Crown Global Insurance, a provider of specialty insurance solutions, has announced a new reinsurance treaty with one of the world's largest reinsurance companies.
Under the terms of the treaty, Crown Global will receive up to $40 million of additional reinsurance capacity per insured life. Crown Global has a financial stability rating of B++ (Stable Outlook) from A.M. Best.
"This treaty is an important growth milestone for Crown Global and strengthens our relationship with one of the world’s largest reinsurance companies," said Perry Lerner, Chairman and Chief Executive Officer of Crown Global. "With this additional capacity, we increase our ability to meet our client needs and expand our underwriting capacity to $90 million per life."
The new reinsurance treaty allows Crown Global to increase its available life insurance capacity, which is the maximum risk the Company can insure for a given insured life. The treaty enables Crown Global to underwrite PPLI policies covering much larger risks than before, without significantly raising Crown Global’s solvency margin and cost.
Spreading risks across several world-class reinsurance companies does not only increase capacity, it is also providing additional protection for its policyholders, business partners, shareholders and Crown Global. This integral relationship allows Crown Global to continue providing the most competitive private placement life insurance solutions, high capacity and superior customer service.
"As a leading issuer of U.S. and non U.S. compliant life insurance and annuity policies, we continue to use a consistent, disciplined approach to execute our underwriting and investment strategies," said Riccardo Gambineri, Senior Vice President, European Markets and Co-Head of Crown Global’s Zurich office. "We are committed to building our franchise and serving our institutional and high net worth clients in the U.S. and international markets."