TransRe and Gen Re break off underwriting partnership

Transatlantic Reinsurance Company (TransRe) and General Reinsurance Corporation (Gen Re) have decided not to renew their underwriting partnership for North American property and casualty (P&C) business that has been in place since July 2016.

The reinsurers announced yesterday that they would not extend the 5-year agreement, under which TransRe has acted as the exclusive underwriting manager on behalf of Gen Re for U.S. and Canadian P&C treaty reinsurance business produced by brokers and intermediaries.

The now-ended arrangement had provided brokers and intermediaries with access to Gen Re’s traditionally direct-only capacity through an underwriting platform fully managed by TransRe.

At the time, the partners stated that the facility would deliver enhanced solutions to the reinsurance market including broader capacity and line size, while providing consistency and assurance in execution.

TransRe is a wholly owned reinsurance subsidiary of investment holding company Alleghany Corporation, while Gen Re is a wholly owned subsidiary of Berkshire Hathaway, the multinational conglomerate run by Warren Buffett.

Source: Reinsurance News