BNY Mellon Asset Servicing, the global leader in asset servicing, has been selected by IPCRe Limited, a Bermuda-based reinsurance provider, as global custodian for its $2.5 billion portfolio.
“BNY Mellon’s presence in Bermuda and its ability to provide full-service solutions for our growing needs were important factors when we made our selection. “We look forward to creating a successful partnership,” says John Weale, senior vice president and chief financial officer, IPCRe.
“We have been building our asset servicing capabilities in Bermuda for more than 20 years and now support a wide range of off-shore financial services companies. We continue to enhance the services that we provide to the insurance industry,” adds Patrick E Curtin, executive vice president and head of financial institutions, BNY Mellon Asset Servicing.
IPCRe Limited provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance. IPCRe Limited in 2008 is celebrating its 15th year of specialty focus on property catastrophe reinsurance.
Since its formation in Bermuda in 1993, in the wake of hurricane Andrew, it has created a strong presence in the marketplace and has established relationships with many of the world’s leading insurance organisations. Its business encompasses clients domiciled in North America and those located elsewhere in the world, principally in the UK, Continental Europe, Japan, Australia and New Zealand.