Chartis has today announced it made a reinsurance deal worth USD 575 million with Compas Re to cover US hurricanes and earthquakes.
The deal, which was finalised on December 1 2011, was a substantial increase from the USD 275 million agreement originally sought by Chartis.
As part of the agreement, Compas Re will cover Chartis in the event of US hurricanes and earthquakes on a per-occurrence basis until December of 2014.
The previous deal Chartis had for this type of protection was with Lodestone Re. In that deal, Lodestone Re provided a total of USD 875 million of protection to Chartis.
Peter Hancock, Chartic CEO, said, “We are pleased to be able to again obtain reinsurance … to efficiently supplement and diversify Chartis’ risk management framework.”
