PartnerRe Ltd. has struck a deal with Ark Syndicate Management Ltd. to transfer its upstream energy insurance portfolio to Lloyd's Syndicate - 3902 (Ark Syndicate Management Ltd.).
Policies that went into effect on or after Jan. 1 and renewal rights for policies renewing subsequent to that date will be covered under the agreement. PartnerRe will maintain its current participation in the portfolio as reinsurer to Syndicate 3902.
"The decision to transfer the portfolio aligns with our overall strategy to focus on reinsurance and reinsurance-like solutions that don't compete with our clients," PartnerRe President and CEO Emmanuel Clarke said in a statement.
