General Reinsurance Corporation (GenRe insurance)
Company Name- General Reinsurance Corporation(GenRe insurance)
120 Long Ridge Road
Stamford, Connecticut 06902, United States
Am Best Rating: A++(superior)
Long-Term Issuer Credit: aa+(superior)
AMB #: 002198
NAIC #: 22039
FEIN #: 132673100
About GenRe Insurance
GenRe insurance is a Berkshire Hathaway subsidiary and a major player in property, casualty & life reinsurance. Berkshire Hathway’s largest subsidiary is US’s largest reinsurer. Its second-largest operating company is Germany’s Kolnische Ruckversicherungs-Gesellschaft (Cologne Re). Cologne Re is the world’s oldest reinsurer and a major force in international reinsurance.
The company offers insurance and nearly a dozen subsidiary companies that offer investment and risk management services for reinsurers. This also manages accident and disability cases.
General Re Corporation holds Gen Re’s global operations in reinsurance and other related activities. It is the holding company for General Reinsurance Corporation, General Re Life Corporation, and General Reinsurance AG. These are direct reinsurers that do business under the name Gen Re.
The General Re group also includes investment management, insurance and reinsurance companies such as Gen Re Intermediaries (NEAM), General Star, Genesis and USAU, in addition to the insurance and reinsurance companies.
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History of GenRe Insurance
General Reinsurance Corporation( GenRe Insurance) began its history in 1921 under the General Casualty and Surety Reinsurance Corporation. It then took over the U.S. operations of the Norwegian Globe Insurance Company, Christiania, Norway.
Sold To American Investors
American investors purchased the company in 1923 and changed its name to General Reinsurance Corporation. The General Alliance Corporation was established in 1928 to acquire and hold General Reinsurance Corporation’s shares. It also has a 50% interest in the Royal Exchange Assurance Group London (London) in United British Insurance Co., Ltd.
The General Alliance Corporation held all of General Reinsurance Corporation’s stock. The company together with the Royal Exchange Group a controlling stake in the United British. United British Insurance Co., Ltd. created a U.S. subsidiary that transacts casualty insurance as a “running partner for the General” and shares the same management. These two companies transact virtually all forms of casualty or surety insurance. This is also the first example of a “Group” in American casualty-reinsurance history. “
In 1945 GenRe insurance was merged with Mellon Indemnity Corporation. The company established the first professional casualty facultative insurance department in 1954. The property facultative was launched in 1956. During this period, North American branch offices were established. General Reinsurance started writing international reinsurance in the 1950s. This expanded over the 1960s and 70s. The company grew over the next 20 years, opening new U.S. and Canada branches and making numerous acquisitions. In 1974, the company moved its headquarters to Greenwich in Connecticut and to Stamford in Connecticut. General Re Corporation, the parent holding firm, was listed on New York Stock Exchange in 1980.
In 1994, General Reinsurance Corporation formed an alliance with what was then Cologne Re (Kolnische Ruckversicherungs-Gesellschaft, which was founded in 1846), now General Reinsurance AG. Berkshire Hathaway Inc. purchased General Re Corporation in 1998. In 2003, General Reinsurance Corporation and Cologne Re started marketing under the name Gen Re. Cologne Re’s name was changed to General Reinsurance AG in 2009. The company markets globally as Gen Re.
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Office Locations Of GenRe Insurance
GenRe Insurance headquarters are in Stamford, Connecticut. It is an American multinational casualty, life, and health reinsurance Company. GenRe Insurance offers a variety of reinsurance products. Direct reinsurer, the company has more than 40 offices worldwide. All over the globe, there are branch and subsidiary offices.
Holding & Subsidiaries
General Re Corporation is a holding firm for global reinsurance operations and risk management. It owns General Reinsurance Corporation and National Reinsurance Corporation. General Re Corporation is the largest professional property/casualty reinsurance group domiciled in the United States. It also holds a controlling interest in Koinische Ruckversicherungs-Gesellschaft AG (Cologne Re), which is a major international reinsurer. General Re and Cologne Re together transact reinsurance business under the name “General & Cologne Re”.
GenRe insurance is also a broker in the swap and derivatives markets through General Star Management Company. It provides reinsurance brokerage through Herbert Clough, Inc., manages aviation risks through United States Aviation Underwriters, Inc., acts as a business developer and intermediary through Ardent Risk Services, Inc., and offers specialized investment services to insurance companies through General Re-New England Asset Management, Inc.
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Gen Re’s Strength
The company’s ratings also get a notch of lift due to implicit and explicit support by its parent Berkshire Hathaway Inc. Gen Re is a global company with a diverse platform by geography and product offering. This includes an international reach in both the life and P/C business segments. The group’s stable underwriting and overall operational performance reflect this diversification. Even during periods of high catastrophe losses they managed to get nice results. The high proportion of equity investments in the group can lead to some volatility in investment earnings. However, the group’s long-term investment portfolio performance is excellent.
Gen Re’s platform is supported with consistently superior risk-adjusted Capitalization.This has supported its consistent operating performance over the years. The company has a comprehensive risk management program in place. This program monitors all aspects of its global operations. Gen Re insurance is a Berkshire Hathaway wholly-owned subsidiary. This gives it an additional investment and financial flexibility.
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