Financial services software company, Novea Inc. has selected international insurer, Madison RE I.I., to provide reinsurance protection for its wholly owned captive insurance subsidiary, Jacana Insurance.
Novea Inc. is the developer of the Jacana Warranty app, and the agreement sees Madison RE I.I. provide reinsurance for Jacana Warranty offerings.
Madison RE I.I. was established in 2015 to provide a reinsurance program for clients of Captive Alternatives.
Senior Vice President (SVP) of Risk Management for Novea Inc., Jermaine McDonald, said; “Having Jacana Insurance established as a wholly owned captive specialty insurance provider is an important aspect of Novea Inc.’s extended warranty business model.
“The choice of Madison RE I.I. provides Jacana Insurance with structure and the necessary backstop required to build out the Jacana Warranty business.”