In spite of the ongoing restrictions caused by the COVID-19 pandemic, a Turkish reinsurance company managed to attract financial investment from an ‘AA-‘ rated global reinsurer.
Malaysia-based Nexus Structured Solutions – a subsidiary of one of the world’s most prominent specialty Managing General Agent, Nexus Underwriting Ltd – has shaken hands with Turkey’s Koru Sigorta Anonim Sirketi for a 10-year structured reinsurance deal.
The deal between the insurance giant and Koru Sigorta is the first structured Motor Third Party Liability (MTPL) reinsurance deal that a Turkish company has ever made.
“The deal is a clear validation of the first-class quality of Koru Sigorta’s underwriting and balance sheet discipline, its productive and scalable business model, and robust regional agency network underpinned by the quality of the high-caliber team in the business,” said Gerard Pennefather, Chairman of Nexus Structured Solutions in an official statement. He also added that the deal is a testimony to Nexus’ trust in the resilient and powerful Turkish insurance market.