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The Reinsured filed a court case against the Reinsurer and the Broker before Dubai Court of First Instance and requested the court to oblige both companies to jointly pay to the Reinsured the amount of the indemnities due under the reinsurance contract.
This could arise where the policyholder discloses information that would, under the new regime, put a prudent insurer "on notice" that it needs to make further enquiries to reveal material information, but the reinsured fails to make those enquiries.
This is evident when comparing the percentage of coinsurance for reinsured new business to the coinsurance percentage for reinsured in force.
California Insurance Commissioner Chuck Quackenbush estimates that 15 insurance companies in his state that are reinsured through Lloyd's would collapse, and some 40 others would have serious financial problems.
The ability of Northwind Re to pay dividends to Northwind Holdings will depend on its ability to maintain a minimum of 100% of the company action level risk-based capital (RBC) and on the performance of each of the ceding insurers' business reinsured to Northwind Re.
Claim reimbursement requests are submitted electronically by the reinsured, and claim reimbursements are returned electronically to the reinsured along with explanations of benefits (EOBs).
The loans are guaranteed to at least 97% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and are reinsured by the U.
We work closely with our reinsured customer clients to integrate our services with theirs and, by virtue of that, we become an extension of their product strategy and their organization.
Initially, Popular Life Re reinsured credit policies underwritten by Caribbean American Life Assurance Co.
Risks with a smaller sum insured will continue to be covered by primary insurers that are reinsured under their property treaties for terrorism risks below 10 million francs.
Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of "a-" of Hiscox Insurance Company (Guernsey) Limited, which is substantially reinsured by Hiscox Bermuda and other Hiscox group insurers.
In return for accepting the risk, the reinsurer either receives a reinsurance premium or is entitled to a portion of the underlying emerging profits on the business reinsured.