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If losses at the building then were to exceed the primary layer of $10 million, say $14 million, the reinsurer would be called upon to cover the remaining $4 million.
These items are offered as a checklist for careful joint review by the reinsurer and the direct writer.
Earnings volatility, the threat that reinsurers remove from their clients, is the bete noire of the business community.
The proposal also could lead to modification of the 100% collateral requirement for foreign reinsurers, and it sets up a framework for creating a new, state-based approach to reinsurance regulation.
A second, non-collateralized reinsurer formed by Citadel, New Castle Reinsurance Co Ltd, in 2005 will remain open, the source said.
46) Nevertheless, the cedent ceded the claims to the reinsurer and argued that the follow-the-settlements doctrine required the reinsurer to indemnify it for those claims that did not fall within the policy period.
However, reinsurance premiums paid by the captive to a foreign reinsurer would be subject to the FET.
Hard market pricing combined with the large number of reinsurer downgrades has given many buyers pause when selecting reinsurance partners.
The reinsurers did not respond Wednesday to a request for comment on the suit.
Reinsurers must address not only the text of such clauses but must also consider if the law governing the reinsurance will give effect to them.
reinsurers comprising the Reinsurance Association of America (RAA) reported a gain of over $1 billion in 2012 net income compared to 2011, as written premiums increased and underwriting results improved.
Under such a transaction, according to the report, risk and reserves are transferred to a wholly owned captive reinsurer.