OREANDA-NEWS. July 19, 2010. Since 1 July, 2010 Ingosstrakh renewed several obligatory outward reinsurance contracts.

Contracts for protection of Ingosstrakh’s aviation insurance portfolio provide for automatic reinsurance of aviation hull risks up to USD 40 mln and of liability up to USD 950 mln without significant restrictions regarding flight routes. The parties of the program include: Alterra Re, Aspen, Catlin, Glacier, Global Aerospace Underwriting Managers, Hannover Re, Omega Specialty, Partner Re, Q Re, SCOR, Sirius, Swiss Re, Talbot, Travelers, XL Re Europe, several Lloyd's syndicates.

The accident and health reinsurance contract, part of comprehensive mortgage insurance was entered on an excess of loss basis and has a limit of USD 3 mln per risk or event, and USD 11 mln per event (catastrophic loss coverage). Munich Re is the leading reinsurer; the parties include renowned international reinsurers VIG Re, RGA, AWAC, GIC.

The contract for reinsurance of third-party and professional liability was entered on an excess of loss basis with a limit of USD 20 mln for third-party liability (for operating organizations and owners of hydraulic structures it can be increased up to USD 30 mln) and USD 15 mln for professional liability (with the possibility to increase it, in certain cases, up to USD 20 mln). The leading reinsurer is Partner Re; the parties include Hannover Re, Deutsche Rueck, Odyssey Re, VIG Re and other companies.

Earlier this year the company entered into a new contract for compulsory harvest reinsurance on the Stop Loss basis with a 400% limit for coverage of the portfolio of these risks against catastrophic losses (drought, frost, hail damage etc.). The contract covers spring and winter crops of 2010 and includes perennial crops. The leading reinsurer is Swiss Re; the parties include Hannover Re, Transatlantic Re, Polish Re.