Financial Services Industry
Industry: Email Alert RSS FeedRenaissance In Cat Re Deal With State Farm.
National Underwriter Property & Casualty-Risk & Benefits Management, January, 1999 by SCLAFANE, SUSANNE
Positioning themselves against the capital markets and a handful of capital-rich worldwide reinsurers, State Farm and RenaissanceRe Holdings Ltd have teamed up to form a new reinsurer to cover large non-U S property-catastrophe risks. The alliance will give RenaissanceRe the ability to bring capital and security to bear to enhance its position m worldwide markets, said Dave Eklund, executive vice president of Renaissance Reinsurance Ltd ,the holding company's principal subsidiary m Hamilton, Bermuda.
The new company, Top Layer Remsurance, will have total capacity of $3 billion, he said. State Farm Mutual Automobile Insurance Company and Renaissance Reinsurance Ltd will each be a 50 percent owner in the new company, each providing a $50 million letter of...
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