Credit Suisse-Backed Insurers to Wind Down as Investors Exit
- Humboldt Re, Kelvin Re to stop underwriting new business
- Guernsey-based vehicles reinsure natural catastrophe risks
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Two reinsurance vehicles backed by Credit Suisse Group AG investment funds are winding down after key investors decided to pull out.
Humboldt Re and Kelvin Re, which use money from institutional investors to reinsure natural catastrophes and other risks, will stop underwriting new business next year, Credit Suisse said in a statement Wednesday. Kelvin Re is funded with money from the Abu Dhabi Investment Council, according to reports. The bank declined to comment on the identities of the investors.