PRO Insurance Solutions (PRO), a provider of run-off services to the London Market, has secured 3 new contracts.
PRO Insurance Solutions (PRO), a provider of run-off services to the London Market, has secured three new contracts.
The company, a member of the Swiss Re group, has been appointed by the Joint Provisional Liquidators of Black Sea and Baltic General Insurance Company to manage the day-to-day run-off of the business.
PRO will also assume responsibility for the management of the RW Gibbon Underwriting Agency and the Lennox Underwriting Agency portfolios, with effect from 1 January 2002.
Bruno Rappo, the head of run-off for The Baloise Insurance Company, a major participant in both pools, said: "We have a long association with PRO through their management of our involvement in the English & American Underwriting Agency.
"We have always been impressed by their professionalism, their results orientated approach and the quality of service they provide."
The new contracts come just a month after PRO said its run-off operation for Lloyd's business, PRO Syndicate Management Limited, had been awarded Managing Agency status.
PRO handles $3bn (£2.1bn) of liabilities with potential reinsurance assets of $2.5bn (£1.7bn), on behalf of 40 international insurance and reinsurance companies with discontinued portfolios.
