Insurers can voluntarily enter into a Reinsurance Agreement with ARPC from 1 July 2022 and are required to have done so by the end of the relevant transition periods.
Large general insurers have now joined the cyclone pool. Small general insurers have until 31 December 2024 to reinsure all eligible cyclone risk with ARPC.
The ARPC Cyclone Reinsurance Agreement for Eligible Cyclone Loss has been adjusted to allow Lloyd's Underwriters to enter into the Agreement with ARPC via their managing agent. This also provides Lloyd’s underwriters and unauthorised foreign insurers with the same options as general insurers under s8 (1)(a).
The Reinsurance Agreement is available on request. Please contact [email protected].