ESG Re to exit reinsurance, focus on direct marketing.Special-risks reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. ESG ESG Enterprise Strategy Group (Veritas) ESG Emergency Shelter Grant (Florida, USA) ESG Expeditionary Strike Group ESG Electronic Service Guide (used in DVB) Re Ltd. said it would exit the traditional reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. business and concentrate on its direct marketing, citing the capital requirements under Ireland's proposed reinsurance regulations. ESG Re, which provides medical, personal accident, credit life, disability and special-risks reinsurance, said the decision came out of an assessment of its 2005 results. It will focus on direct-marketing support for affinity partners using distribution methods such as direct mail, telemarketing and bancassurance Bancassurance A French term referring to the selling of insurance through a bank's established distribution channels. Notes: The result is a bank that can offer banking, insurance, lending, and investment products to a customer. . The company posted a net loss of $6.9 million for 2005, compared with a net loss of $12.4 million the previous year. ESG Re's reinsurance segment had an underwriting profit of $1 million, down from a $4.5 million profit in 2004. Its direct market segment saw growth in Asia and Spain, with underwriting profit up 33% to $12.1 million. |
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