PartnerRe exits upstream energy insurance

Ark Syndicate Management Limited (ASSML) & Bermuda-based PartnerRe have announced the formation of a “strategic partnership” in respect of Upstream Energy insurance that will see ASML Syndicate 3902 take over the Upstream Energy insurance portfolio of PartnerRe.

This agreement will apply in respect of applicable policies incepting and written on or after January 1st 2018 together with renewal rights for policies renewing subsequent to that date.

PartnerRe plans to maintain ongoing participation in the portfolio as reinsurer to Syndicate 3902.

ASML chief executive Ian Beaton said that “we are delighted to have reached this agreement with PartnerRe. We have a longstanding and valued relationship with PartnerRe and this transaction allows ASML to strengthen its proposition in upstream energy insurance.”

Emmanuel Clarke, President and CEO, PartnerRe Ltd, said that “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.”