Reinsurers Humboldt Re and Kelvin Re – both domiciled in British Crown dependency Guernsey and backed by Credit Suisse Insurance Linked Strategies – will stop underwriting new business.
Licensed since 2015, Humboldt Re said it will be reviewing strategic options for the firm’s ultimate shareholder to unwind its investment. Underwriting of new business will cease in the New Year.
“The company, which is underpinned by strong risk-adjusted capital, will continue to meet all its obligations in full compliance with the applicable laws and regulations and under the supervision of the Guernsey Financial Services Commission,” noted the rated reinsurer in a business update.
Kelvin Re, meanwhile, cited unspecified “strategic reasons” for its decision not to underwrite any further business while pursuing a controlled exit. It was highlighted, however, that the privately-owned reinsurer remains solvent and strongly capitalised.
Formerly writing short tail property and specialty lines reinsurance, Kelvin Re had a sourcing arrangement with Bernina Re.
