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Irving, TX - July 06, 2020

Bluefire ¾ÅÉ«ÊÓƵ, a Texas based Managing General Agency, and ¾ÅÉ«ÊÓƵReinsurance in Bermuda have completed an alternative capital reinsurance transaction, in which Bluefire will assume risk from its personal auto portfolio through a collateralized reinsurance agreement with AXA XL.

¾ÅÉ«ÊÓƵand Bluefire’s partnership dates back to 2014 and strengthened in 2019 when Bluefire consolidated their carrier assortment and moved their reinsurance buying to a portfolio basis. The transaction represents Bluefire’s first risk taking position on its business, and the first personal auto alternative capital transaction that ¾ÅÉ«ÊÓƵhas completed in Bermuda.

“Bluefire has a diverse and stable book of business with significant scale that is delivering consistent and predictable returns to our reinsurance partners,” said Jamie Pooley, Head of Strategy at Bluefire ¾ÅÉ«ÊÓƵ. “We have been exploring ways to reinsure our own business for some time but casualty quota share reinsurance agreements have an exposure duration which presents capital efficiency challenges. Once we explained our intent to take risk with the team at ¾ÅÉ«ÊÓƵ we collaborated to design a bespoke structure that met both parties’ objectives. We are delighted to have expanded and further aligned our relationship with ¾ÅÉ«ÊÓƵwhile creating a capital efficient mechanism that captures the results we are producing.”

“¾ÅÉ«ÊÓƵReinsurance is pleased to partner with Bluefire on this transaction,” said Paul Simons, Head of Property, Global Markets and Head of Bermuda Reinsurance at AXA XL. “As a leading global reinsurer with experience in both the traditional and alternative capital markets, we offer customized, innovative solutions across a broad product offering. While most of our alternative capital solutions have been in the property catastrophe space, this transaction demonstrates our willingness and ability to provide alternative offerings in casualty and other lines of business.”

¾ÅÉ«ÊÓƵwere advised by Walkers Bermuda on this transaction. Bluefire were advised by Foley & Lardner LLP. Bluefire’s segregated cell ‘Bluefire ACR’ is managed by Quest Group, Bermuda and is housed inside RQIH, a Bermuda Segregated Account Company.

About Bluefire ¾ÅÉ«ÊÓƵ

Bluefire ÓÈÎïÊÓƵoffers a wide variety of innovative solutions in multiple states, with a focus on providing consumers with an excellent insurance product with great coverage at affordable rates. Bluefire’s number one priority is, and will always be, to ensure an unsurpassed customer experience to our agents and insureds at every interaction. For more information about Bluefire ¾ÅÉ«ÊÓƵ, please visit .

About AXA XL

¾ÅÉ«ÊÓƵ the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

About ¾ÅÉ«ÊÓƵReinsurance

¾ÅÉ«ÊÓƵReinsurance is among the world’s leading reinsurers, offering solutions that include property, casualty and specialty reinsurance. Top insurers choose ¾ÅÉ«ÊÓƵReinsurance to help them move the world forward. To learn more, visit www.axaxl.com.