XL Catlin will work with Ventus Risk Management, a newly formed managing general underwriter, to provide commercial property insurance for small and midsize enterprises.
Through the partnership, Ventus and XL Catlin will offer unique property insurance solutions to the catastrophe-exposed SME market. This will be supported by collateralized catastrophe reinsurance funds and traditional reinsurance, according to a statement from XL Catlin.
Ventus will initially target select classes of coastal commercial property risks, said CEO George Reeth, co-founder and former president of Validus Re.
Also leading the new MGU are President Stuart Mercer, co-founder and former chief risk officer of Validus Re, and Chief Underwriting Officer and Chief Actuary Richard Goldfarb, the former CFO and chief actuary of CapSpecialty.
Source: XL Catlin