Start-up hails its timing with new run-off venture

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A start-up backed by Deutsche Bank and EOS was launched this week aiming to help insurance and reins...

A start-up backed by Deutsche Bank and EOS was launched this week aiming to help insurance and reinsurance companies release capital and streamline mature or discontinued liabilities.

Afinia Capital was unveiled at this year's Monte Carlo rendez-vous and will be led by Amanda Atkins, Alea's former chief financial officer. Nick Eddery-Joel, former corporate solutions director at Axiom Consulting, becomes chief operating officer of Afinia Services UK.

Ms Atkins said: "Balance sheet management has never been more important for insurers and reinsurers. Regulators, ratings agencies and shareholders are all increasing the pressure on companies to achieve the right levels of capital and use it in the best way possible.

"We have brought together a unique combination of ingredients to create and execute transactions that release capital from our clients' balance sheets.

"We are delighted to be working with high-quality financial partners, who offer both the capital and the financial structuring expertise for transactions of any size and structure, and global reach," she continued.

"In addition, the management team has over 25 years' experience each in the reinsurance and insurance markets and has seen first-hand almost every situation that an underwriting business can expect to come across. The result is fresh thinking based on real life experience."

Ms Atkins believes the discontinued market has evolved from focusing on previous mistakes and misfortunes to becoming an insurance lifecycle management tool. "We believe that the legislative and regulatory changes will give even more impetus to this development and makes the timing right for our entry into the market," she concluded.

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