Stellar Re Intermediaries® was established in 2002 as a Chapter “S” Corporation in New York and licensed as an Insurance and Reinsurance Intermediary.
The company was founded by Denisa Dumitru, Peter Aubrey-Smith and Sol Kroll (1918 – 2013). Shortly after the incorporation, Stellar Re® opened a representative office in Bucharest, Romania. In 2003 we completed the first reinsurance renewal season, placing 23 contracts on behalf of 8 clients located in 3 countries, Romania, Bulgaria and Latvia.
Between 2004 and 2007 our revenues have increased sevenfold and the client base was expanded to Russia and Poland. By 2007, with Romania joining the European Union, Stellar Re® representative office in Bucharest was registered and incorporated as a locally licensed insurance and reinsurance intermediary, Stellar Re Europa.
Between 2008 and 2009 Stellar Re® consolidated its position and increased its operations throughout the targeted markets. In 2010, Stellar Re® was designated as one of the placing brokers for the most important Catastrophe program in Romania, providing highly appreciated counseling services to the Romanian NatCat Pool P.A.I.D.
Stellar Re® commits itself to being truthful, respectful, fair and responsible in all its dealings with business partners, fellow employees and the communities in which it operates. We adopt these 4 fundamental and universal values as our bedrock operating principles:
Open and straightforward business dealings. Honesty and integrity governing all our actions.
Respect for others regardless of their differences, beliefs or opinions.
Fairness is a prerequisite for trust in both our business dealings and personal relationships.
Taking responsibility for our actions is a duty owed to business partners, fellow employees and society in general.
Corporate code of conduct
Compliance with Laws and Regulations
It is company policy always to comply with the letter and the spirit of the laws of the jurisdictions in which we operate, and with the regulatory requirements affecting our business. It is every employee’s obligation to ensure such compliance with respect to those company activities for which he or she is responsible. This includes compliance with antitrust, trade securities, copyright, employment, privacy, and other business laws and insurance regulations as well as laws governing criminal offences.
Confidential Information and Privacy
Stellar Re® employees will always respect the confidentiality of information relating to business partners. Taking, downloading, receiving, or possessing trade secret information without the owner’s authorization is not permitted. Stellar Re® prohibits the use of trade secrets of other companies, such as former employers, unless they have consented in writing.
Conflicts of Interest
All officers and employees of Stellar Re® are required to file a signed conflict of interest statement with the corporate secretary annually. The statement requires the signer to declare any and all situations that may impair or have the potential to impair or appear to impair proper independence of judgment and proper performance of duty towards the company and its business partners. Such statements are reviewed by the chief executive officer.
Officers and employees of Stellar Re® are prohibited from giving or accepting bribes, kickbacks and any other illegal or corrupt payments.
Transparency (Commissions & Fees)
Stellar Re® will disclose all commissions and fees earned from a reinsurance contract, to both parties to the contract.
Stellar Re®, its management and staff will aspire to a reputation for possessing the highest possible ethical standards. No member of Stellar Re® will perform or permit any act or omission that, if known, might have the potential to impair that reputation. Not the reputation itself, but the conduct that earns it is the behavioral benchmark.
Stellar Re® is committed to promoting a productive and respectful work environment that is free from unlawful harassment.
Denisa M. Dumitru, President & CEO
Prior to becoming a founding partner at Stellar Re®, Denisa was in charge of Eastern European Underwriting at St Paul Re in New York. Her career at St Paul Re spanned the years 1986 until 2002. In 1994 she was a recipient of the St Paul Companies Chairman’s award for outstanding achievement. She was recognized for her role in initiating a joint venture between the St Paul Companies and the Rosgosstrakh Insurance Group. Another of her many achievements was the implementation of a program that sponsored various types of training in the USA for insurance executives from Eastern European countries following the liberalization of their economies at the beginning of the nineteen nineties.Before 1986, Denisa was an employee of the Romanian State Insurance Company, in Bucharest, where she managed both ceded and assumed international reinsurance treaties.Denisa speaks English, Romanian and Russian. She is licensed by the State of New York as an insurance broker and has a Diploma in Ocean Marine Insurance from the College of Insurance, New York. She also holds a Master of Science degree from Bioterra University in Bucharest.
Kenneth J. Spokony, Treasurer and Corporate Secretary
With a broad financial and reinsurance experience Kenneth J. Spokony began his career in 1981 at AIG New York as a reinsurance accountant. In 1990 was employed by St Paul Re -New York , where in 2000 was promoted as Senior Vice President, Client Services and Claims, managing the Accounting and Claims Department. Between 2002 to 2011 he was also Senior Vice President, Client Services and Claims at Platinum Underwriting Reinsurance Inc.- New York (New York Operations of Bermuda-based Platinum Group) where he directed and successfully managed assumed and ceded reinsurance accounting and claim operations, including transactional and cedant claim audits. For a short period he was the Reinsurance Manager of Starr International USA – New York. In 2013 he became Retrocession Manager at Transatlantic Reinsurance Company – New York where he oversaw the corporate retrocession administration, design, evaluation, documentation and placement process, interacting with internal constituents, markets and brokers to structure programs that promote corporate objectives. in 2015 he started his own consulting company and joined Stellar Re for a new successful chapter of his career.
Viorel Giuglea – Partner & Area Manager for Romania and CEE
With a legal background and a broad experience in insurance brokerage Mr. Viorel Giuglea joined Stellar Re in 2013. Previously he was the head of legal department at Romanian Nat Cat Pool (PAID ROMANIA) . In the past he held various positions within Romanian insurance companies and brokers.
In 2016 he was appointed Vice President of the Board and Chief Operational Officer in Europa Reinsurance Management Ltd.(part of STELLAR RE GROUP), a Swiss based company offering reinsurance services and outsourced underwriting and claims services to Europa Re – Swiss reinsurer established under an World Bank regional program with the aim to contribute to the development of a catastrophe insurance market in Southeast Europe and Caucasus.
In 2018 Mr. Viorel Giuglea was promoted Chief Operational Officer for the New York office of Stellar Re Intermediaries Inc. USA, handling the oversees reinsurance operations for the group.
Starting with November 2019 after STELLAR RE received the approval from the Romanian Financial Supervisory Authority (ASF) on the acquisition of a full-service property and casualty insurance local broker, Mr. Viorel Giuglea was appointed Partner & Area Manager handling the insurance and reinsurance operations for Stellar Re in Romania and CEE.
Stellar Re Intermediaries® is a Chapter “S” Corporation incorporated in the State of New York on May 10, 2002, F#.020510000 059.
Stellar Re Intermediaries® is licensed as an insurance broker in the State of New York, under Section 2104 of the New York State Insurance Law, License # BR-966401.
Stellar Re Intermediaries® is licensed as a reinsurance intermediary in the State of New York, under Section 2106 0f the New York State Insurance Law, License # RI-966401.
Stellar Re Intermediaries Broker de Asigurare Reasigurare SRL is registered at the Trade Register Office by the Law Court of Bucharest under position J40/10692/2008 with unique registration code 24068151/2008.
Stellar Re Intermediaries Broker de Asigurare Reasigurare is licensed as insurance – reinsurance intermediary in Romania by the Insurance Supervisory Commission with Decision no 920 from 02.10.2008 and broker registration no RBK-521/03.10.2008.
Stellar Re® continuous achievements through 2007 were once again rewarded by XPRIMM with the prize for the “Most Dynamic Reinsurance Broker of the Year”.
As a reward for the remarkable results obtained in the year 2005, Stellar Re® received the award for the “Most Dynamic Reinsurance Broker of the Year” by XPRIMM.
In recognition of its constant efforts and continuous support to the Romanian insurance and reinsurance market, Stellar Re® was awarded “The Business Initiative of the Year” prize by XPRIMM in 2002.
On May 1st, 2012 Stellar Re Intermediaries® was appointed Managing Agent for Europa Re, a catastrophe and weather risk insurance services and reinsurance company in the process of formation established by the governments of Albania, Serbia and FYR of Macedonia to develop catastrophe and weather risk insurance markets in the countries of the Southeast Europe
To assist countries with the development of their insurance markets for catastrophe perils, Europa Re provides local insurance companies with access to web-based insurance production and claims settlement technologies that support sales of complex catastrophe and weather risk insurance products.Inter alia, the product support services offered by Europa Re to participating insurers include pricing, underwriting, claims settlement, financial and regulatory reporting and risk management. The company will also provide local insurers with an option to reinsure all new business written through the platform. These program features considerably reduce insurers’ production costs, eliminate technical complexity involved in issuing catastrophe and weather risk policies, and are expected to result in lower insurance premium for consumers – mainly households and SMEs.
Europa Re provides turn-key product support services for the following two main insurance product lines:- Indemnity style catastrophe insurance coverage for damages caused to property and contents by earthquake, flood, and hail.- Parametric index-based weather risk insurance coverage for extreme fluctuations in temperature or precipitation, which will protect buyers against the loss of business revenue due to adverse weather.For more details on the program see www.europa-re.com
Based on the professional expertise and risk management know-how of our team, Stellar Re® was designated as placing broker of the Romanian Natural Catastrophe Pool in 2010, our advisory services being highly appreciated in finding adequate capacity for the reinsurance program.
In confirmation of our knowledge and expertise, international institutions such as the World Bank and the United Nations have engaged our professional consultants in the analysis, development and implementation of Natural Catastrophe programs in various countries.