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Northern Re tops $1B in-force premium milestone since launch
The collateralized reinsurer, which launched in early 2023, reported $325 million in capital after a $150 million raise earlier this year.
Northern Re, a collateralized reinsurance company focused on long-tail casualty underwriting, has surpassed $1 billion in in-force premiums since launching in early 2023, Artemis reported. The company, based in the Cayman Islands with an office in New York, said it has written more than 100 bespoke reinsurance contracts across treaty, legacy and whole-account structures, including retrocession and other structured solutions.
Artemis said Northern Re’s average line size is around $20 million, while it also selectively deploys more than $100 million on individual opportunities where conviction is highest. The company noted it began with a focus on business from the MGA and program markets, then expanded its remit to serve insurance and reinsurance companies globally.
Northern Re said its capital base has grown to $325 million following a $150 million capital raise earlier this year, according to Artemis. The company attributed demand for its capacity to its ability to form deeper partnerships with cedents and execute complex transactions.
Looking ahead, Northern Re anticipates growth opportunities across structured solutions, retrocession, and bespoke casualty transactions as it expands its investor base and faces rising demand for alternative sources of capital in the reinsurance sector, Artemis reported.