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However, most reinsurance contracts do not absolve the ceding insurer's responsibility to pay the insurance claims should the reinsurer fail.
The rating agency said the robust, albeit deteriorating; profitability achieved by leading primary insurers over the last five years has enhanced the region's attractiveness to both foreign and domestic reinsurers.
Most reinsurers currently use either the 1975-80 select/ultimate table or the 1990-95 select/ultimate table (2001 VBT) when developing quotes.
Traditional reinsurers are very aware that while some larger commercial buyers are reducing their use of reinsurance in this phase of the reinsurance cycle, mutual buyers value long-term sustainable relationships throughout the entire cycle.
Reinsurers have traditionally failed to achieve reliable earnings on a never-ending upward curve, making their shares unattractive to those looking for alpha, let alone beta, delta or lamda.
Reinsurers that declined to become national reinsurers or POE reinsurers could continue to operate under the current NAIC Credit for Reinsurance Model Act.
It is unwinding the reinsurer, according to a source, because the cost of capital is too high.
Uncharted Territory for Cedents and Reinsurers Regarding the Follow-the-Settlements Doctrine--The Captive Reinsurance Industry
insured is treated as having purchased insurance from the reinsurer directly--such that a 4% FET would apply.
You may have nothing to negotiate at your next renewal if terms and pricing have already been set by your reinsurers retrocessional markets.
Nagle said the dispute reflects a growing trend among reinsurers to stall and force renegotiation of contracts after obtaining the contract by underpricing the potential losses.
Under the proposal, a new Federal Insurance Solvency Commission (FISC), modeled after the Securities and Exchange Commission, would be required to establish, by regulation, accounting standards "to ensure accurate and informative reporting on the financial condition of federally certified insurers and reinsurers.