Tower Group International Ltd. has entered agreements with Arch Reinsurance Ltd., Hannover Re and Southport Re. Tower said it’s not providing and doesn’t expect to provide information with respect to Q2 2013 financial results, including adjustments for estimates of loss reserves and goodwill, until it releases Q2 results the week of Oct. 7, 2013. Tower expects to file the report soon after it reports its financial results.
Details for the agreements are as follows:
Tower New York entered into a multi-line quota share agreement with Arch Re to cede a 17.5-percent quota share of certain brokerage commercial automobile liability, brokerage commercial multi-peril property, brokerage commercial multi-peril liability and brokerage other monoline liability business, on its and each of its pool participants’ behalf. The agreement covers losses from July 1, 2013 for policies in-force as at June 30, 2013 and policies written or renewed from July 1, 2013 to Dec. 31, 2013.
Tower New York also entered into a multi-line quota share agreement with Hannover Re (Ireland) Plc to cede a 14-percent quota share of certain brokerage commercial automobile liability, brokerage commercial multi-peril property, brokerage commercial multi-peril liability, brokerage other monoline liability and brokerage workers' compensation business. It covers losses from July 1, 2013 for policies in-force as of June 30, 2013 and policies written or renewed from July 1, 2013 to Dec. 31, 2013.
Tower New York entered a similar agreement with Southport Re (Cayman) Ltd, ceding to Southport Re a 30-percent quota share of its workers' compensation and employer's liability business. The agreement covers losses occurring from July 1, 2013 for policies in force as of June 30, 2013 and policies written or renewed during the term of the agreement. “Under the second, an aggregate excess of loss agreement, Southport Re assumed a portion of the losses incurred by Tower New York on its workers' compensation and employer's liability business between January 1, 2011 and May 31, 2013, but paid by Tower New York on or after June 1, 2013,” Towers said.
Tower Reinsurance also entered an aggregate excess-of-loss agreement with Southport Re (Cayman) Ltd., in which Southport Re assumed a portion of the losses incurred by Tower Re on its assumed workers' compensation and employer's liability business between January 1, 2011 and May 31, 2013, but paid by Tower Re on or after June 1, 2013, Towers said.
