Dublin-based reinsurer is the first to be granted a licence under the Reinsurance Directive
Dublin headquartered Atradius Re is the first credit and bonding reinsurance company to be granted a licence to offer reinsurance under new EU regulations.
The company has been granted authorisation by the Irish Financial Regulator under the European Communities (Reinsurance) Regulations, 2006, (Statutory Instrument No. 380 of 2006), to carry on Reinsurance Business under registration number C38084.
Atradius Re will be one of the first regulated credit and bonding reinsurance entities to operate under the framework of the EU Reinsurance Directive regime from 10 December 2007.
This authorisation underpins the group‘s strategy to have a single independent regulated entity for its reinsurance market activities.
Gerard van Brakel, managing director of Atradius Re commented, “The granting of the licence is a significant step forward for our business which is founded on long term relationships and partnerships with our clients.
“Atradius Re is a people business and has been successful over the years in attracting the best talent and expertise to support the growth and needs of non life insurers and Reinsurers for their credit and bonding activities globally.”
Chief operating officer Mark Bonham added, “We believe that Ireland offers the best regulatory, financial and market structure to support the continued growth development of our business and are excited about the added potential this licence will offer us.”
Specialist reinsurer Atradius Re was formed through the merger of NCM Reinsurance Ltd and Namur Re SA. Atradius Re has provided credit and bond reinsurance for over 40 years.