Prime Highlights-
- Company completes more than 100 bespoke reinsurance contracts across treaty, legacy and whole account structures.
- Structured quota shares now make up the majority of assumed premium.
Key Facts-
- Northern Re surpasses $1 billion in in-force premium in its fourth underwriting year.
- Committed capital grows from $25 million at launch to $325 million today.
Background-
Northern Re has surpassed $1 billion in in-force premium as it completes its fourth underwriting year, according to the New York and Cayman Islands based reinsurer, which launched in 2023 focused on high-frequency, low-severity property and casualty portfolios.
Since its launch, the company has participated in more than 100 bespoke reinsurance contracts spanning treaty, legacy and whole account structures, and has grown its committed capital from $25 million at launch to $325 million today.
Chief Underwriting Officer Vincent Pomo said the growth reflects strong underwriting results, giving investors, cedants and capital partners confidence in the business.
The company built its capital base in stages, growing from $25 million at launch to $75 million within the year, then to $175 million alongside more than $600 million in gross written premium.
Along the way, Northern Re brought in Pomo from Everest Group as its first chief underwriting officer, and later added Munich Re’s Amin Touahri to lead work on insurance linked securities and capital solutions.
The firm began by serving the MGA and programme market before expanding into traditional insurance company and retrocession business. Structured quota shares now make up the majority of its assumed premium, reflecting growing cedant demand for capital relief and earnings stability.
Co-founder Anthony McKelvy said Northern Re combines the speed and creativity of the capital markets with the reliability of a dedicated reinsurance company, a blend he said cedants increasingly value.
