Howden Re and Keenan deliver innovative legacy solution for large California workers’ compensation JPA
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Howden Re and Keenan have announced the completion of a strategic Loss Portfolio Transfer (“LPT”) between one of the largest California workers’ compensation joint powers authorities (“the JPA”) and a top-ten global reinsurer (the “Reinsurer”).
In this transaction, the JPA commuted a collection of historical reinsurance treaties covering approximately $100 million in California workers’ compensation loss reserves spanning multiple underwriting years. The reserves were then transferred to the Reinsurer using an LPT. Keenan, who manages the JPA, retained claims handling responsibility. Howden Re facilitated the commutation with historical markets and brokered the loss portfolio transfer.
John Stephens, President, Keenan, noted: “Broader coverage at a lower cost – Howden Re truly delivered with this creative solution. They were thoughtful from start to finish and brought great innovation, analytics, and energy. ”
Seth Ruff, Head of Legacy and Structured Reinsurance, Howden Re, commented: “Howden Re is thrilled to broaden our support of Keenan in their mission to deliver superior risk solutions to self-insureds. This transaction exemplifies our commitment to providing innovative reinsurance and capital solutions that meet the unique needs of our clients.”
For more information about Legacy and Structured Reinsurance solutions or to speak to our team, contact:
Seth Ruff
Managing Director – Head of Legacy & Structured Reinsurance, Howden Re
[email protected]