Centriq advances strategy with Camargue partnership

In support of its strategy to target the financial lines liability market, Centriq today announced the formation of an underwriting partnership with Camargue Underwriting Managers, which specialises in Directors and Officers Liability (D&O), Employment Pr

In terms of this arrangement Centriq will act as local co-insurer on the UMA facility, which is also co-insured through Lloyds, Brit Syndicate 2987.

Karen Miller, Head of Volume Business Development at Centriq says: "In the face of increasingly onerous corporate governance regulations and demands for transparency and accountability, the financial lines liability market is in the spotlight, and is a potential minefield. As a result, it is imperative that underwriting managers provide specialist, effective access to technical and operational competence in this thorny class of business."

"Camargue has extensive experience and distinct underwriting and administrative skills in the financial lines segment of the liability market, which is extremely encouraging," says Miller.

She adds: "Camargue is rapidly becoming a significant player in its chosen sphere. It is widely recognised as a creative, forward thinking UMA, which fits with Centriq's approach to the UMA market space. Our business philosophies are very similar in that both companies value judicious risk management and entrepreneurial innovation in product delivery."

Mitch Marescia, Managing Director of Camargue, says: "This niche sector of the Insurance market is experiencing the first true new business spend in the industry, on the back of the growing need for Directors to practise greater transparency in their dealings with shareholders and the public at large, being driven both by legislation as well as shareholder activism."

In regard to the partnership with Centriq, Marescia says: "Centriq has an innovative approach to risk management and modeling that aligns perfectly with our vision and enables us to keep a local component to our offering. Their strong empowerment credentials and credit rating are particularly impressive."

Marescia elaborates: "Our company is named after the special breed of horse that survives the inhospitable Camargue wetlands in southern France. These horses evoke the qualities that we as entrepreneurs strive to embody- fierce independence, perseverance and courage in the face of adversity. We believe that because we have lived these traits we have succeeded and grown beyond our expectations, and this has brought us to the new journey we have begun with Centriq."

Miller concludes: "We are thrilled that Camargue has chosen Centriq as its local insurance partner. We look forward to a rewarding relationship, and one which makes a material contribution to this particular market segment."