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 hedge against the risk of a contingent or uncertain loss.
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.
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter.
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
QBE Insurance Group Limited is a general insurance and reinsurance company listed on the Australian Securities Exchange and headquartered in Sydney. The company employs more than 11,700 people in over 27 countries. Across its operations, QBE offers commercial, personal and specialty products and risk management products.
Atradius provides trade credit insurance, surety and collections services worldwide through a presence in more than 50 countries around the globe. It is the credit insurance arm of Grupo Catalana Occidente (GCO.MC). Credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. In 2022 the company had revenues of EUR 2.4 billion. The company is rated ‘A (excellent) stable outlook’ by AM Best and 'A1, outlook stable’ by Moody's.
Bond insurance, also known as "financial guaranty insurance", is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. It is a form of "credit enhancement" that generally results in the rating of the insured security being the higher of (i) the claims-paying rating of the insurer or (ii) the rating the bond would have without insurance.
MS Amlin Ltd is an insurer operating in the Lloyd's, UK, Continental Europe and Bermudian markets. Specialising in providing insurance cover to commercial enterprises and reinsurance protection to other insurance companies around the world, MS Amlin's shares were listed on the London Stock Exchange until it was acquired by Mitsui Sumitomo Insurance Group in February 2016.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the borrower.
Catlin Group Limited was a Bermuda-based specialty insurance and reinsurance company. Catlin operated six underwriting hubs worldwide and operated more than 55 offices worldwide. It owned the largest syndicate at Lloyd's of London, based on 2011 gross written premiums. Catlin shares were listed on the London Stock Exchange until it was acquired by XL Group plc in May 2015.
TruStage Financial Group, Inc., formerly known as CUNA Mutual Group, is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. TruStage Financial Group sells commercial and consumer insurance and protection products. TruStage Financial Group provides retirement plan services to small businesses and credit union employees. The Madison, Wisconsin-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.
General Insurance Corporation of India Limited, abbreviated as GIC Re, is an Indian public sector reinsurance company which has its registered office and headquarters in Mumbai. It was incorporated on 22 November 1972 under Companies Act, 1956. It was the sole nationalised reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re's shares are listed on BSE Limited and National Stock Exchange of India Ltd.
American Modern Insurance Group, Inc., operating under the American Modern® insurance brand, is the holding company for a number of subsidiary property and casualty insurance companies that provide specialty products for owners of a variety of specialty dwellings such as seasonal homes and mobile homes, and collectable or recreational vehicles such as watercraft, snowmobiles and motorcycles. They also provide pet insurance. Among its companies is American Family Home Insurance Company, but it is not affiliated with the mutual insurance company American Family Insurance.
Sadharan Bima Corporation is the one and only state-owned non-life insurer and reinsurer in Bangladesh under the Ministry of Finance, Government of the People's Republic of Bangladesh. Both Sadharan Bima Corporation, the non-life insurer, and Jiban Bima Corporation, the life insurer, were created under the Insurance Corporation Act of 1973 of Bangladesh.
Russian National Reinsurance Company (RNRC) is the largest Russian reinsurance company. Central Bank of Russia is a full shareholder of RNRC. The state-owned reinsurance company was set up in 2016. RNRC is No 1 in terms of the authorized share capital and No 2 in terms of paid-in capital on the domestic insurance market.
Build America Mutual Assurance Company is a mutual, monoline bond insurer of essential public-purpose U.S. municipal bonds. Since its inception in July 2012, the company has insured more than $65 billion in par amount for more than 3,300 member-issuers. In 2018, it insured $8.36 billion par across 653 new-issue insured transactions. BAM also publishes a credit profile for every transaction it insures and updates them. More than 6,000 are now available. The company is the preferred provider of financial guaranty insurance on debt for member municipalities of the National League of Cities. NLC endorsed BAM upon its launch.
Demotech, Inc. is an American insurance rating agency headquartered in Columbus, Ohio, that focuses on independent, regional and specialty companies in the Property and Casualty insurance (P&C) industry. It is independent from the companies that it rates.
The Compagnie Centrale de Réassurance is a parastatal reinsurance corporation headquartered in Algiers, Algeria. Founded in October 1973, it is wholly owned by the Ministry of Finance.
One80 Intermediaries is a specialty insurance brokerage firm with offices in the US and Canada. The firm was founded in 2019 in Boston, Massachusetts. In 2023, it was ranked as the 5th largest MGA/underwriting manager/Lloyd's coverholder. The firm offers access to all major insurance markets in USA, United Kingdom, Asia, and Canada, as well as in-house binding authority for property & casualty, financial lines, personal lines, life insurance, benefits, medical stop loss risks, travel/accident and health, affinity, and warranty coverage.
