Brit Insurance, the UK-domiciled international general insurer and reinsurer, has hit the 100% contract certainty target for its 1 January reinsurance business.
It confirmed that, as measured by the Market Reform Group's (MRG) strict definition, it achieved 100% contract certainty by 31 December 2006 on its outwards non-proportional reinsurance placements.
The company said this significantly exceeded the MRG's target of at least 85% certainty, by the end of 2006, on business transacted.
Twenty core programmes were placed, comprising of 81 layers, using 12 broking houses and 45 reinsurers.
Brit also placed six proportional treaties of which all but one were contract certain under the strictest definition. The remaining treaty was contract certain by 5 January 2007.
Brit's chief executive, Dane Douetil, said: “The market is making great strides in tackling the critical issue of contract certainty and statistics such as ours underline what can be achieved when cedants, brokers and reinsurers work together diligently.
"Our 100% contract certainty could not have been achieved without much hard work by our own team, our brokers, our reinsurers and RI3K, the electronic marketplace which has the complete framework to support contract certainty, so facilitating the efficient placement of signed down lines. My thanks to them all.”
The MRG's definition of contract certainty is 'the complete and final agreement of all terms (including signed down lines) between the insured and insurers before inception'.
