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Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) is an insurance company headquartered in the Cayman Islands. [1] The sixteen original member-countries of CCRIF included participants in CARICOM , and the membership of the Board of Directors is selected by CARICOM and by the Caribbean Development Bank .
In per risk, the cedent's insurance policy limits are greater than the reinsurance retention. For example, an insurance company might insure commercial property risks with policy limits up to $10 million, and then buy per risk reinsurance of $5 million in excess of $5 million. In this case a loss of $6 million on that policy will result in the ...
Reinsurance sidecars, conventionally referred to as "sidecars", are financial structures that are created to allow investors to take on the risk and return of a group of insurance policies (a "book of business") written by an insurer or reinsurer (henceforth re/insurer) and earn the risk and return that arises from that business. A re/insurer ...
Life & Health Risk: Issued in April of 1998, the L1 Securitization for Hannover Re covered life reinsurance risk. This was a pseudo-quota share coverage. This was a pseudo-quota share coverage. [ 17 ] More comparable to the cat bonds of today, the Vita Re transaction of 2003 on behalf of Swiss Re is claimed to be the "pioneer of life ILS globally".
Financial reinsurance (or fin re) is a form of reinsurance which is focused more on capital management than on risk transfer. In the non-life insurance segment of the insurance industry this class of transactions is often referred to as finite reinsurance.
The McCarran-Ferguson Act specifically provides that the regulation of the business of insurance by the state governments is in the public interest. Further, the Act states that no federal law should be construed to invalidate, impair or supersede any law enacted by any state government for the purpose of regulating the business of insurance ...
English: An Act to provide for the payment out of money provided by Parliament or into the Consolidated Fund of sums referable to reinsurance liabilities entered into by the Treasury in respect of loss or damage to property resulting from or consequential upon acts of terrorism and losses consequential on such loss or damage.
The NRRA defines "home state" as: (1) the state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or (2) if 100% of the insured risk is located out of the state, the state to which the greatest percentage of the insured's taxable premium for that insurance ...