Aon Guernsey's Managing Director and Chairman of Guernsey International Insurance Association, said: "Kelvin Re represents an exciting development for Guernsey's insurance industry as the first rated commercial reinsurer headquartered here. The Aon Guernsey management team has been working closely with the Kelvin Re Board to develop and launch the company, highlighting a reputation for innovation by supporting the development of Kelvin Re through local and international expertise, and close cooperation with Guernsey Financial Services Commission.

"Kelvin Re is the realisation of aspirations to develop a reinsurance market that commenced in 2005 when Aon pioneered insurance linked securities and collateralised reinsurance vehicles using PCCs & ICCs. The launch of Kelvin Re is evidence of Guernsey's ambition to become a reinsurance market alternative to Bermuda."

A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer rating of A- to Kelvin Re Limited. The outlook assigned to both of these ratings is stable and reflects Kelvin Re's strong capitalisation, diversified projected business profile with the natural catastrophe reinsurance market, experienced management and well-designed risk management function.

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