Insurance giant Admiral has renewed its historic reinsurance relationships, allowing its long-term partners to benefit from its own continued growth and profitability.
The insurer renewed its existing UK car insurance reinsurance partnerships with Munich Re, Hannover Re, Mapfre Re, New Re and Swiss Re to at least the end of 2016. There were no amends to cost or contractual terms in the renewal. New Re gained a slightly bigger share of the deal while Mapfre Re’s shrunk slightly.
“We are very pleased to announce extensions to our long-standing reinsurance arrangements,” said chief executive officer, Henry Engelhardt. “These agreements show our partners’ continued confidence in our business and we look forward to working with them for many years to come.”
Munich Re has the largest share of the company’s UK Car Insurance underwriting portfolio at 40 percent, followed by New Re at 13.25 percent, Swiss Re at 9 percent, Hannover Re at 8.75 percent and Mapfre Re at 4 percent. Admiral will retain 25 percent for the three consecutive years.
The extended reinsurance arrangements are in addition to the current agreement with Munich Re which runs to at least the end of 2018.
Meanwhile, the company has also appointed Jean Park to serve as a non-executive director and risk committee chair on January 20.