The affected net premium total also includes premiums written for assumption reinsurance
-- but not premiums written for indemnity reinsurance.
However, the net premiums written do include premiums written for assumption reinsurance
and are reduced by assumption reinsurance
premiums ceded (Regs.
The rating withdrawal reflects the termination of the quota share insurance treaties and an assumption reinsurance
agreement with the insurer's parent ARI Mutual Insurance Company that was recently approved by the The New Jersey Department of Banking and Insurance.
An inquirer presented questions about surety insurance that had been transferred to a reinsurer under an assumption reinsurance
agreement, where the ceding insurer and reinsurer were both foreign insurers.
So, since RBC is net of reinsurance, an assumption reinsurance
transaction would not be needed.
insurers form a foreign captive to reinsure risks, the premiums will constitute RPII whether the arrangement is a conventional contract or an assumption reinsurance
contract pursuant to which the ceding company will no longer retain any rights or obligations.
Additionally, the company exited its credit life and disability operations in 2011, through an assumption reinsurance
entered into an assumption reinsurance
agreement and ICO was to be dissolved.
2 million and will be accomplished through an assumption reinsurance
These rating actions stem from the commutation of the last remaining assumption reinsurance
treaties with affiliate, ULLICO Casualty Company (ULLICO Casualty), effective July 1, 2009.
Best received that this inactive branch was voluntarily wound up, its remaining assets released to the company and its outstanding liabilities assumed by Liberty Mutual Insurance Company (Canada Branch) (Ontario, Canada) through an assumption reinsurance
The business of the branch was transferred to an affiliate, Chartis Insurance Company of Canada (formerly AIG Commercial Insurance Company of Canada) via a portfolio assumption reinsurance
and asset purchase transaction in November, 2008.