Mapfre Re and XL Re join panel from 2011 to 2013
Motor insurer Admiral has restructured and extended the reinsurance arrangements supporting its UK motor underwriting.
The company has extended relationships with most of its existing reinsurers until 2013 and has added Spain’s Mapfre Re and Bermuda’s XL Re to its panel from 2011 to 2013.
Both will reinsure Admiral on a quota-share basis. XL Re will assume 2.5% of Admiral’s total written premiums for the three years, while Mapfre Re will assume 2.5% in 2011 and 3% for the remaining two years.
These arrangements add to the existing co-insurance agreement with Munich Re and the quota-share arrangements with New Re, Hannover Re and Swiss Re.
As previously planned, Munich Re’s co-insurance arrangement with Admiral will reduce to 40% from 45% in 2011. Hannover Re, which originally was only scheduled to participate until the end of 2011, will maintain its 8.75% share of the programme in 2012, but will not participate in 2013.
New Re’s share, originally slated to fall to 8.75% in 2011 from 10%, will instead grow to 11.75% in 2011 and again to 13.25% for 2012 and 2013. Swiss Re’s share will remain static at 7.5%.
Admiral will also be able to cede 8.75% of its total premiums between New Re, Hannover Re and/or XL Re in 2013.