PHILIPSBURG--NAGICO Insurances says reinsurers have made substantial reinsurance recovery payments to the company amounting to more than US $250 million thus far since the passage of Hurricane Irma.
NAGICO said in a press release on Wednesday that it has been steadily settling and paying its policyholders’ claims across the region.
“Based on NAGICO’s projected payment schedule, we are in the process of transmitting further reinsurance recoveries to NAGICO from their Catastrophe Excess of Loss Reinsurers,” said NAGICO’s reinsurance broker Thompson Heath and Bond Limited (THB).
NAGICO said it expects to receive another US $150 million from its reinsurers “within short” as it continues to settle the more-than-12,000 claims it has received.
The company said it is backed by a suite of the world’s largest and strongest reinsurers, each of which maintains a rating of at least A- from AM Best or Standard and Poor’s. NAGICO said its reinsurance panel includes Swiss Re, Hannover Re, Munich Re, Partner Re, Peak Re and a number of Lloyds Syndicates; together the equity of these entities equates to well in excess of US $125 billion.
Since the passage of hurricanes Irma and Maria, reinsurers have responded “without hesitation.”
Peak Re, A- Excellent rated by AM Best with almost US $1 billion in equity, a 50 per cent shareholder of NAGICO, has provided “exceptional support” to the regional insurance group, NAGICO said in the release. Peak Re has paid in full its portion of the gross loss the two powerful Cat-5 storms caused to NAGICO, the release said.
