Orion Reinsurance (Bermuda) Ltd. Was founded in December 2004 and licenced by the BMA to act as a class III insurer without restrictions of any kind in its class. Is owned by Orion Holdings Ltd. Also based in Bermuda and funded by private equity with venture capitalist with experience in insurance solutions for middle market accounts, specially in utilities and power industry.
In 2009 Orion Re is registered under the SAC Act 2000 and is currently writing special lines related to the utilities industry, counting on risk managers with local knowledge, who designed the solutions for their original clients.
Value Proposition
Providing innovative solutions in management and risk transfer
according to the market needs.
Principles and Values
The orientation of business and corporate relations are guided
by the principles of solidarity, respect, transparency,
equity, sustainability, profitability and quality, and the
performance of the employees of the firm are framed within
ethical and responsible behaviors with due diligence and
dedication to service.
AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” to Orion Reinsurance (Bermuda) Ltd. (Orion Re) (Hamilton, Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.
The Orion Re Corporate governance is established to provide the firm with the necessary tools to maximize the value of the firm through the achievement of strategic objectives, relating the shareholders with the senior management and other interested parties. Always meeting the requirements of the legal frames with reliable information for proper accountability.
Principles of good governance:
- Provide corporate information timely and accurate, referring
to; financial performance information, budgets, indicators,
capital composition, objectives, decisions of governing
bodies, structure and corporate governance policies,
Enterprise Risk Management -ERM, among others.
- Prepare and audit timely and with quality the firm’s
financial information following international standards
- Corporate governance is responsible of securing the
strategic guidelines of the firm, monitoring the execution of
the plan by the management completely independent.
Underwriting Policy
- Diversification of risk by business line and geography.
- Conservative financial management.
- Focus on profitabilty, Efficient capital return for our
investors and customers
- Optimize production channels
- Close relationship with the value chain.
Rent A Captive Solutions
This is provided to clients whose low loss levels (good risk
management practices) and high premium payments (high asset
level) allow them to increase their risk retention via
“renting” a cell or portion of a reinsurance company. This
structure allows the clients to generate savings in premium
payments and an increase profits.
These kind of solutions allow the parent companies (cell´s owners), two key elements for a better understanding of the best risk transfer solution for its busines:
1. A broader view of the insurance industry.
2. Development of “taylor made” solutions for its core business.