Gen Re
 |
|
| Type | Corporation |
|---|---|
| Industry | Financial services |
| Founded | 1846 |
| Headquarters | Stamford, Connecticut, USA |
| Area served | Worldwide |
| Key people | Tad Montross (Chairman, President and CEO)[1] |
| Products | Reinsurance |
| Parent | Berkshire Hathaway Inc. |
| Website | www.genre.com |
Gen Re is a leading property/casualty and life/health reinsurance company and is owned by Berkshire Hathaway Inc.
Contents |
[edit] History
General Reinsurance Corporation’s history began in 1921 when two Norwegian companies, Norwegian Globe and Norwegian Assurance, merged and took the name General Casualty and Surety Reinsurance Corporation. In 1923, American investors acquired the company and changed the name to General Reinsurance Corporation. In 1929, General Reinsurance affirmed that it would be only a direct reinsurer. In 1954, the company created the first professional casualty facultative reinsurance department. Property facultative followed, beginning in 1956. North America branch offices were opened during this time. In the 1950s, General Reinsurance began writing reinsurance internationally, expanding in this area during the 1960s and 1970s. In 1980, General Re Corporation, the parent holding company, was listed on the New York Stock Exchange.
In 1994, General Reinsurance Corporation formed an alliance with what was then Cologne Re (Kölnische Rückversicherungs-Gesellschaft, which was founded in 1846), now General Reinsurance AG. In 1998, General Re Corporation was acquired by Berkshire Hathaway Inc., and in 2003 General Reinsurance Corporation and Cologne Re began marketing under the brand name of Gen Re.[2] In 2009, General Reinsurance Corporation completed its purchase of Cologne Re,[3] whose name was changed to General Reinsurance AG in 2010.[4] The company continues to market as Gen Re.
[edit] Business
Reinsurers "insure insurance companies", i.e., they will pay a portion of an insurance company's claims in exchange for a portion of the premium received by the insurance company for policies that cover those claims.
As a direct reinsurer, Gen Re delivers reinsurance solutions to companies in all segments of the insurance industry on both a Treaty and Facultative basis. Gen Re's Property and Casualty reinsurance in North America is written through General Reinsurance Corporation and internationally through Germany-based General Reinsurance AG and other wholly owned affiliates. Gen Re's Life and Health reinsurance is written in North America through General Re Life Corporation and internationally through General Reinsurance AG.
General Re Corporation is a wholly owned subsidiary of Berkshire Hathaway Inc., the holding company run by investor Warren Buffett. Other businesses in the General Re Corporation group include: Gen Re Intermediaries, a reinsurance intermediary and risk advisor; General Star, a specialty and surplus lines provider; Genesis, an alternative risk insurance provider; Faraday, a London market reinsurance company; USAU, underwriters of aviation insurance; and GR-NEAM, an SEC-registered investment advisor servicing the insurance industry.
[edit] Office locations
Gen Re's headquarters are in Stamford, Connecticut. Branch and subsidiary offices are located all over the world:[5]
In North America, Gen Re also operates in Atlanta, Boston, Charlotte, Chicago, Columbus, Dallas, Hartford, Kansas City, Los Angeles, Montreal, New York, Philadelphia, San Francisco, Seattle, South Portland, St. Paul and Toronto.
Gen Re further operates in Latin America (Mexico City, São Paulo), Europe/Middle East (Beirut, Cologne, Copenhagen, London, Madrid, Milan, Moscow, Paris, Riga, Vienna, Warsaw), Africa (Cape Town, Johannesburg), Asia (Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore, Taipei, Tokyo) and Australasia (Auckland, Melbourne, Sydney).
[edit] References
- ^ "Senior Management Team". Gen Re. http://www.genre.com/page/0,,ref=ExecTeam-en,00.html. Retrieved 04 January 2012.
- ^ "History of Gen Re". Gen Re. http://www.genre.com/page/0,,ref=History-en,00.html. Retrieved 12 June 2011.
- ^ "Ad hoc Announcement". Gen Re. http://www.genre.com/pressrel/PressProfile/0,,site=gcr-en&ref=pressrel131-en,00.html. Retrieved 12 June 2011.
- ^ "Press Release". Gen Re. http://www.genre.com/pressrel/PressProfile/0,,site=gcr-en&ref=pressrel146-en,00.html. Retrieved 12 June 2011.
- ^ "Office Directory". Gen Re. http://www.genre.com/page/0,,ref=OfficeDirectory-en,00.html. Retrieved 12 June 2011.
[edit] External links
- Articles
- Tad Montross: Exploding soft market myths - Reactions, 24 October 2010
- Gen Re's Tad Montross on model dependency - Reactions, 3 May 2010
- Gen Re's Tad Montross - The quiet American - Reactions, 3 November 2008
- Data
|
||||||||||||||||||||||||||||||||||||||||||||
