US reinsurer aims to provide co-insurance to underwriters struggling with Solvency II

Transatlantic Re is launching a carrier to provide Gibraltan motor underwriters with reinsurance.

Insurance Times understands the US reinsurer is targeting Gibraltan underwriters that need help with Solvency II and aims to provide co-insurance to the Gibraltan market.

Co-insurance agreements help underwriters raise their capital requirements in order to cope with Solvency II.

No one from Transatlantic Re was available for comment.

Also in Gibraltar, Advantage chief executive Keith Charlton has said he wants the insurer to concentrate on accepting business from sister company Hastings Direct, rather than a clutch of third-party brokers.

It was the reason behind the decision last month to put its motor book with outside insurers into run-off. The book, involving Swinton and AA, was thought to be worth between £25m and £30m.