Ching targets dislocated property cat business with new ReFlex Bermuda broker launch
Market veteran Neville Ching described current property cat conditions as unlike any he has experienced in his 40 years in the business as he met with The Insurer TV at this week’s Bermuda Risk Summit.
Ching, who has today unveiled his new Bermuda-based reinsurance brokerage platform ReFlex Solutions, said the new launch would be aiming to take advantage of current dislocation in the property cat space.
“Bermuda has been a leader in those lines of business and providing capacity and solutions for many years now. And we have reached a point - a segue in the proceedings - where the clients, many of whom we've known for many years, are looking for solutions,” he said.
Ching said ReFlex is the first broker to be “born from Bermuda”.
“We're built organically here in Bermuda, 90 percent of what we've put together has been sourced from Bermuda - that includes people, back-up operations, outsourcing, finance, regulatory, auditing, and technology, and most importantly investment,” he said.
He said the evolution of market conditions over the past five years meant that for many buyers, the shelves were now “more or less empty in certain sectors of the market”.
“So we're helping to not only put some products on the shelf, but also help and guide them through this difficult process,” he said.
Ching said this would be done through a blend of historical knowledge of the market - this month marks his 40th anniversary in the sector - alongside the deployment of new technology solutions.
Former Aon Benfield and Capsicum Re executive Ching left his position as head of Bermuda operations and retro leader at Gallagher Re in 2021.
ReFlex has backing from eight private investors described as leaders in the technology, insurance, reinsurance, legacy, investment and life insurance sectors.
The start-up – which was registered on the island last year and also has near-term plans to expand into London and the US.
The Insurer TV talks to ReFlex Solutions’ Neville Ching
Watch the 7-minute video interview with CEO and founder of new reinsurance brokerage ReFlex Solutions, Neville Ching, for more on:
- His motivations behind launching the new brokerage in Bermuda
- Why the timing is important
- Putting more products back “on the shelf”
- 2023 outlook