Mutual Re, a joint reinsurance association that writes business through intermediaries, has announced that global reinsurer RenaissanceRe (RenRe) will be added to its group of assuming companies, effective January 1st, 2020.
From the start of next year, the owners of Mutual Re will be Renaissance Reinsurance U.S. Inc, Church Mutual Insurance Company, Farm Bureau Mutual Insurance Company of Michigan, Kentucky Farm Bureau Mutual Insurance Company, and Encova Insurance (Motorists Mutual Insurance Company).
Commenting on the agreement with RenRe and also the departure of EMC at 1/1, Mutual Re’s President and Chief Executive Officer (CEO), John Meyers, said: “The impending departure of EMC at 1/1/2020 was going to leave some big shoes to fill. We are extremely pleased with both the swiftness of the agreement and RenaissanceRe’s ability to fill those shoes.
“RenaissanceRe is an A+ rated reinsurer who brings a strong commitment to the mutual space.”
From the start of January, 2020 Mutual Re will be capitalised with more than $5 billion of combined policyholders’ surplus among its five owners, which will support approximately $120 million of reinsurance writings.
David Marra, President of Renaissance Reinsurance U.S. Inc, said: “We are pleased to join Mutual Re and provide capacity to new clients and brokers as part of their long tradition of service to mutual insurance companies.”