A Locke Lord team led by Zachary Lerner (New York) assisted Convex Insurance UK Limited (CIL) and Convex Re Limited (CRL) in obtaining reciprocal reinsurer status, the first alien insurers to receive such designations in the United States. This will allow CIL and CRL to write reinsurance business in the United States without the requirement to post reinsurance collateral, via a passporting arrangement and related applications with certain other U.S. states. The two entities are the first in the global insurance and reinsurance market to be granted reciprocal jurisdiction reinsurer status by California and the NAIC. Additional assistance was provided by John Emmanuel (New York) and Norris Clark (Los Angeles).
Posted on December 1, 2021