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A reciprocal inter-insurance exchange or simply a reciprocal in the United States is an unincorporated association in which subscribers exchange insurance policies to pool and spread risk. For consumers, reciprocal exchanges often offer similar policies to those offered by a stock company or a mutual insurance company.
The Farmers Exchanges, headquartered in Los Angeles, CA, are three reciprocal inter-insurance exchanges (Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange) in which members exchange insurance policies with each other via Farmers Group, Inc. (FGI) as attorney-in-fact. The Farmers Exchanges, directly or through ...
The insurance company may want to avail itself of the expertise of a reinsurer, or the reinsurer's ability to set an appropriate premium, in regard to a specific (specialised) risk. The reinsurer will also wish to apply this expertise to the underwriting in order to protect their own interests. This is especially the case in Facultative ...
[1] [2] [3] The FAIR Plan was established in 1968 by a statutory amendment to the California Insurance Code (specifically, section 10090 et seq. [4]), and is regulated by the office of the California Insurance Commissioner. The plans are typically more expensive and provide less coverage than commercial plans. [5]
Where a reinsurer's state of domicile is NAIC-accredited or has substantially similar financial requirements, and the state of domicile determines that the reinsurer predominately engages in a reinsurance business and does not regularly sell direct insurance, the domiciliary state is the state solely responsible for regulating the reinsurer's ...
The company is a primarily direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices. Gen Re is a wholly owned subsidiary of Berkshire Hathaway Inc. Financial strength ratings of Gen Re's reinsurance operations: A.M. Best: A++ (Superior) [2]
TransRe was formed as a facultative reinsurance division of AIG and wrote its first business on January 1, 1978. TransRe quickly expanded to other territories including Toronto in 1980, Europe (London) and Asia Pacific (Tokyo) in 1982 and Hong Kong in 1985. The company established the Latin America and Caribbean division in Miami, FL in 1993 and continued to expand globally with further ...
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 ...