UK-based insurance distribution platform The Ardonagh Group has revealed plans to launch a new reinsurance broker, called Inver Re.

The launch is part of the company’s strategy to become a ‘top five’ global player.

The new venture will leverage the scale, resources and reach of its parent, hire good talent in the industry to become a successful market player.

Ardonagh said that Inver Re will pursue a consultative, bespoke approach to the core discipline of treaty reinsurance and craft risk strategies to suit individual requirements.

To offer new levels of insight and analysis, the venture will use a mixture of traditional actuarial methods and data science.

The launch follows Ardonagh’s decision to acquire BGC Partners’ insurance brokerage business companies, Ed Broking Group and Besso Insurance, for $500m in May 2021.

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Acquired businesses were recently grouped under the brand Corant Global, which generated revenue of $191m during the 12-month period ended 31 March 2021.

Ardonagh CEO David Ross said: “There has never been a better moment to launch an independent reinsurance broker in the market. The collective experience and relationships of the newly enlarged Group, combined with rigorous analytical abilities and global approach will provide insurers with a trusted, independent choice.

“We’re incredibly excited to build a credible alternative in a market where choice and flexibility are increasingly hard to come by. We are committed to building a home for the very best talent in the market and building an offering focused on taking the time to understand every nuance of our clients’ objectives and will ensure their goals are met.”