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National General enters into reinsurance agreements for auto, homeowners biz

National General Holdings Corp. has entered into reinsurance agreements for its auto and homeowners lines of business, according to a quarterly regulatory filing.

In its auto line, the company entered into a quota share agreement with an unnamed, unaffiliated third-party reinsurer. National General ceded 15% of net liability under auto policies in force as of July 1. The effective date applies to new and renewal policies issued during the two-year term of the agreement.

Under the terms, the company receives a 31.2% provisional ceding commission on premiums ceded to the reinsurer during the term, subject to a sliding-scale adjustment to a maximum of 32.8% if the loss ratio for the reinsured business is 63.4% or less, and a minimum of 29.6% if the loss ratio is 66.6% or higher.

The liability of the reinsurer is capped at $5,000 per risk or $70,000 per event. The cession may be increased, under certain conditions, up to a maximum cession of 20%.

In its homeowners line, the company entered into a quota share agreement with an unnamed, unaffiliated third-party reinsurer. National General ceded 29.6% of net liability under homeowners policies, including lender-placed property policies in force as of July 1. The effective date applies to new and renewal policies issued during the two-year term of the agreement.

Under the agreement, the company receives a 42.5% ceding commission on premiums ceded to the reinsurers during the term. The liability of the reinsurers is capped at $5,000 per risk or $70,000 per event.