Munich Re has bought a $200mn "Replicat"-style cover based on the underlying exposures of its American Modern Insurance Group to provide additional protection to its US operations, The Insurance Insider can reveal.
According to sources, the Guy Carpenter-placed cover gives the German giant $200mn of limit in excess of a $200mn retention for its US insurance operations that triggers in line with an underlying reinsurance programme bought by American Modern.
American Modern - the former Midland operation bought by Munich...
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