Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
Pratt & Whitney is an American aerospace manufacturer with global service operations. It is a subsidiary of RTX Corporation. Pratt & Whitney's aircraft engines are widely used in both civil aviation and military aviation. Its headquarters are in East Hartford, Connecticut. The company is the world's second largest commercial aircraft engine manufacturer, with a 35% market share as of 2020. In addition to aircraft engines, Pratt & Whitney manufactures gas turbine engines for industrial use, marine propulsion, and power generation. In 2017, the company reported that it supported more than 11,000 customers in 180 countries around the world.
A boiler is a closed vessel in which fluid is heated. The fluid does not necessarily boil. The heated or vaporized fluid exits the boiler for use in various processes or heating applications, including water heating, central heating, boiler-based power generation, cooking, and sanitation.
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is referred to as the "ceding company" or "cedent". The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes or wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes.
United Technologies Corporation (UTC) was an American multinational conglomerate headquartered in Farmington, Connecticut. It researched, developed, and manufactured products in numerous areas, including aircraft engines, aerospace systems, HVAC, elevators and escalators, fire and security, building automation, and industrial products, among others. UTC was also a large military contractor, getting about 10% of its revenue from the U.S. government. In April 2020, UTC merged with the Raytheon Company to form Raytheon Technologies, later renamed RTX Corporation.
Munich Re Group or Munich Reinsurance Company is a German multinational insurance company based in Munich, Germany. It is the world's largest reinsurer. ERGO, subsidiary of Munich Re, serves as the primary insurance arm of the Group. Munich Re's shares are publicly listed. Munich Re is included in the DAX index at the Frankfurt Stock Exchange, the Euro Stoxx 50, and other indices.
Greater Hartford is a region located in the U.S. state of Connecticut, centered on the state's capital of Hartford. It represents the only combined statistical area in Connecticut defined by a city within the state, being bordered by the Greater Boston region to the northeast and New York metropolitan area to the south and west. Sitting at the southern end of the Metacomet Ridge, its geology is characterized by land of a level grade along the shores of Connecticut River Valley, with loamy, finer-grained soil than other regions in the state. Greater Hartford, had a total population of 1,213,531 at the 2020 United States census.
Munich Reinsurance America, formerly known as American Re-Insurance Corporation before September 2006, is a major provider of property and casualty reinsurance in the United States. Munich Reinsurance America is a subsidiary of Munich Re. Founded in 1917, the company's headquarters are located in Princeton, New Jersey, with regional offices in San Francisco, Chicago, and New York. The company offers services that provide clients with protection from global disasters such as climate change.
Amos Whitney was a mechanical engineer and inventor who co-founded the Pratt & Whitney company. He was a member of the prominent Whitney family.
Combustion Engineering (C-E) was a multi-national American-based engineering firm that developed nuclear steam supply power systems in the United States. Originally headquartered in New York City, C-E moved its corporate offices to Stamford, Connecticut in 1973. C-E owned over three dozen other companies including Lummus Company, National Tank Company and the Morgan Door Company. The company was acquired by Asea Brown Boveri in early 1990. The boiler and fossil fuel businesses were purchased by Alstom in 2000, and the nuclear business was purchased by Westinghouse Electric Company also in 2000.
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
The greater Hartford–Springfield area is an urban region and surrounding suburban areas that encompasses both north-central Connecticut and the southern Connecticut River Valley in western Massachusetts; its major city centers are Springfield, Massachusetts and Hartford, Connecticut.
The evolution of U.S. manufacturing and the American industrial revolution are clearly reflected in the history of Connecticut. Between the birth of the U.S. patent system in 1790 and 1930, Connecticut had more patents issued per capita than any other state; in the 19th century, when one in three thousand people were issued a U.S. patent, one in 700-1000 Connecticut inventors were issued patents. Connecticut's first recorded invention granted a U.S. patent was a lapidary machine, by Abel Buell of Killingworth, in 1765.
QBE Insurance Group Limited is an Australian multinational general insurance and reinsurance company headquartered in Sydney, Australia. QBE offers commercial, personal and specialty products and risk management products. The company employs around 13,500 people in 27 countries.
Edwards Wildman was an AmLaw 100 law firm. It was formed from the 2011 merger of Edwards Angell Palmer & Dodge and Wildman, Harrold, Allen & Dixon. Edwards Angell Palmer & Dodge had been formed by the 2005 merger of Edwards & Angell LLP and Palmer & Dodge LLP. In 2008, Boston-based Edwards Angell Palmer & Dodge also merged with London-based Kendall Freeman, a 40-attorney firm with specialties in dispute resolution, litigation, and both contentious and regulatory insurance and reinsurance.
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. According to Swiss Re, of the $6.782 trillion of global direct premiums written worldwide in 2022, $2.959 trillion (43.6%) were written in the United States.
The Phoenix Companies, Inc., is a financial services company that traces its origins to 1851.
Charles Brinckerhoff Richards was an engineer who worked for Colt's Patent Fire Arms Co., where he was responsible for the development of the Colt Single Action Army revolver. Richards was a founder of the American Society of Mechanical Engineers and a professor at Yale University where he taught for 25 years.
The Nonadmitted and Reinsurance Reform Act of 2010 is a United States law regulating the sale of insurance in states where the insurer is usually not authorized to sell insurance. It prevents states other than the home state of a U.S. insurance company from imposing regulations or taxes on the sale of nonadmitted insurance.
