MGA Rokstone Launches Credit and Surety Treaty Division

Rokstone, the London-based speciality re/insurance MGA, part of the Aventum Group, has launched a Credit & Surety Treaty division.

Rokstone has appointed Luis Antonio Ibáñez as the portfolio manager to lead the division, based in Madrid.

The division has secured A-rated capacity from BMI and Malaysian Re, initially with a maximum US$2.75 million line. Rokstone is targeting US$15 million gross written premium for credit and surety by the end of 2023, and as of April already signed US$11 million GWP.

Luis Antonio Ibáñez has more than 30 years’ experience in credit and surety. He joins Rokstone from Active Re where he was global chief operating officer and introduced its treaty book and developed the surety and credit class, growing it successfully internationally across Europe, the Middle East and Asia. Prior to that, he spent 27 years with CESCE, the Spanish Export Credit Agency (ECA) a specialist in trade credit insurance and surety in parts of Europe and Latin America. He held a number of roles at CESCE, latterly as its global chief operating officer.

“I’ve partnered with Rokstone for many years, watching their success with interest. One can’t help but admire their growth and entrepreneurial spirit and I’m excited to be starting a new chapter as part of that journey. More nimble MGAs are increasingly conquering the treaty market,” commented Ibáñez.

However, it is the bigger, specialist MGAs like Rokstone which “have the scale and credibility to compete effectively in a market that has previously been the reserve of the large reinsurers, particularly with the smaller risks that are not their mainstay,” Ibáñez added. “Rokstone also has access to multiple binders; getting a stamp from different seals – no reinsurer can offer that.”

“Luis Antonio has been a long-term partner and supporter of ours and we’re absolutely delighted to welcome him to the group,” James Potter, CEO of Rokstone said. “He has got the division up and running very quickly, securing capacity from a number of A-rated players. His valuable network, experience and impressive track record globally in the credit & surety space will be a huge asset to Rokstone as we further expand out our treaty book and explore new and emerging opportunities across Europe, Asia and Latin America.”

This is the second treaty division launched by Aventum this year. In February its broking arm Consilium launched a Specialty Treaty Reinsurance Division.

Rokstone is one of the world’s largest MGAs, with offices in the UK, Europe, USA, Asia, Africa, and the Middle East. It currently underwrites US$1 billion GWP in several specialty lines including marine, aviation, energy & power, direct & facultative property, treaty property, construction & engineering and liability.

Source: Rokstone

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