Iowa-based EMC Insurance Group Inc. confirmed that Country Mutual Insurance Company had become a participant in the Mutual Reinsurance Bureau (MRB) pool effective Jan. 1, 2006.
The company previously announced on Nov. 14, 2005 that Kentucky Farm Bureau Mutual would become a participant in the MRB pool effective Jan. 1, 2006 and that a second company would likely be admitted into the pool effective Jan. 1.
The addition of these two new assuming companies to the MRB pool will reportedly strengthen MRB’s surplus base and should favorably impact future marketing efforts. However, there will be a short-term negative impact on earned premiums for EMC Insurance Group’s reinsurance segment since the pool business will now be split between five participants rather than the current three.
It should be noted that Country Mutual will only be participating in contracts with no casualty exposures; contracts with casualty exposures will be shared among the other four participants.
Topics Reinsurance
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