Gemini Re LLC plans to secure up to $750 million of reinsurance capacity by June to launch in time for the midyear 2018 reinsurance renewals, Artemis reported.
The Florida-domiciled insurance-linked securities, or ILS, asset manager has already secured $500 million in capital commitments, but not all of it may be necessarily used, according to the report.
Led by President Subhashish Dutta, Gemini Re has been forming its team, building relationships with brokers and ceding companies and marketing its patent-pending product suite in recent months. The company's first reinsurance product will be a patent-pending structuring model that matches sourced catastrophe risk to ILS investors based on risk profile and appetite.
