Finite risk coverage affirmed by NY Insurance Department
The legitimate utilization of multi-year, catastrophe, excess-of-loss reinsurance contracts that can be classified as finite risk coverage has been reaffirmed by the New York Insurance Department in a letter to US RE Corporation, according to Tal Piccione, chairman and chief executive of the company.
“We’re pleased to have the Department’s favorable stance on the legitimate use of these contracts because the displacement of reinsurance capacity as a result of both the severity and frequency of
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