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Howden Re and Keenan complete LPT for a large California workers’ compensation JPA

Howden Re and Keenan complete LPT for a large California workers’ compensation JPA

Howden Re and Keenan complete LPT for a large California workers’ compensation JPA

Reinsurance broker Howden Re and Keenan have completed a strategic Loss Portfolio Transfer (LPT) between one of California’s largest workers’ compensation joint powers authorities (JPAs) and a top ten global reinsurer.

Howden Re was responsible for facilitating the switch with the historical markets and negotiated the transfer of the loss portfolio for the transaction.

The action involved a collection of historic reinsurance treaties covering approximately $100 million in California workers’ compensation loss reserves spanning multiple underwriting years.

Using an LPT, the reserves were then transferred to the reinsurer. JPA Manager Kennan, a provider of insurance and financial solutions to schools, public agencies and healthcare organizations, with expertise in employee benefits, risk management, claims services and technology, retained responsibility for claims management.

Seth Ruff, Head of Legacy and Structured Reinsurance at Howden Re, said: “Howden Re is delighted to extend our support to Keenan in its mission to deliver superior risk solutions to self-insureds.

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“This transaction exemplifies our commitment to providing innovative reinsurance and capital solutions that meet the unique needs of our clients.”

John Stephens, Chairman of Keenan, commented: “Broader coverage at lower cost. Howden Re really delivered on this creative solution. They were thoughtful from start to finish and brought great innovation, analysis and energy.”

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