RenRe to join Mutual Re’s assuming companies group
US-based Mutual Re will add RenaissanceRe (RenRe) to its assuming companies group from January 1, 2020.
The change comes as EMC prepares to leave the ownership group on the same date, meaning that from the beginning of next year, the owners of Mutual Re will be: RenRe US, Church Mutual Insurance Company, Farm Bureau Mutual Insurance Company of Michigan, Kentucky Farm Bureau Mutual Insurance Company, and Encova Insurance (Motorists Mutual Insurance Company).
“The impending departure of EMC on January 1, 2020 was going to leave some big shoes to fill,” said John Meyers, president and CEO at Mutual Re. “We are extremely pleased with both the swiftness of the agreement and RenRe’s ability to fill those shoes. RenRe is an A+ rated reinsurer who brings a strong commitment to the mutual space”.
David Marra, president of RenRe US, said: “We are pleased to join Mutual Re and provide capacity to new clients and brokers as part of their long tradition of service to mutual insurance companies.”
The statement from Mutual Re said the joint reinsurance association, which writes business through reinsurance intermediaries, “will remain well-capitalised with over $5 billion of combined policyholders’ surplus among its five assuming companies”.
It added that the combined surplus will support approximately $120 million of reinsurance writings with the firm covering a diverse range of insurance companies across the US.
