Nectaris Re Ltd., the Class 3A Bermuda-based rated reinsurance platform backed by specialist insurance linked securities (ILS) and reinsurance related investments manager Leadenhall Capital Partners LLP, has reported solid underwriting results again for 2024, according the latest rating affirmation from AM Best.Nectaris Re had originally been .This arrangement provides the Leadenhall ILS fund management business with access to a rated reinsurance underwriting platform, through which business can be sourced from the open market for its private ILS strategies.In its annual update on the reinsurance structure, rating agency AM Best affirmed the ‘A’ ratings of Nectaris Re with continued stable outlooks and highlighted its balance-sheet strength as “strongest”.

Nectaris Re continues to retrocede all of its business to the special purpose structure Horseshoe Re II Limited, a segregated accounts company, to cells that are funded by insurance-linked securities funds under the management of Leadenhall Capital Partners.Nectaris Re continues to source reinsurance business to cede to the Leadenhall ILS funds through MS Amlin’s Lloyd’s Syndicate 2001 and MS Reinsurance (recall that, Leadenhall is a subsidiary of Mitsui Sumitomo Insurance Company), as well as sourcing reinsurance business through open market operations.AM Best cited “solid gross and net underwriting results” for Nectaris Re through underwriting years 2022 to 2024, so the performance has continued in the last calendar year.

The rating agency also assesses the historical operating results of the reinsurance portfolio of the Leadenhall-managed ILS funds, from which the Nectaris Re portfolio was originally formed in its assessment of the reinsurance structure.AM Best also noted that, while underwriting returns is the main goal of the Nectaris Re strategy, it has benefited from additional investment income thanks to the higher interest rate environment.The Nectaris Re platform continues to provide ILS investment manager Leadenhall with an efficient and rated route to access reinsurance risk, to the benefit of the firm’s ILS funds and their investors.

Nectaris Re reported a $13.18 million profit after tax for calendar year 2023, according to its latest filings, which was up on 2022’s $7 million.With AM Best reporting that solid underwriting results continued in 2024, it’s likely Nectaris Re will also report profitable business operations for that year once filings are made..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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