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Northern Re surpasses $1B in in-force premium after four underwriting years
The reinsurer, launched Jan. 1, 2023, said committed capital grew from $25.0 million at launch to $325.0 million today.
Northern Re has surpassed $1 billion in in-force premium as it closes its fourth underwriting year, according to the New York and Cayman Islands-based reinsurer, which launched on Jan. 1, 2023 with a focus on high-frequency, low-severity property and casualty portfolios.
The company said it has taken part in more than 100 bespoke reinsurance contracts, spanning treaty, legacy and whole-account structures. It also reported that committed capital has risen from $25.0 million at launch to $325.0 million today, a funding path it described as scaling in stages alongside underwriting results rather than pursuing top-line growth for its own sake.
Northern Re said its growth has been accompanied by a shift in who it serves and how it deploys capital. It began primarily in the MGA and program market before expanding more recently into traditional insurance company and retrocession business, and it now says structured quota shares represent the majority of assumed premium.
The reinsurer also outlined its capital approach, citing an average line size of roughly $20.0 million across its portfolio and selective commitments of more than $100.0 million to individual transactions where it has higher conviction. Vincent Pomo, chief underwriting officer, said the firm scaled because underwriting results earned that right, giving investors, cedents and capital partners confidence in the business on its books.