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Surety & Credit Treaty

Our portfolio is carefully curated and bottom-line-focused, designed to deliver consistent, strong results. With diversification as the key balancing factor, we specialise in surety and credit - classes that require deep technical expertise and experience. These lines are uncorrelated with other risks, offering unique opportunities when managed prudently within an orthodox framework.

Overview

The book spans Europe, Africa, Asia and the Middle East, with a primary focus on surety business. Credit treaties are selectively included when compelling opportunities arise, ensuring the portfolio remains carefully balanced and optimised for performance across geographies and risk classes. 

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Regions covered

Europe
Middle East & Africa

Risk Appetite

Proportional and XL treaties with diversified risk profiles, including: 

  • Contractual Public Bonds: Bid Bonds, Advance Payment Bonds, Performance Bonds and Maintenance Bonds
  • Renewable Energy Bonds
  • French Construction Bonds
  • Custom Bonds
  • Housing Bonds
  • Travel Bonds
  • Export Trade Credit
  • Digital Credit and E-Commerce trade credit

Coverage and Limits

  • Three A-rated reinsurance carriers
  • Maximum Surety capacity Europe EUR 10 million per risk per treaty
  • Maximum Surety capacity Non-Europe USD 5.5 million per risk per treaty
  • Maximum Credit capacity USD 4.4 million per risk per treaty
  • No Facultative business
  • No Treaties with high-risk concentration
  • Financial Guarantees excluded
  • Very long tail books not accepted

Portfolio Manager

Luis Antonio Ibañez

Head of Credit, Surety and Legal Expenses

The team is led by Luis Antonio Ibáñez, who has over 30 years of experience in the insurance and reinsurance industry. He was, for many years, Global COO at CESCE, the Spanish Export Credit Agency running a surety and credit international insurance operation. He was a board member of several Latin American insurers belonging to the CESCE Group.  

He then moved to reinsurance as Global COO at Active Re, contributing to the company’s global growth in record time and building a highly profitable treaty book. He has participated at the senior level in all the relevant global organizations related to surety and credit, like the Berne Union, ICISA and the Panamerican Surety Association. 

Email Luis +34 (0) 619 231 300

Team

Paula Vázquez Castillejo

Reinsurance Assistant Underwriter Surety & Credit

+34 (0) 678 29 35 44 Email Paula

Paula recently joined Rokstone as an Underwriter in Surety & Credit. She holds a degree in Mathematics, which has equipped her with strong analytical and problem-solving skills. 

She brings six years of experience as a credit risk consultant at Ernst & Young, working with both national and international banks. In this role, she specialised in developing and validating statistical credit risk models, gaining extensive expertise in quantitative analysis, risk frameworks and regulatory environments.  

Thanks to this background, she has a solid understanding of risk management practices in financial institutions, which allows her to apply a quantitative, rigorous and detail-oriented approach to underwriting in the Surety & Credit line of business. 

Lloyd's box status

398

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