North American Treaty Business
Beyond risk sharing - we team up to create opportunities
The North American Treaty Division of Hannover Re, the third largest reinsurer worldwide, wrote its first US treaty in 1972. Since then, we have built long-standing business relationships with many clients in the USA, Canada, and the Caribbean & Bermuda. We write essentially all lines of business in the Property & Casualty marketplace as a dedicated reinsurance broker market.
Within the respective underwriting teams for the different segments of the business, we have experienced underwriters to assist our clients and broker partners. For our US and Caribbean reinsurance business, our underwriting teams are located in Hannover, whereas our Canadian Branch office oversees all reinsurance business from Canada. We also closely cooperate with our colleagues at Hannover Re Bermuda, who form our group-wide center of expertise for Cat related business (Property, WC and PA), as well as with our Facultative Underwriting Department, who are also located in Hannover. For other specialty lines, like Credit & Surety, Marine, Aviation, Agriculture and Structured Reinsurance Solutions etc. we can put you in contact with our respective expert colleagues as well.
Effective January 1, 2023 Hannover Re is a Reciprocal Jurisdiction Reinsurer (RJR) in all 51 U.S. jurisdictions and as such, US clients can take automatic full financial statement credit for reinsurance for business placed with Hannover Re. Our Canadian clients benefit from our local registered presence and domestic security.
Our North American business is comprised of a very well diversified portfolio. With more than US$ 4.5 bn in premium, we service all types of companies, from single state and mono line carriers to multi-national insurance groups. Expertise and experience is most important to us, so we have geared our set-up to best mirror the needs of our clients and broker partners. With focus areas on all property related exposures, our Property treaty department stands ready to assist with Property Per Risk and Proportional reinsurance support. Multiline writers, Workers Comp carriers and more standard Casualty and Mutual Insurance Companies are looked at by our dedicated team, whereas we have additional experts attending to the more difficult Special Casualty and Professional Liability exposures. Medical Malpractice is yet another unique segment, which we will treat accordingly. Of course, Caribbean business is varying by island, so handling of this business is in separate hands as well.
As outlined in our Group Strategy, Digital business is a priority for Hannover Re. Therefore, for the North American market, we have put together a team with Insurance and Reinsurance knowledge, in order to best assist InsurTechs and Agencies in this very quickly evolving segment of the re/insurance market.
Our underwriting activities are supplemented by a dedicated audit staff in the US, conducting underwriting and claims audits, on site and remotely. Further underwriting assistance is provided by our marketing team and our digital & program management team in Itasca, IL & Mt. Laurel, NJ for local market presence and representation.