Property Treaty

We underwrite property reinsurance from three platforms: Bermuda, London and the USA.  Our Bermuda team focuses on excess of loss placements, both risk and cat, providing up to US$100m in capacity for some of the world's largest insurance carriers. The portfolio centres on clients based in the USA, Europe and Japan. Our Rocky Hill, Connecticut operation complements the Bermudian business by providing working layer per risk and proportional reinsurance to domestic carriers. Domestic European, Canadian and Latin American reinsurances are underwritten from London where we benefit from the strong broker distribution for the Canadian and Latin American account and an EU domicile for the European portfolio. Frequent client visits form a central part of our underwriting strategy.

Products include:

Catastrophe Excess

Contracts are typically 'all risk' in nature, providing protection against losses from various catastrophic events such as earthquakes, hurricanes, floods, tornadoes, fires and storms. The exposures are covered for losses stemming from property damage and business interruption resulting from a reinsured peril. Coverage may be limited by extending to only specified perils such as windstorm.

Excess of loss reinsurance provides coverage to primary insurance companies when covered claims from a single occurrence arising from a reinsured peril exceed a certain amount specified in the contract. We provide protection to an insurer for a portion of the total losses in excess of that specified loss amount, up to a maximum amount per loss also specified in the contract. In the event of a loss, most contracts provide for coverage of a second occurrence following the payment of a premium to reinstate the policy, referred to as a reinstatement premium. A loss from a single occurrence is limited to the initial policy limit and would not normally include the policy limit available following the payment of a reinstatement premium. The coverage provided for under excess of loss reinsurance contracts may be on a worldwide basis or limited in scope to selected regions or geographical areas.

Risk Excess

We also underwrite risk excess of loss property treaty reinsurance which provides coverage to a reinsured where a loss exceeds its retention level on a single 'risk' basis.  A 'risk' in this context might mean the insurance coverage on one building or a group of buildings due to fire or explosion or the insurance coverage under a single policy which the reinsured treats as a single risk. This line of business is generally less exposed to accumulations of exposures and losses but can still be impacted by natural catastrophes, particularly earthquakes and hurricanes.

Pro Rata

Our treaty pro rata reinsurance product provides proportional protection to our reinsureds. We share risks in the same proportion as our share of premium and policy amounts. The majority of our pro rata account is underwritten from our US platform and focuses on fire rather than cat driven placements. Regular underwriting auditing is central to our strategy.

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