Credit Where It’s Due
Rokstone ventured into the Credit and Surety world back in January 2023 with the appointment of Luis Antonio Ibáñez to lead the charge in this class of business. The division is solely focused on Treaty business, which is also a new approach at Rokstone.
With 30 years of experience, Luis Antonio joined Rokstone from Active Re, where he was Global Chief Operating Officer. Luis developed the surety and credit class, growing it successfully across Europe, the Middle East and Asia. Having previously spent 27 years with CESCE, the Spanish Export Credit Agency, Luis Antonio became a specialist in trade credit insurance and surety in parts of Europe and Latin America holding various roles - latterly as its Global COO.
The division secured A rated capacity from BMI and Malaysian Re, with a maximum initial line of USD 2.75 million, targeting USD 17 million Expected Premium Income (EPI) for Credit and Surety by the end of 2023. As of July 2023, Rokstone has already written USD 15 million in terms of EPI.
Luis Antonio believes the Treaty market is increasingly being conquered by nimble MGAs. However, he is confident Rokstone is in a strong position to compete with larger reinsurers. He said, “Specialist MGAs like Rokstone have the scale and credibility to compete effectively in a market previously reserved for large reinsurers, particularly with smaller risks that are not their mainstay.” He continued, “Rokstone has access to multiple binders, getting a stamp from different carriers. No reinsurer can offer capacity and diversification together.”
Partnering with Rokstone on several occasions throughout his career, Luis Antonio has watched Rokstone’s success with great interest and is enjoying being part of the family. He said, “I can’t help but admire their growth and entrepreneurial spirit. I am thoroughly enjoying my time at Rokstone and have all the support I need to manage a profitable portfolio.”
James Potter, CEO of Rokstone commented on the start made by Luis. He said, “Luis Antonio has been a long-term partner and supporter of ours and we are delighted at how quickly we were able to get him up and running, securing capacity from a number of A rated players.”
James is confident that Luis Antonio’s work experience and impressive track record globally in the Credit and Surety space will be a considerable asset for Rokstone. He explained, “His experience is a huge asset as we further expand our Treaty book and explore new and emerging opportunities across Europe, Asia and Latin America.”
Rokstone’s expansion into Credit and Surety is expected to increase business capabilities and provide greater value to clients. The development is a testament to the entrepreneurial spirit of Rokstone and showcases the Group’s commitment to expansion in the global insurance industry.