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The legislation approved by Congress last month expanded the reach of sanctions so that the president may impose them on any firm that insures or reinsures any shipments of refined petroleum into Iran.
The captives, say the study, are then negotiating with the networks to reinsure the multinational pool, thus bringing more cost reduction.
The DOL softened its stance when it granted the exemption for Columbia, which allowed Columbia to reinsure its long-term disability program, underwritten at the time by Employers Insurance Co.
We underwrite and reinsure the equipment breakdown on a wide range of businesses and institutions," said David Schraeder, western regional vice president responsible for his company's alternative risk transfer segment.
It is an unbundling, he continues, the result of a review by reinsurers of whether they "want to reinsure the product or the mortality portion.
The intent of the reinsurance provided by the captive was to reinsure nearly 100% of all indemnity and allocated loss adjustment expense for the parent's risk, yet the captive contested the contract on the basis of ambiguous language.
The incentive for the insurer to reinsure a portion of the bank's business is the belief that aggregate profits on the business will be greatly improved, even though a portion of the profits will be shared.
Equitas, based in London, was established to reinsure and run-off the 1992 and prior years' non-life liabilities of Names, or Underwriters, at Lloyd's of London.
Agents and brokers reinsure a portion of their book of business into a captive with the goal of capitalizing on good results.
It should be remembered that participating as a reinsurer exposes the producer to underwriting risk that would not exist without an insurance company, captive or PORC to reinsure the risk.