NAGICO-Swiss Re sign 2019 XoL reinsurance renewal at sea
NAGICO Group, one of the largest privately-owned general insurance companies in the Caribbean, renewed a substantial excess of loss treaty with Swiss Re on Jan 1 – and, in a symbolic gesture, signed the deal at sea.
Cameron Parker, head P&C structured solutions continental Europe at Swiss Re, is also the captain of a four-man rowing team Atlantic Discovery, an extreme endurance ocean row sponsored by NAGICO Group. He signed the deal aboard the ocean rowing boat as the team continued a grueling 40-day journey down the hurricane development track towards the Caribbean.
If Cameron and his team members arrive at land, NAGICO’s chairman Imran McSood Amjad will countersign the treaty on NAGICO’s behalf.
NAGICO’s reinsurance programme provides protection from not only catastrophic events, but also smaller weather-related events and a wide range of other perils that would not trigger recovery from a traditional catastrophe reinsurance programme. The program is a combination of quota share (QS) and excess of loss.
Since the passage of hurricanes Irma and Maria in 2017, NAGICO’s reinsurers have made substantial reinsurance recovery payments to NAGICO.
“We are honored to partner with Swiss Re to provide comprehensive protection for our customers across the Caribbean,” said Kyria Ali, NAGICO’s group chief strategy and development officer. “Our relationship with Swiss Re has continued to strengthen with each passing year and the level of respect, trust and confidence that both parties have in each other remain extremely high.
Cameron said: “To me, this row represents a journey at the very extreme edge of possible; an unfiltered, raw experience, which will mean epic personal growth and make me a better person.”
At present, the Atlantic Discovery team has rowed 1,500 nautical miles, which puts them roughly halfway through their rigorous journey.
The team is rowing 3,000 miles, unsupported, as part of the Talisker Whisky Atlantic Challenge to raise $80,000 for Multiple Sclerosis (MS).
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