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Radix Insurance Linked Strategies (Radix ILS) has been founded by former Hamilton ILS executive Hanni Ali as a new Bermuda-based third-party capital manager and reinsurance capacity deployment company with a technology-first focus.
Announcing the launch of Radix Insurance Linked Strategies (Radix ILS), Ali explained that he is “delighted” to have formed the new company alongside partners former Walkers Bermuda legal partner Peter Dunlop and software expert Dave Berton.
Under the slogan of “code meets capital”, Radix ILS is designed to have a digital-first approach to enabling partner capital to access the returns of insurance and reinsurance business.
“Radix Insurance Linked Strategies (ILS) provides our partner capital the opportunity to access reinsurance risk returns by investing alongside our team to benefit from our specialist market knowledge,” the company explained.
“The founding team have deep experience in operating many kinds of insurance vehicles, having done business across the Lloyd’s and Bermuda markets, in specialty insurance, reinsurance, collateralised reinsurance and securities issuance.”
Radix ILS is designed a digital-first approach to managing reinsurance risk, which the company believes will enhance transaction efficiency for insureds, intermediaries and capital partners.
The goal is to deliver “exceptional service” to the global reinsurance market, through embracing a disciplined and technology-led approach to underwriting risk.
The vision is to create direct investment opportunities into insurance-linked risks for itself and its capital partners.
Radix ILS intends to be a multi-line reinsurance underwriter, utilising a high-performance technology platform to efficiently price, service and allocate capital to risk.
With optimised capital allocations, the company believes it can work with intermediaries to find solutions for challenging placements and sees opportunities in market areas such as: property reinsurance and retrocession; specialty reinsurance; industry-loss warranties (ILW); parametric risks; and property facultative catastrophe reinsurance; all on aggregate, occurrence basis and in a number of contract forms.
Peter Dunlop, formerly of law firm Walkers Bermuda, is a co-founder and will be the Radix ILS General Counsel and Chief Claims Officer.
David Berton is principal software engineer and also a co-founder of Radix ILS, with responsibility for developing the systems the company will use to allocate ILS capital to reinsurance opportunities.
Hanni Ali, formerly SVP Strategic Partnerships and lead for ILS activities at Bermuda based insurance and reinsurance holding company Hamilton Insurance Group, is CEO and co-founder of Radix ILS.
Ali explains on his LinkedIn profile, “I founded Radix ILS group of companies as the CEO. Forming Radix gives me the opportunity to apply my combined mathematics and technology expertise to the reinsurance market, solve the hard problems the reinsurance market can address and manage my own capital and that of our capital partners in an optimal manner.”
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