Building capacity, trust, and long-term value in a competitive market
When IAM began searching for new capacity in 2022, they needed a partner who would give them the backing needed to succeed in the competitive Norwegian market and protect their portfolio of clients with large-scale projects. IAM is an insurance MGA based in Norway that specialises in Scandinavian markets. An introduction through their broker in the London market brought them to Newpoint Re, marking the beginning of a partnership that has seen market wins and break throughs into new industries and regions.
John Killengreen, Managing Director, and Kjartan Mannes, Partner at IAM, describe how NPRe provided a degree of service and capacity not seen at other reinsurers.
“What made NPRe attractive was the capacity you could provide,” Killengreen explains. “We needed a partner who could support the lines required to remain competitive and continue serving our existing client base.”
NPRe’s willingness to provide substantial and flexible capacity enabled IAM to meet their client needs without compromise, reinforcing their market position.
Responsive, accessible leaders
One of IAM’s most valued aspects of the relationship has been the accessibility of the NPRe team.
“It’s always quite easy to get hold of anyone… the response is always quick and to the point,” Killengreen notes. “We’ve never had issues with delays.”
This attention has proven valuable in fast-moving underwriting environments, where timely decisions and approvals are critical.
From the outset, NPRe distinguished itself through a streamlined and responsive onboarding process.
“The process was quite quick… it was thorough, but you went through it very efficiently,” Killengreen recalls. “It was a very short distance to get to the key decision-makers.”
In a market where conducting due diligence can be filled with roadblocks, this agility gave IAM the confidence to begin writing business with NPRe as soon as the papers were signed.
Navigating a major claim together
A NOK 190 million claim from Norway’s largest bank was successfully resolved, marking a standout milestone in the partnership between IAM and NPRe. The case was ultimately settled thanks to NPRe’s flexibility and IAM’s expertise in managing large-scale guarantees and complex projects. The solution involved providing the claimant with assurance through a new guarantee that supported the client, enabling them to complete the project without being forced into a distressed sale.
In turn, IAM has helped develop NPRe’s reputation, as they initially faced market scepticism
“Now it’s matured… the market knows we represent NPRe,” IAM explains. “The fact that major institutions are accepting NPRe paper on large bonds is very significant.”
NPRe’s track record of honouring obligations and paying substantial claims has built credibility and trust, both for IAM and across the wider market.
Enabling market adaptability
While market conditions have limited growth in recent years, NPRe has created diversification opportunities for IAM.
“NPRe has allowed us to go into slightly different sectors… opening up new possibilities while maintaining our existing business,” says Mannes.
Confidence for the future
Looking ahead, IAM sees NPRe’s continued investment in governance and management as a key strength.
“The fact that they’ve introduced new leaders and new governance practices gives us confidence,” Killengreen says. “It shows a commitment to building the foundations needed for long-term success.”
Despite industry challenges and evolving market perceptions, open communication and transparency have reinforced trust.
“We’ve always gotten good answers when we speak with NPRe,” Killengreen said.
A strong, sustainable partnership
“We’re super happy with our relationship with NPRe. We’re looking for a long-term partnership,” they both agreed.
With new opportunities on the horizon and a shared focus on growth and profitability, both organisations are well-positioned to continue building value together.