Navigate Re, a Guernsey domiciled Category 6 Special Purpose Entity, is set to shake up the reinsurance market with its innovative approach to delivering access to capital solutions for ceding clients and investment returns to its backers. The company has been formed to address the growing demand for sophisticated, transparent access to insurance risk, and it has partnered with Polo Insurance Managers, an independent, licensed insurance manager within the PoloWorks group.
Founders and Sponsors
Navigate Re is the brainchild of Solomon Garber and Atit Jariwala, who are also the principals and sponsor of Erithmitic, an alternative asset manager. Erithmitic was launched in 2021 as a next-gen alternative asset manager, with a focus on utilizing data and AI to execute workflows and investment strategies for clients. The company is now expanding its capabilities into reinsurance, leveraging its expertise in asset classes such as real estate, mortgage-backed securities, direct lending, and other structured finance niches.
- Erithmitic’s involvement in reinsurance is a strategic move to expand its product offerings and cater to the growing demand for innovative reinsurance structures.
- The partnership with Polo Insurance Managers will enable Erithmitic to tap into the expertise of a seasoned insurance manager, further enhancing its capabilities in the reinsurance space.
Operational Model
Navigate Re will operate as a flexible and high-performing reinsurance platform that leverages Guernsey’s regulatory and commercial environment. The company will offer bespoke capital and investment management solutions for annuity and life cedants, reinsuring annuities and other insurance products that match with Erithmitic’s asset management expertise.
| Key Features | Description |
|---|---|
| Flexible and high-performing reinsurance platform | Utilizes Guernsey’s regulatory and commercial environment to provide bespoke capital and investment management solutions for annuity and life cedants. |
| Bespoke capital and investment management solutions | Offers tailored solutions for ceding clients and investment returns to its backers, leveraging Erithmitic’s asset management expertise. |
| Reinsurance of annuities and other insurance products | Matches with Erithmitic’s asset management expertise, providing a comprehensive reinsurance solution for life and annuity-related returns. |
Quotes from Key Stakeholders
“The launch of Navigate Re represents an exciting step forward in our mission to build a nimble, investor-focused reinsurer,” said Solomon Garber, one of the company’s principals and sponsor of Erithmitic. “Guernsey offers an exceptional foundation for innovation in reinsurance, and we’re proud to be part of that ecosystem.”
“We believe there is strong demand for sophisticated, transparent access to insurance risk. Navigate Re is built to meet that demand, and we’re thrilled to be working with the team at Polo Insurance Managers to make this vision a reality,” said Atit Jariwala, the other principal and sponsor of Erithmitic.
Support from Polo Insurance Managers
Polo Insurance Managers, an independent, licensed insurance manager within the PoloWorks group, has supported the formation and ongoing management of Navigate Re. Mark Elliott, CEO of Polo Insurance Managers, commented, “We are delighted to have supported Solomon and Atit on the formation and on-going management of Navigate Re. The combination of their forward-thinking approach with our experience and understanding of the insurance and regulatory environment, enabled us to complete this setup efficiently and in a short timeframe.”
Positioning Guernsey as a Hub for Reinsurance Innovation
Guernsey is being positioned as the premier European domicile for innovative reinsurance structures, with Navigate Re’s launch reinforcing this reputation. The island’s regulatory and commercial environment is seen as an ideal foundation for innovation in reinsurance, and its reputation for financial stability and transparency is attracting a growing number of reinsurance companies.
Benefits of Guernsey as a Reinsurance Hub
- Regulatory framework that supports innovation and growth
- Financial stability and transparency
- Competitive tax regime
- Strategic location for access to global markets
Conclusion
Navigate Re’s launch marks an exciting development in the Guernsey reinsurance market, with its innovative approach to delivering access to capital solutions for ceding clients and investment returns to its backers.
