Vermeer Reinsurance Ltd. (RJ) is a Class 3B reinsurer incorporated in Bermuda in November 2018. It is a joint venture between RenaissanceRe Holdings Ltd., a leading global reinsurer, and two Netherlands-based pension investors, PGGM and PFZW.
RJ’s primary focus is providing capacity for risk-remote layers in the U.S. property catastrophe market. It also writes limited lines of retrocession and international business, adhering to strict underwriting guidelines managed by Renaissance Underwriting Managers, Ltd. (RUM).
Vermeer Reinsurance’s mission is to provide a stable and reliable source of reinsurance capacity for its clients, focusing on the U.S. property catastrophe market.
It aims to achieve this through disciplined underwriting, risk management, and a strong partnership with its parent company, RenaissanceRe.
Values of Vermeer Reinsurance Ltd. (RJ)
Vermeer Reinsurance upholds the following core values:
- Integrity: Acting with honesty, fairness, and transparency in all dealings.
- Client Focus: Building strong relationships with clients and delivering exceptional service.
- Financial Strength: Maintaining a strong capital base and a track record of profitability.
- Underwriting Discipline: Adhering to strict underwriting guidelines and risk management practices.
- Innovation: Continuously seeking to improve underwriting capabilities and develop new products and solutions.
A Brief History of Vermeer Reinsurance Ltd. (RJ)
- November 2018: Vermeer Reinsurance Ltd. is incorporated in Bermuda as a Class 3B reinsurer.
- 2019-2022: RJ experiences steady growth in its U.S. property catastrophe portfolio.
- 2023: PGGM and PFZW roll their Vermeer Re income, taking the reinsurer’s capital base to $2 billion.
- September 2023: Vermeer Reinsurance reports a strong second quarter, with almost $52.2 million of net income attributable to its backers.
Contact Details of Vermeer Reinsurance Ltd. (RJ)
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How to File Claims With Vermeer Reinsurance Ltd. (RJ)
Services and Products Offered by Vermeer Reinsurance Ltd. (RJ)
Vermeer Reinsurance Ltd. (RJ) is a Class 3B reinsurer that specializes in certain risk areas. They mainly deal with the U.S. property catastrophe market but also offer some retrocession and international business services.
Reinsurance for U.S. Property Catastrophes
- Vermeer Reinsurance’s main job is to provide reinsurance for risks linked to natural disasters like hurricanes, earthquakes, and tornadoes.
- They cover high-severity, low-frequency losses, helping primary insurers offer broader coverage and manage their money better.
- Vermeer Reinsurance also gives limited retrocession coverage to other reinsurers. This means they take on a part of the risks already covered by another company.
- This helps reinsurers spread their risks and handle their exposure to risk better.
- Vermeer Reinsurance carefully takes part in reinsurance outside the U.S., focusing on specific risks and regions.
- This allows them to diversify their portfolio more and take advantage of growth chances in different markets.
Ratings and Customer Reviews of Vermeer Reinsurance Ltd. (RJ)
Vermeer Reinsurance Ltd. (RJ) is a relatively new company, having been incorporated in 2018. As a result, it does not yet have any public credit ratings from major agencies like Moody’s, Standard & Poor’s, or Fitch Ratings.
However, its parent company, RenaissanceRe Holdings Ltd., has a strong financial position with A+ (Excellent) ratings from A.M. Best and A- (Strong) ratings from Standard & Poor’s.
This provides some indirect assurance of Vermeer Reinsurance’s financial strength and stability.
Due to its B2B nature and focus on reinsurance, Vermeer Reinsurance does not directly receive customer reviews from individual policyholders.
However, industry publications and reports sometimes mention their performance and market reputation. These sources generally highlight Vermeer Reinsurance’s strong financial backing, experienced management team, and disciplined underwriting approach.
Here are some examples:
- Artemis.bm: “Vermeer Reinsurance has quickly established itself as a significant player in the U.S. property catastrophe market, attracting large cedants and offering a valuable source of capacity.”
- The Insurance Insider: “Vermeer Reinsurance is a well-capitalized and profitable reinsurer with a strong focus on the U.S. property catastrophe market. It is well-positioned for continued growth in the future.”
- RenaissanceRe Investor Relations: “Vermeer Reinsurance is an important part of our growth strategy and has consistently delivered strong financial results.”
While these are not formal customer reviews, they provide valuable insights into Vermeer Reinsurance’s standing within the insurance industry.
1. What does Vermeer Reinsurance Ltd. (RJ) specialize in?
- Answer: Vermeer Reinsurance specializes in providing reinsurance capacity, focusing on U.S. property catastrophe risks.
2. Who supports Vermeer Reinsurance financially?
- Answer: Vermeer Reinsurance is financially backed by RenaissanceRe Holdings Ltd. and two Netherlands-based pension investors.
3. What benefits does Vermeer Reinsurance offer its clients?
- Answer: Clients benefit from access to reliable reinsurance capacity, financial strength, an experienced underwriting team, and a disciplined approach to risk management.
4. What compensation and opportunities does Vermeer Reinsurance provide to employees?
- Answer: Employees receive competitive compensation, benefits, and growth opportunities. They work in a dynamic and collaborative environment alongside industry experts.
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