Gen Re partners with TransRe in underwriting agreement
General Reinsurance Corporation (Gen Re) has entered into an initial five-year agreement with TransRe, which will act as exclusive underwriting manager on behalf of Gen Re for US and Canadian property and casualty treaty reinsurance business produced by brokers and intermediaries.
As part of this arrangement, brokers and intermediaries will have access to Gen Re’s traditionally direct-only capacity through a new underwriting platform fully managed by TransRe.
Michael Sapnar, president and chief executive officer (CEO) of TransRe, said: "This arrangement between Gen Re and TransRe creates a unique and compelling new capability in the North American broker reinsurance market.
“We are combining the strengths, capacity, and reputations of two outstanding organizations to enable improved panel diversification and creditworthiness with one-stop seamless service."
Kara Raiguel, Gen Re president and CEO, commented: "We are enthusiastic about partnering with TransRe to bring Gen Re's industry-leading security to clients through the brokered market.”
The facility is expected to be available for US and Canadian broker market treaty business written on and after August 1 2016, and is subject to regulatory approvals.
