LOCATION Philipsburg – January 7, 2019 – NAGICO Group announced today the symbolic signing at sea of the Excess of Loss Treaty, negotiated and renewed by NAGICO Group and Swiss Re in the traditional way, which became effective on 1 January 2019. Signing the treaty confirms mutual commitment in the face of potential catastrophic events.
Head P&C Structured Solutions Continental Europe at Swiss Re and captain of the four-man rowing team Atlantic Discovery, Cameron Parker, combined business with an extreme endurance ocean row. He signed the treaty on board the NAGICO Group-sponsored ocean rowing boat as the team continues their grueling 40-day journey down the hurricane development track towards the Caribbean.
When Cameron and his team members arrive at land, NAGICO’s Chairman Imran McSood Amjad will countersign the Treaty on NAGICO’s behalf, reaffirming and strengthening the company’s decades-long partnership with Swiss Re, one of the world’s leading providers of reinsurance.
“We are honored to partner with Swiss Re to provide comprehensive protection for our customers across the Caribbean,” said NAGICO Group Chief Strategy and Development Officer Kyria Ali. “Our relationship with Swiss Re has continued to strengthen with each passing year and the level of respect, trust and confidence that both parties have in each other remain extremely high.”
NAGICO’s reinsurance program provides protection from not only catastrophic events, but also smaller weather-related events and a wide range of other perils that would not trigger recovery from a traditional catastrophe reinsurance program. The program is a combination of Quota Share (QS) and Excess of Loss (XoL), carefully crafted and designed in line with the company’s risk appetite and desire to protect its capital and policyholder surplus.
Since the passage of hurricanes Irma and Maria in 2017, NAGICO’s reinsurers have made substantial reinsurance recovery payments to NAGICO, and NAGICOin turn has been steadily settling and paying its policyholder’s claims across the region.
Cameron said: “To me, this row represents a journey at the very extreme edge of possible; an unfiltered, raw experience, which will mean epic personal growth and make me a better person.”
At present, the Atlantic Discovery team has rowed 1,500 nautical miles, which puts them roughly halfway through their rigorous journey. The location of the boat is being tracked and can be found online.
His team is rowing 3,000 miles, unsupported, as part of the Talisker Whisky Atlantic Challenge to raise U.S. $80,000 for Multiple Sclerosis (MS), which affects 2.5 million people worldwide.
There are 27 vessels taking part in the challenge, representing 14 countries. The total fleet of 86 rowers is expected to take between 40 and 60 days to complete the crossing.