The Claims Management Group limited (CMGL) said it has won a contract as run-off manager for Australian-based New Cap Reinsurance Corporation (NCRA).
NCRA provided excess of loss, proportional and facultative reinsurance protection for various global insurance and reinsurance companies. It was placed into liquidation in 1999, three years after it was incorporated, said CMGL.
During the three years the company underwrite policies, more than 1200 policies were issued with a total written exposure of approximately US$1.4bn, said CMGL.
The company said a dedicated team at its Sydney office would manage the run-off contract.
CMGL managing director Jerry McArthur described the contract win as a great opportunity for the company.
