OREANDA-NEWS. On 04 August 2008 was announced, that OJSC Transsiberian Reinsurance Corporation renewed its property and marine & cargo retrocession programs. The new terms have been in effect since July 1, 2008.

Limit under property risks is USD 25 mln for each loss. Priority of Transsiberian Re remained unchanged at USD 500,000. The program covers fire and allied risks (including business interruptions), building and construction risks (including machinery breakdown), technical risks. The program covers the territory of Russia, other CIS States, Baltic States, Central and Eastern Europe.

The program leader is still Munich Re. Munich Re account for 60% of the total capacity. The program was placed by global brokers AON and Willis.

The marine and cargo cover was also renewed in effect from July 1, 2008. Total limit amounts USD 6 mln for each loss, and priority of Transsiberian Re makes out USD 500,000. The cover provided encompasses cargo reinsurance risks, marine risks, including vessels under construction, and P&I. The program covers risks around the globe.

Over 50% of the capacity is placed with Lloyd’s syndicates. The program was placed by broker Willis.