The East Caribbean Reinsurance Company (ECRC) is a regionally owned reinsurance company based in Anguilla. The Company is jointly owned by St. Kitts Nevis Anguilla Trading and Development Company Ltd (TDC), a large regional trading group, and Malliouhana-Anico Insurance Company Limited (MAICO) a regional Insurance company.
The interests and financial success of the East Caribbean lie at the heart of our operations. For that reason we deal directly with Single Island insurance companies, to provide tailored, professional and responsive reinsurance solutions at economic rates.
We build effective relationships with our stakeholders, and are continuously investing in the development of robust processes, procedures and technology in order to enhance the products and services we offer.
As we grow our vision is to establish a regional reinsurance market, comprising Single Island stakeholders, that has the capacity to retain risk before utilising international reinsurance markets. The market will facilitate the retention of reinsurance funds within the East Caribbean, providing economic benefits for Single Island companies and the region more broadly.
To be the reinsurer of choice for independent direct writing insurance companies located in the Organisation of Eastern Caribbean States (OECS)
As a regional reinsurance company, we are perfectly positioned to act as an aggregator to enable the sharing of aggregate treaty reinsurance capacity.
We are able to reduce reinsurance costs for our reinsureds by combining purchasing power and sharing policy limits. By collectivising the reinsurance of multiple reinsureds in our pool we reduce the costs through economies of scale.
Our Catastrophe Excess of Loss (XOL) Treaty programme provides cover for property damage in the event of a natural catastrophe. In addition to building and contents cover, the policy covers motor and marine property exposures. The 2016-17 programme is comprised of four policies; structured as follows:
- Layer 1: 100% reinsured
- Layer 2: 100% retained by ECRC
- Layers 3, 4 & 5: 100% reinsured but split 82% / 18% Class
Our Property Risk Excess of Loss (XOL) Treaty provides cover for single property risks accepted in the reinsureds Fire and Miscellaneous Accident department where the sums insured exceeds the retention appetite of the reinsured, up to a maximum of XCD 5m per risk. The minimum retention level for our reinsureds is XCD 250,000.
We offer a combined product through which reinsureds can collectively reinsure Motor, General Liability, Employers Liability, Construction, Travel risks and Personal Accident risks relating to their Motor portfolio. Our 2016/17 programme structures are tailored to each reinsured according to their portfolio and the relative risk it presents. Cover is split into two sections outlined below.
The Catastrophe RPP contract is essentially a policy which provides funds to reinstate the Catastrophe XOL Treaty programme. Our reinsureds pay this upfront premium to automatically reinstate the cover provided under the original Catastrophe XOL Treaty programme in circumstances where the limits are eroded and to provide cover against a second natural catastrophe occurring within the same policy year. Our policy is a cost effective protection mechanism as the premium charged upfront is far smaller than the cost of buying a replacement Catastrophe Treaty post-event.
The scope of cover reinstated is identical to the coverage that it replaces. As several elements of the original Catastrophe XOL programme already include reinstatement provisions (see Catastrophe Excess of Loss section), the Catastrophe RPP contract is only required to provide funds to reinstate 82% of Layers 2, 3, 4 and 5.
We currently provide reinsurance solutions to two clients, detailed below, both companies provide insurance products to their domestic markets.
TDC Insurance Company Ltd (TDCIC)
Motor, Property, Marine, Financial Risks, Construction All Risks, Liability and Travel.
Malliouhana-Anico Insurance Company Ltd (MAICO)
Motor, Property, Marine & Hull, Liability, Travel, Professional Indemnity, Life.