US-based medical malpractice insurer NJ PURE has reached a reinsurance partnership with General Reinsurance (Gen Re), a Berkshire Hathaway company.
NJ PURE has a long history of running insurance operations in New Jersey, the US.
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Apparently, it has a record of fighting against frivolous medical malpractice lawsuits and has a reputation as a physician advocate. This contributed to forming the partnership with Gen Re.
NJ PURE hopes this partnership will not only strengthen its position in the reinsurance industry but also minimise its exposure.
NJ PURE management team principal and chief litigation officer Eric Poe said: “All of our policyholders may now take added comfort in knowing that NJ PURE has the financial support of Gen Re and the billions of dollars in assets behind it.
“By backing NJ PURE up to 70% of our future exposures up to our policy limits, we believe Gen Re’s commitment to us is a testament to our long-term business model and its viability into the future.”
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By GlobalDataGen Re is a multinational property & casualty (P&C), life and health reinsurance firm that offers a range of products and services.
The company operates with over 40 offices and employs more than 3,578 people. Headquartered in Connecticut, Gen Re has over $17.75bn in assets.
