Reinsurance broker Collins has introduced a new umbrella reinsurance facility.
The new facility provides up to $5m in commercial and personal umbrella limits exclusively for Collins clients, with capacity provided by three international reinsurers rated “A” or higher by AM Best.
The Collins facility provides insurers with reinsurance that follows the rates and forms of the underlying umbrella insurance business.
The facility also removes the need to separately find reinsurance for an insurer's umbrella programme, requiring only the approval by reinsurers involved to include the insurer in the umbrella facility.
Collins president and chief executive Pat Denzer said: "We understood the challenges [that exist] for many of our clients and other insurers across the country, as they could lose quality accounts if unable to offer significant limits of umbrella coverage at viable rates.
"We worked with high-quality reinsurers to provide this stable, long-term solution.
"This facility removes a competitive disadvantage for many US insurance companies, helping them to offer their quality products and services to consumers across the country."
