Alternus Provides US-Based Property
Owners Greater Market Choice and Diversification
Chevy Chase, MD, April 21, 2017 – The Schinnerer Group, through its subsidiary Victor
O. Schinnerer & Company, an underwriting manager of specialty insurance
programs, today announced the launch of Alternus, a new insurance solution that
US companies can access to cover risks in their global property portfolios. Alternus is the first dedicated commercial
insurance solution for retail clients backed by alternative capital.
Alternus is exclusively offered through Marsh, a global
leader in insurance broking and risk management, and will cover up to 10% of an
insured’s entire property insurance program with up to $200 million in limits
This new solution is underwritten and managed by Schinnerer
and backed by a combination of Allianz Global Corporate & Specialty (AGCS)
and alternative capital through asset manager Nephila Capital Ltd.
“By drawing on a mix of traditional and non-traditional capacity,
Alternus provides insureds with greater flexibility to manage an increasingly
complex array of risks,” said Christopher Schaper, CEO, The Schinnerer Group,
the parent company of Victor O. Schinnerer & Company. “Providing retail clients
with direct access to alternative capital to cover their risk is a significant innovation.”
Alternus offers broad protection to a US-based
organization’s global property risks including multi-year coverage, if desired.
Protection includes natural and man-made
“The Property & Casualty industry must continue to
evolve at a fast pace and this innovative risk transfer vehicle will be most
appreciated by clients,” said Bill Scaldaferri, CEO and President AGCS North
America. “The launch of Alternus is a significant step in helping to transfer
risk more broadly. Bringing this product to US-based commercial organizations
is part of our commitment to expanding our overall footprint in North America.”
Nephila Capital Ltd. Co-Founder
Frank Majors added: “The insurance sector has become increasingly attractive to
the investment community. Through Alternus, we have created a strategic and
innovative structure that enables Nephila to give insurance clients choice and also
offers our investors access to risk in the US commercial property retail
About The Schinnerer Group
The Schinnerer Group is made up
of the largest and most experienced underwriting managers of specialty
insurance programs in the world. The
Schinnerer Group includes Victor O. Schinnerer in the United States, ENCON in
Canada, and other MGA enterprises globally. At Schinnerer, underwriting management
has been a distinct discipline for over five decades. The Schinnerer Group handles greater than $700
million in premium on behalf of numerous insurance carriers, through a large
network of approximately 10,000 active brokers.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is the
Allianz Group's dedicated carrier for corporate and specialty insurance
business. AGCS provides insurance and risk consultancy across the whole
spectrum of specialty, alternative risk transfer and corporate business:
Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial
Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl.
International Insurance Programs).
Worldwide, AGCS operates in 30 countries with own units and
in over 210 countries and territories through the Allianz Group network and
partners. In 2016, it employed around 5,000 people and provided insurance
solutions to more than three quarters of the Fortune Global 500 companies, writing
a total of €7.6 billion gross premium worldwide annually.
AGCS SE is rated AA by Standard & Poor’s and A+ by A.M.
About Nephila Capital
Nephila Capital Ltd is a leading investment manager
specializing in reinsurance and weather risk. Nephila has assets under
management of approximately $10 billion as of April 1, 2017 and has been
managing institutional assets in this space since it was founded in 1998. The
firm has over 125 employees based in their Bermuda headquarters, San Francisco,
CA, Nashville, TN and London. Further information can be found at www.nephila.com.