More than half of the recurring in-force, 52%, is reinsured
on a coinsurance basis.
Since this transaction was announced in October last year we have had very extensive contacts with Reinsured
Names, not least at the meetings with them held in Edinburgh, Manchester and London at the end of January.
To be eligible for any payment due, Reinsured
Names must confirm details of their address to Equitas on a form which has also been sent to them with the information document.
Hugh Stevenson, Chairman of Equitas, said: "This is wonderful news for Reinsured
Factors which could cause actual results to differ from expectations include, but are not limited to those risks identified in the Company's public filings made with the Securities and Exchange Commission, the approval of the DOI of the executed documents, the capital support of the Company's future growth, any limitations of liability contained in the New Agreement and the Company's ability and determination to recapture the reinsured
policies in the future.
It's a product enhancement for them--it drops a little bit of guaranteed income to their bottom and top lines without any risk of loss because it's 100% reinsured
," Schraeder said.
and a $150 million performance bond where $5 million is taken by the Mexican surety market and the remaining $145 million reinsured
outside of the country.
The insurer retains the assets, however, and continues to show the reinsured
liabilities on its books.
Personal property risks are principally reinsured
through a 60 percent quota share program.
5 million term life insurance policies with guaranteed level premium periods reinsured
by RGA Reinsurance Company, a U.
A PORC has historically defined a captive that reinsures risk of another insurance company with the owner of the PORC producing the insurance risk that is reinsured
into its captive.
By retroceding its exposure to international reinsurers, Capital Re diversifies the risk concentration of the industry and its own reinsured