carolrooke
New Member
The Web Site referred to of FSA is inaccurate and out of date and refers to Northern Reef Insurance Co. Ltd. of St Vincent and Grenadines.
Northernreef Insurance Co. SA. (N.R.I.C.-SA) is registered in Montevideo, Uruguay and fully legalised to write Marine Insurance, the class in which it specialises, for private boat owners for vessels used for private and pleasure.
N.R.I.C.-SA. has over 2,500 boat owner clients and receives business not only from direct clients but from established and reputable insurance brokers and intermediaries, yacht brokers and agents and more importantly via recommendations from existing clients who have been extremely satisfied on claims service and settlements and general good service.
N.R.I.C.-SA. has reinsurance protection placed in the London Market by City of London based Lloyds Brokers and underwritten by QBE, GE/Francona Re, Lloyds Underwriters all of whom have at least A rated credit rating.
It is correct that Clive Lewis, an insurance professional over 40 years, is an underwriter for N.R.I.C.-SA., however references to Excelsior General (Cyprus) and Great Western, Belgium by the FSA are misleading and probably due to a failed petition and appeal by the DTI in 1994 against two UK companies and four overseas companies concerning the placement of business to overseas insurers. The successful defence unfortunately during the period of litigation caused at least two of the overseas insurers, including Great Western, to cease writing business during the period pending judgements. Great Western did not specialise in marine business but commercial and industrial property.
The court judgement defined the future procedures to be followed for overseas placements within the Insurance Act and was well publicised in the media at the time.
With regard to Excelsior (Cyprus) the majority shareholding of this company were Cypriot Nationals and controlled the financial matters after the company ceased writing business; a deposit was held in the Central Bank of Cyprus under their control for settlement of any remaining claims.
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Northernreef Insurance Co. SA. (N.R.I.C.-SA) is registered in Montevideo, Uruguay and fully legalised to write Marine Insurance, the class in which it specialises, for private boat owners for vessels used for private and pleasure.
N.R.I.C.-SA. has over 2,500 boat owner clients and receives business not only from direct clients but from established and reputable insurance brokers and intermediaries, yacht brokers and agents and more importantly via recommendations from existing clients who have been extremely satisfied on claims service and settlements and general good service.
N.R.I.C.-SA. has reinsurance protection placed in the London Market by City of London based Lloyds Brokers and underwritten by QBE, GE/Francona Re, Lloyds Underwriters all of whom have at least A rated credit rating.
It is correct that Clive Lewis, an insurance professional over 40 years, is an underwriter for N.R.I.C.-SA., however references to Excelsior General (Cyprus) and Great Western, Belgium by the FSA are misleading and probably due to a failed petition and appeal by the DTI in 1994 against two UK companies and four overseas companies concerning the placement of business to overseas insurers. The successful defence unfortunately during the period of litigation caused at least two of the overseas insurers, including Great Western, to cease writing business during the period pending judgements. Great Western did not specialise in marine business but commercial and industrial property.
The court judgement defined the future procedures to be followed for overseas placements within the Insurance Act and was well publicised in the media at the time.
With regard to Excelsior (Cyprus) the majority shareholding of this company were Cypriot Nationals and controlled the financial matters after the company ceased writing business; a deposit was held in the Central Bank of Cyprus under their control for settlement of any remaining claims.
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