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A Producer Owned Reinsurance Company, or PORC, is an insurance company owned and controlled by insurance agents, brokers, or producers. A PORC is designed to provide reinsurance to primary insurance companies, which allows these companies to better manage their risk exposure and potentially lower their costs.
A Producer Owned Reinsurance Company (or PORC) is an insurance company that re-insures the risks of its owner, affiliated businesses, or a group of companies.
A producer-owned reinsurance company (PORC) is a captive or a rent-a-captive cell owned or used by a broker or managing general agent (MGA) for reinsurance of selected risks that it produces for the purposes of retaining the underwriting income.
This type of structure is more commonly known as a Producer Owned Reinsurance Company or Cell (PORC), and requires a partnership with an authorised insurer to provide the necessary fronting for the regulated aspects of policy issue and claims.
28 lut 2024 · Reinsurance is insurance for insurance companies. It results from one or more insurers assuming another insurance company's risk portfolio to try to balance the insurance market.
PORCs make sense when and where the commercial market is unable to provide coverage for certain risks (including warranty, reputation, regulatory, product liability, business interuption risks), or where the price quoted is unreasonable (such as medical malpractice or construction defect).
30 wrz 2016 · The vehicles, sometimes referred to as producer owned reinsurance companies (PORCs) or producer owned insurance companies (POICs), are seen as an alternative form of capital used by promoters to support their client’s niche insurance needs.
