Lexington Insurance Company has secured contingent property reinsurance cover from Berkshire Hathaway's National Indemnity Company for some Lexington coverages, effective as of September 15.
The company said the reinsurance applies to its real estate portfolio, as well as policies having limits of $250 million or greater, policies with home/foreign exposure, and the property sections of most of Lexington's homeowners book. The terms and conditions are in line with the policies issued by Lexington, the company said.
“With $4.8 billion in policyholder surplus and 'A' or higher financial strength ratings from the relevant rating agencies, Lexington is the largest U.S. based surplus lines insurer. This enhances Lexington's value to its policyholders”, said George Stratts, executive vice president of Lexington and head of its property division.
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