ReFlex Solutions Ltd, an independent reinsurance brokerage, has launched today with operations in Bermuda and with near-term plans for expansion into London and the United States.

The new Bermudian-based business is led by Neville Ching, an industry veteran with 40 years’ experience in broking. The company was incorporated in Bermuda in 2022, but has launched this month.

Mr Ching, chief executive officer and founder of ReFlex, said: “ReFlex has been a year in the workshop, and I am delighted to be opening this new venture. In this hard market, there are opportunities for a new type of brokerage that has technology at its core combined with deep broking knowledge and expertise.

“There has been a clarion call from buyers of reinsurance to help them find coverage in challenging market conditions, and we will respond to that demand with a blend of traditional reinsurance, capital market solutions and other new alternatives. Increasingly the one-size-fits all model is outdated, and creative and tailored solutions are required.”

He added: “It has been a long time since a broker was set up in Bermuda — and ReFlex will blend the best of Bermuda, with local finance, technology and investment provided from here — as well as using our excellent service providers and local expertise. It is ‘organic’ in the way it has been formed — Bermuda is at the heart of this venture.”

ReFlex said it aims to drive transactional efficiencies, attract new capital sources into the industry and develop new products and coverage solutions, as well as drive down costs and increase trust and transparency in broking.

The initiative has been launched by a seasoned professional to take advantage of the hard market conditions, aiming to provide advisory solutions to global reinsurance buyers, it said.

“Many young brokers were simply out of their depth in what has been the most challenging renewal period seen in over a decade,” said Mr Ching.

“Some traders had no experience of operating in volatile market conditions and did not know where to get capacity or coverage during tough negotiations. Our brokerage will bridge that knowledge gap and find effective solutions for buyers of reinsurance looking for coverage.”

He added: “Normally it is a London brokerage that sets up a subsidiary in Bermuda. This will be a Bermuda broker, which will also set up in London.”

ReFlex said it has been launched with the backing of eight private investors who share the vision to deliver efficiencies into the distribution framework. These include a balanced blend of recognised leaders in the technology, insurance, reinsurance, legacy, reinsurance underwriting, investment and life insurance sectors.

In addition to traditional market solutions, ReFlex said, it has access to non-traditional capacity and solutions through Jireh Risk Advisors.

Established by Bermuda ILS market executive Sal Tucci earlier this year, Jireh provides risk transformation and advisory services on behalf of investors seeking to provide capacity for re/insurance risk.

“Efficient technology has to be at the core of any modern service provider,” said Mr Tucci, founder and chief executive officer of Jireh.

“ReFlex and Jireh share a common core thesis of combining experienced market practitioners alongside innovative technology to better serve clients with elevated service, capability and standards.

“Our respective businesses, while distinct and separate, are complementary and will collaborate to provide ReFlex clients with superior service and solutions.”

Mr Ching said ReFlex is fully operational, adding: “Our very active Q1 2023 is both encouraging and humbling as it underscores the value clients see in our approach.”

ReFlex added that it seeks to attract best-in-class talent and build a corporate culture based on fairness, honesty, and integrity.