Surplus lines insurer Lexington Insurance Co. reported that it has arranged a contingent property reinsurance cover from Berkshire Hathaway’s National Indemnity Co. for its real estate portfolio. The cover is also for policies having limits of $250 million or greater, policies with home/foreign exposure and the property sections of most of
Lexington’s homeowners book.
The reinsurance provides coverage under the same policy terms and
conditions as issued by Lexington. In the event of a covered loss, Berkshire stands behind Lexington.
Lexington’s parent is American International Group (AIG).
“This enhances Lexington’s value to its policyholders”, said George Stratts, executive vice president of Lexington and head of its Property Division.
“This support from AAA-rated, Berkshire Hathaway speaks volumes about Lexington’s true financial strength and affirms its pivotal role and leadership position in the marketplace,” said Kevin H. Kelley, chairman and chief executive officer of Lexington Insurance Co.
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