Clarendon's Business
Strong
Clarendon has extensive expertise, resources and financial assets, and is led by seasoned industry veterans with a vision and strategic objective to successfully run off Clarendon's business.
- Ready access to reinsurance
- Unparalleled knowledge of Specialty Insurance
- Portfolio consists of high quality reinsurers (93% with an A.M. Best rating of A or higher, or who have posted collateral), with about USD 880 million of collateral (either funds held, LOC, or trust).
Disciplined
Clarendon applies rigorous quality benchmarks to all of its programs, adheres to them, and acts as an advocate for this approach throughout the industry with the following measures:
- Strict controls/benchmarks for General Agents (GAs) that create efficiencies for a competitive advantage
- Intensive audits of all programs
- Strict oversight by the Claims department on Third Party Administrators (TPAs) and GA.
Responsive
Clarendon recognizes the unique needs of the insurance industry, its partners, and individual markets, its position as a run-off company and acts to meet those needs efficiently:
- Focus on timely payment of all legitimate policy holder claims
- Clarendon has implemented stricter underwriting criteria in an effort to focus on reinsurance recoveries
- Strict focus on reserve adequacy
- Committed to decreasing expenses, but maintaining superior service to policyholders as the size of the book of business diminishes and adopting IT solutions which help in realizing these goals
Clarendon has a solid business position, aligned management and corporate strategy, capital and earnings contributions, parental commitment and investment strategy.
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