Umbrella Reinsurance

Umbrella Reinsurance

A reinsurance policy that covers the policyholder for all claims that his/her other reinsurance policies do not cover. For example, if an insurer has an individual reinsurance policy for its health and life policies, an umbrella reinsurance policy would cover its property, liability and other policies. Umbrella policies exist to cover all possible contingencies for the insurance companies that are not covered under other policies.
References in periodicals archive ?
Collins, a Minneapolis-based reinsurance broker, has introduced an umbrella reinsurance facility that can provide up to $5 million in commercial and personal umbrella limits.
22 /PRNewswire/ -- Many insurers across the United States now have added help in competing for personal and commercial lines business, through the introduction of a new umbrella reinsurance facility by Collins, the fastest growing reinsurance broker in the United States.
As a result, many broker market reinsurers -- who provide most of the reinsurance coverage in the United States -- have been reluctant to offer umbrella reinsurance to these firms.
Further, umbrella reinsurance net premiums were also flat to down 5% -- with strong reinsurer appetite especially from onshore U.
Elimination of ceding commission on umbrella reinsurance beginning 2002 increased the specialty commercial lines expense ratio by approximately 3 points for both 2002 and 2003.