Nectaris Re Ltd is the newest member of Bermuda’s re/insurance Class of 2020/21.

Licensed as a Class 3A insurer by the Bermuda Monetary Authority, Nectaris Re is the operating subsidiary of Nectaris Holdings Ltd.

Both companies are registered in Bermuda.

Artemis, the specialist insurance-linked securities and re/insurance news website, reports that Leadenhall Capital Partners LLP, the London-headquartered ILS and reinsurance-related investment manager, is backing the new venture.

It added that Leadenhall employee Ben Adolph will join the company as a director and act as Nectaris Re’s head of underwriting on a part-time basis.

Artemis said Mr Adolph will also continue to be an employee of Leadenhall Capital Bermuda Ltd and as a managing partner of Leadenhall Capital Partners LLP, where he is head of non-life portfolio management.

It said Nectaris Re will be managed and administered by Horseshoe.

The Bermudian-based outfit is the world’s largest ILS service provider.

The register of company directors in Bermuda shows that the other directors of Nectaris Holdings and Nectaris Re are Andre Perez, executive chairman of Horseshoe, and Scott Cobon, managing director of Artex Risk Solutions Bermuda.

Horseshoe was purchased by Artex in 2019.

Artex is a subsidiary of global brokerage and risk management services provider Gallagher.

Nectaris Re has been assigned a financial strength rating of A (Excellent) and a long-term issuer credit rating of “a” (Excellent) by ratings agency AM Best.

The outlook assigned to the ratings is stable, AM Best said.

AM Best said the ratings reflect Nectaris Re’s balance sheet strength, which the agency assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.