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 facility that US companies can access to cover risks in their global property portfolios. Alternus is the first dedicated commercial insurance facility 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 per program.
The new facility 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 perils.
“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 market.”