Photonike Capital SA announces that last summer it completed all mandatory documents (Organizational Guidelines, internal policies, Business Plan, Market Research, Fit & Proper of top management, investment plans, own funds and financial plans, etc.) required by the NBB regulations, and more generally by the European regulator EIOPA, for the granting of a reinsurance license.
In June 2026, the company held a formal meeting with the NBB insurance assessment team, led by Christel Beaujean. During the meeting, the project for establishing the reinsurance company was discussed, based on the documents previously submitted to the office.
However, during the meeting and in subsequent email exchanges, the NBB office stated that "it did not have sufficient expertise to evaluate an application for the establishment of a reinsurance company", and that it could therefore accept an application for an insurance license only.
The Board of Directors of Photonike Capital decided to evaluate the timing, costs, and implications of the project's heavy transformation, both in terms of strategy and implementation methods. In this analysis, they also consulted with Milliman Europe, a leading global insurance consultant.
While puzzled by NBB's response regarding its ability to evaluate applications for reinsurance licenses, the Board of Directors decided not to appeal the NBB team's initial opposition, and similarly not to pursue the project's transformation into an insurance company. A change in strategy primarily entails a B2C offering and the need to manage many more lines of business (LoB), resulting in increased management costs and a completely different corporate organization. The consulting costs for submitting the application alone would have tripled, while the ability to operate internationally would have been severely limited.
Therefore, the Board of Directors resolved last week to adapt the Reinsurer application documentation to Irish regulations and to submit an application for a licence to the CBI Central Bank of Ireland.
Milliman Europe Ltd has been engaged as global advisor for this purpose, and selections are underway to hire the local law firm, auditor, and accounting firm .
The first preparatory workshop for the application file, which is substantially similar to that already prepared for the NBB, is scheduled for October 15 in Dublin.
At the same time, still within the scope of the company's development strategy, Photonike Capital SA has confirmed its investment in the Italian broker, authorised as Management General Agent, which has signed a binder agreement with the insurance company Accelerant. Insurance Europe SA , for a risk underwriting portfolio (Non-Life LoB) of approximately €15 M for 2027 which will grow to over €30 M in 2029.
In the Life LoB, the French broker IAS, acquired by Photonike Capital SA, is entering into an exclusive distribution agreement for unit-linked policies with a leading European operator. The business plan foresees €45 M in premiums by 2027, rising to €175 M in 2030, with a global managed portfolio of €400 M by 2030.
Further agreements are being established with leading international reinsurance companies for the transfer of risks and commercial collaboration aimed at developing the business when and if the CBI grants the license.
The company will inform the market about the progress of planned activities.