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Maiden Reinsurance North America Inc. said on Tuesday that it has launched an equipment breakdown reinsurance offering.
Maiden Re will provide reinsurance for equipment breakdown exposures. The company will provide equipment breakdown reinsurance for commercial and personal writers, Maiden Re said in a statement.
Limits are up to $25 million, according to a Maiden Re spokesman.
Maiden Re's equipment breakdown reinsurance product offering will be led by Cass Kuhlke, vice president. Prior to joining Maiden Re, Mr. Kuhlke was U.S. head of equipment breakdown insurance with Zurich Insurance Co., according to a statement.
“We are delighted to have someone of Cass' caliber and deep industry experience join Maiden Re, where he will be joining an already highly experienced group. His specific area of expertise and background is an excellent fit. We are constantly evaluating the needs of our clients' and the market generally, and have seen a real opportunity to provide tremendous value through the offering of Equipment Breakdown reinsurance. We look forward to working with Cass and making him available to our clients,” Tom Highet, president of Maiden Re North America said in the statement.
The China Insurance Regulatory Commission has approved the establishment of the country's fourth local reinsurer, Asia Insurance Review reports.