Midstates Reinsurance Corporation, Illinois: Overview, Contacts, Services, Finances, Coverage, Claims, Compliance, Renewal & Cancellations, Reviews

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Midstates Reinsurance Corporation Illinois: A Trusted Partner for Your Insurance Needs.

An image illustration of Midstates Reinsurance Corporation
Midstates Reinsurance Corporation: A Trusted Shield in Risk Management and Financial Security.

Looking for a dependable insurance company in Illinois?

Consider Midstates Reinsurance Corporation Illinois (MRCI).

This blog post provides an overview of the company, including its:

History, services, finances, coverage options, claims process, legal aspects, renewals, cancellations, company culture, and customer experiences.

Gain insight into why MRCI is your trusted insurance partner.

Company Overview

MRCI, a property and casualty reinsurance company, was established in 1941 in Chicago, Illinois.

As a subsidiary of Donald E. Longson, the company specializes in various insurance types, such as auto, home, life, health, and commercial.

Reinsurance, a risk-transfer mechanism, allows insurance companies to mitigate losses by partnering with MRCI, thereby reducing exposure, increasing capacity, and stabilizing earnings.

D.E. Longson, the current president and CEO, leads a team of seasoned professionals in the reinsurance industry.

MRCI holds a strong market presence with an A.M. Best rating of A- (Excellent), reflecting its financial strength and ability to meet client obligations.

The company’s NAIC code is 20451, and its FEIN is 36-14753321, supported by positive outlooks from Moody’s and Standard & Poor’s.

Basic information 

Phone Number (937) 428-6210
Address 55 East Monroe, 40th Floor, Chicago, IL 60603
Customer Service Contact customerservice@mrci.com
Policy Details Varies by reinsurance type and level
Email Address info@mrci.com
Fax Number (937) 428-6211
Operating Hours Monday to Friday, 9:00 AM to 5:00 PM (CST)

Services & Products

MRCI offers a diverse range of reinsurance services and products, including:

  • Auto Insurance: Covering bodily injury, property damage, collision, comprehensive, medical payments, uninsured/underinsured motorist, and personal injury protection.
  • Home Insurance: Covering dwelling, personal property, liability, loss of use, and additional living expenses.
  • Life Insurance: Covering death benefits, cash value, and riders.
  • Health Insurance: Covering medical expenses, prescription drugs, dental care, vision care, and long-term care.
  • Commercial Insurance: Covering property, liability, workers’ compensation, business interruption, and professional liability.

Financial Details

MRCI actively aims to provide clients with reinsurance solutions that are not only competitive but also affordable.

The premium costs of MRCI’s reinsurance policies are influenced by various factors, including the type and level of reinsurance, the client’s risk profile, claims history, and prevailing market conditions.

MRCI collaborates closely with clients to determine the most suitable reinsurance structure and pricing for their specific needs.

Additionally, MRCI offers flexibility in payment options. Clients can opt to pay premiums on a monthly, quarterly, semi-annual, or annual basis, depending on their preferences and financial plans.

Multiple payment methods, such as credit cards, debit cards, checks, wire transfers, and electronic funds transfers, are accepted by MRCI.

To further benefit clients, MRCI provides discounts and promotional offers.

For instance, a loyalty discount is extended to clients renewing their reinsurance policies with MRCI.

Clients who refer new customers also receive a referral bonus. MRCI regularly introduces seasonal and special offers for specific types of reinsurance during designated periods or events.

MRCI maintains a high claim payout ratio, exceeding the industry average at around 90%.

This indicates the company’s dedication to honoring its commitments and ensuring clients receive substantial compensation for their losses.

Coverage Details

MRCI furnishes clients with comprehensive and tailored reinsurance coverage.

While coverage specifics vary based on the type and level of reinsurance purchased, common features include:

  • Policy Exclusions: MRCI’s reinsurance policies exclude coverage for events such as war, terrorism, nuclear radiation, fraud, or intentional acts.
  • Coverage Limits: These represent the maximum amounts the reinsurance policy will pay for a single claim or a series of claims. MRCI’s policies include per occurrence and aggregate limits.
  • Add-ons or Riders: Additional features or benefits, available for an extra premium, can be added to the reinsurance policy. For instance, MRCI offers an inflation adjustment rider that increases coverage limits based on the inflation rate.

Claims

MRCI has a streamlined and effective claims process:

  1. Claim Notification: Clients must promptly inform MRCI of the loss or event triggering the reinsurance claim through phone, email, fax, or online form.
  2. Claim Documentation: Clients need to furnish MRCI with necessary documents, including the original insurance policy, proof of loss, loss adjustment report, claim settlement statement, and any relevant documents.
  3. Claim Evaluation: MRCI reviews and verifies the claim documents, assessing the validity, accuracy, extent, and cause of the loss.
  4. Claim Payment: MRCI processes and pays the reinsurance claim within the agreed time frame, adhering to the terms and conditions outlined in the reinsurance policy. Clients receive a claim payment confirmation and report.

Legal & Compliance

MRCI actively maintains its status as a licensed and regulated reinsurance company in Illinois and other operating states.

Compliance with applicable laws and regulations, including the Illinois Insurance Code, the NAIC Model Act, and the Federal Insurance Office Act, is a priority for MRCI.

Furthermore, MRCI places high importance on safeguarding the privacy and security of client information.

The company has a clear privacy policy detailing the collection, use, disclosure, and protection of clients’ personal and financial information.

A terms and conditions agreement outlines the rights and responsibilities of both parties in the reinsurance relationship.

MRCI encourages clients to familiarize themselves with its privacy policy and terms and conditions before purchasing or renewing reinsurance policies.

The company welcomes questions and feedback from clients regarding its legal and compliance matters.

Renewals & Cancellations Policy

Policy renewal: MRCI initiates the policy renewal process by sending a notice to clients at least 30 days before the reinsurance policy’s expiration date.

This notice includes renewal premium details, terms, and instructions. Clients can accept or decline the offer, with acceptance leading to automatic policy renewal.

Declining results in the policy expiring on the original date.

Policy Cancellation: Clients have the flexibility to cancel the reinsurance policy at any time by notifying MRCI in writing.

This can be done through mail, email, or fax and should include the policy number, effective cancellation date, and the reason for cancellation.

MRCI processes cancellation requests within 10 days, providing clients with a confirmation and refunding any unearned premium, minus applicable cancellation fees.

Company Culture

MRCI values integrity, excellence, innovation, and customer satisfaction in its company culture.

Emphasizing teamwork, collaboration, learning, and growth, MRCI provides a supportive and rewarding work environment for employees to develop skills, advance careers, and achieve goals.

The company acknowledges and rewards employee performance, contributions, and achievements.

Additionally, MRCI is committed to social and environmental responsibilities.

Supporting charitable and community causes, such as education, health, and disaster relief, MRCI adopts sustainable practices, including reducing its carbon footprint, recycling waste, and utilizing renewable energy sources.

Customer Experiences

MRCI boasts a loyal and content customer base expressing appreciation for its quality and professionalism.

Positive reviews and ratings on platforms like Google, Yelp, and Trustpilot highlight customer satisfaction.

FAQs

  • Why do I need reinsurance?

You need reinsurance if you are an insurance company that wants to improve your financial stability, diversify your portfolio, and enhance your performance.

Reinsurance can help you transfer some of your risks to a reinsurer, who will share the losses and premiums with you.

Reinsurance can also help you access new markets, products, and expertise, which can help you grow your business and increase your competitiveness.

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