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Xchange Advantages launches reinsurance MGU

Xchange Advantages LLC, a managing common underwriter owned through Ambac Monetary Staff, has introduced a brand new reinsurance MGU known as Xchange Re Underwriting Company.

The brand new entity has signed a reinsurance underwriting control settlement with United States Hearth Insurance coverage Corporate to underwrite international coincidence and well being (A&H) reinsurance protection.

Xchange Re will underwrite each non-proportional treaty and facultative/direct far more than loss industry on behalf of U.S. Hearth, which operates below the registered trademark of Crum & Forster.

“We’re delighted to construct upon our vast and longstanding dating with Crum & Forster,” mentioned Peter McGuire, CEO of Xchange Advantages. “We’ve got observed quite a lot of disruption within the reinsurance marketplace over the last 12 months.

“We imagine that this is a wonderful time to go into this market, and we’ve established Xchange Re to supply high quality underwriting answers to the coincidence and well being trade,” McGuire persisted.

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“Including reinsurance underwriting to Xchange Advantages’ choices is a herbal development for Xchange and in addition capitalizes at the deep trade revel in inside our corporate.”

This announcement follows the hot release through Xchange Advantages of a secure cellular corporate named Distribution Re in Tennessee, which can insure A&H dangers within the type of top deductible clinical forestall loss plans.

Stephen Hitch, Senior Vice President of Underwriting, has been appointed through Xchange Advantages to guide the brand new Xchange Re MGU.

“We’re more than happy that Stephen Hitch, a number one underwriter within the coincidence and well being reinsurance and retrocession marketplace, has taken at the position of heading up this new underwriting initiative,” McGuire mentioned. “Stephen is a extremely revered lead underwriter with over 25 years of underwriting revel in inside the London reinsurance and retrocession marketplace.”

Hitch additionally commented “Xchange Re will be offering international lead marketplace capability for coincidence and well being reinsurance systems. I stay up for providing really useful alternatives to all our long run stakeholders by way of each outdated and new relationships.”

Susan Silfen, Senior Vice President of Crum & Forster A&H, additional said: “I’m very excited to be increasing on our longstanding and in depth dating with Xchange Advantages. This is a wonderful time to be coming into the coincidence and well being reinsurance marketplace, and the intensity of underwriting acumen and management inside Xchange Re will make for an overly a success challenge. We’re taking a look ahead to supporting Xchange Re’s expansion on this marketplace phase.”

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