In a year marked by volatility and innovation in the reinsurance sector, Northern Re has emerged offering a fresh approach to structured solutions for insurers. As the industry’s leaders gather at the Rendez-Vous de Septembre, ReInsurance Business sat down with Anthony McKelvy (pictured), co-founder and managing partner of Northern Re, to discuss the company’s journey, its philosophy, and its ambitions for the future.
Northern Re’s founding is rooted in a blend of traditional reinsurance expertise and entrepreneurial vision brought together by two brothers. “I started in the reinsurance broking world – first at Willis Re, then at Guy Carpenter,” McKelvy explained. “We worked a lot on the MGA side and with ILS platforms. In 2018, we moved up to New York. Risk capital was my remit, and I leaned heavily on ILS while at Boost.”
Anthony’s brother, Peter, brings a complementary background from the tech world. “Peter was at Uber, and insurance fell into his remit toward the end of his time there,” he said. “He then joined me at Boost and worked on product and strategy. Peter and I were always set on forming our own company and working together - we felt we had complementary skillsets.”
Together they identified a gap in the market for collateralized ILS platforms serving the US. “We looked at what had worked and what could be improved on. About 18 months before launch, we did deep R&D and jurisdictional analysis and launched Northern in 2022.”
Their combined experience – spanning broking, ILS, and technology – gave them a unique vantage point. “There’s a lot of nuance in what an investor wants and what a cedant wants to get out of the transaction. That’s where my expertise comes in. So it’s about the lifecycle of the deal. We’ve done a lot of work focusing on operations and capital modeling,” McKelvy added.
Northern Re’s approach is a deliberate departure from the industry’s legacy models and the “one-size-fits-all” mentality that has dominated much of the reinsurance sector. This shift is particularly timely, as insurers in 2025 face heightened capital pressures, regulatory scrutiny, and increased volatility across lines. The demand for tailored, flexible reinsurance solutions – especially structured and quota share deals – has never been higher.
“The first thing we do is a deep dive on a cedant’s objectives – what do they want to get from working with a platform like Northern?” McKelvy said. “We see what we offer as another tool in the cedant’s belt. We can diversify their tool stack. We’re not plagued with legacy expense or rigid operational structure, so we can provide value. Also, with how we’re providing capital, there’s a level of service we’re offering that others might not.”
That philosophy is at the heart of Northern Re’s latest announcement: a suite of tailored structured reinsurance solutions and enhanced whole account quota share capabilities, designed to address the evolving needs of insurers in today’s market.
The shift toward whole account quota share and structured solutions reflects a broader industry trend. As more insurers seek capital relief and risk diversification in a challenging environment, the ability to offer scale and operational simplicity has become a key differentiator.
“Historically, a lot of time and effort was spent on individual monoline placements,” McKelvy noted. “Now there’s movement towards whole-of-account purchases that retain risk. For a market like us, it offers scale and diversification and a really nice spread of risk. But there’s complexity in getting through that information, so we look at how to ingest that efficiently. We have a centralized point of underwriting – everything is centralized, so the communication is more streamlined.”
This operational focus is designed to balance two often competing objectives: capital relief and simplicity. “Insurance companies today are under a level of balance sheet stress. Our focus is on delivering solutions on a structured basis, without requiring them to choose a path of more resistance. That centralized platform, being able to re-ingest information in an updated format, makes it a real differentiator.”
This focus on operational efficiency has enabled Northern Re to execute transactions at a scale that sets it apart from many new entrants.
Northern Re’s recent $1.5 billion structured quota share transaction – which meant it was ceded with a proportional slice of a $1.5 billion portfolio – is a testament to its capabilities. “The client was looking to build capacity so they could continue growing. There were elements of balance sheet relief and operational simplicity on a go-forward basis. Our focus was on ingesting the information with different lines, and designing something that made sense for the investor groups,” McKelvy explained. “We worked for several months to introduce certain contractual features that ticked the boxes while introducing more diversification and making the investment platform more attractive.”
This deal not only provided the client with much-needed capacity and relief, but also demonstrated Northern Re’s ability to bridge the needs of cedants and investors – an increasingly important skill as the market grows more complex.
Northern Re’s structure is as distinctive as its solutions. The company is entirely employee-owned, with investors “sitting inside the platform” alongside management. “This was something we decided early in our lifecycle,” McKelvy said. “We see it as a longer road to scale because the budget is set on what we’re doing. As a result, we have a long-term outlook on the market. We don’t have outside pressures – this is a family-owned business. This is something we want to hold on to and build on for many decades to come. It’s a hard-working culture and we have attracted a lot of great talent.”
This ownership model fosters a sense of partnership with both clients and investors, aligning interests and supporting a culture of innovation and accountability.
With a successful fundraise behind them, Northern Re is focused on deploying capital and expanding its reach. “Priority is focused on deploying the recent fundraise across multi-investor pools,” McKelvy said. “Now we’re looking for a pipeline of opportunities, in the US and also in the UK and the EU. We’re seeing adoption of these policies increase. We’ll look to expand our capital base in 2026. It’s definitely an exciting time.”
McKelvy emphasized that growth will be measured and sustainable, reflecting the company’s commitment to long-term relationships and prudent risk management. The broader market’s embrace of creative, non-traditional reinsurance arrangements only amplifies the opportunity for platforms like Northern Re.
As the reinsurance landscape continues to evolve, McKelvy encourages insurers and investors to be proactive and informed. “My advice would be to educate yourselves, speak with people in the space, understand the advantages, and the nuances. From an investor’s point of view, there’s been a lot of progress. There’s a much higher bar now for that first conversation. But we’re also asking more detailed questions and we’re seeing the same thing on the cedant side. I know how difficult it can be to educate and provide that level of information. What we do at Northern is try to provide that output and resource, and be a thought leader.”
Looking forward, Northern Re’s focus is on disciplined growth and execution. With new capital to deploy, the team is targeting opportunities in both the US and international markets, but remains committed to careful underwriting and client alignment. “We’re not chasing growth for its own sake,” McKelvy said. “We want to build a platform that lasts, and that means being responsible with how and where we expand.”
As insurers and investors continue to seek more flexible, transparent, and efficient reinsurance solutions, Northern Re aims to remain at the forefront - offering tailored structures, operational clarity, and a partnership approach that reflects the needs of today’s market. For McKelvy and his team, the priority is to deliver value, maintain trust, and to keep evolving alongside their clients.
