Algorithmic Insurance Services, trading as LIRG, has signed a delegated underwriting authority agreement with Labuan-based Mandarin Re, granting the Miami-headquartered platform authority to underwrite and bind facultative property risks, property treaty reinsurance, and industry loss warranty (ILW) structures on the reinsurer's behalf.
Each line carries a limit of up to $3 million per policy or contract. The scope covers traditional property catastrophe exposures as well as index-based and structured ILW transactions targeting the retrocessional and capital-management needs of cedents and reinsurers globally.
Under a delegated authority arrangement, the holder can accept risks and bind coverage without needing approval on each individual deal. Lloyd's of London has described delegated underwriting as a key distribution channel, accounting for roughly 45% of the market's premium income.
LIRG CEO Mark Groenheide (pictured above, left) said Mandarin Re COO Mikhail Grishin (pictured above, right) "brings an entrepreneurial mindset and deep expertise in structured and specialty reinsurance that aligns directly with our approach," adding that the authority "significantly strengthens our market position."
Grishin called LIRG's international reach "a powerful extension of our ability to back insurers in Latin America and further afield," and said the binding authority would help the company leverage its recent capital increase through relationships that bring it closer to risk.
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LIRG is a specialty reinsurance brokerage and MGU incubator platform focused on treaty, facultative, parametric, and index-based solutions.
Mandarin Re was established in 2015 and is licensed by the Labuan Financial Services Authority. It specializes in property, marine, personal accident, and other major classes, with a worldwide territory scope that notably excludes the United States and Canada.
The two parties have a prior commercial relationship. In October 2025, LIRG selected MANiT Labs, a firm then led by Grishin as founder and CEO, as its core technology platform.
ILWs are reinsurance contracts in which payouts are triggered by how much the entire insurance industry loses from a catastrophe rather than the buyer's individual claims. First traded in the 1980s, the ILW market expanded significantly after Hurricane Katrina as hedge funds entered the space.
LIRG has underwritten multiple ILW contracts for selected partners since December 2025 and continues to expand its global offering through structured capacity partnerships.
