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Archived stories from Nov 2017

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Lotto Re - a start-up with a difference

Turks & Caicos-based reinsurance start-up Lotto Re has attracted considerable interest since it was formed in the wake of Hurricane Katrina in 2005. Capitalised by a group of na?ve investors with US$1 billion, Lotto Re was formed to take advantage of rising catastrophe excess of loss reinsurance prices.

Lotto Re invests in on-line
gambling and casinos

The company has a unique business strategy which includes investing its assets in lottery tickets and online gambling games around the world. It takes a similar approach to underwriting, offering high limits across all peak zones with no exclusions.

Chief executive Arnie J. Gator III said Lotto Re would "break the reinsurance mould, make a whole hill of dough and likely git the hell outta here before the ex-cree-ment hits the air conditioning. Yes siree".

But Gator denied that the company's alternative investment strategy was too risky. "No sir, we have a diversified investment portfolio. About a half of our assets are invested in state lotteries around the world, another quarter is held in scratch cards and the rest is what we all call under active management," Gator told RISKbitz. "That means betting on a whole mess of sporting events. Especially the hosses. We like hosses."

Gator also defended Lotto Re against criticism that its liberal underwriting approach left it open to solvency threatening losses. "Jest because we growed our premium income by 4,000% last year writing Gulf energy business our competitors been crying like babies," Gator said. "Anyways, we got ourselves one a them perty little sidecar vee-hickles and we gonna write a stack more premium income next year. See'n if we don't."

Lotto Re plans to diversify by growing its overseas business. A new branch office, Lotto Re Yerp, is to open in Monte Carlo. "We want to be real close to Yerp," Gator said, "We picked Monte Carlo on account of the tax, the Rendez-vous being right there in town and also the Casinos. Hell yeah."

Lotto Re has a AAA financial strength rating from rating agency A.B. Waite & Sea.with a "sunny" outlook Cont. pXX


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