Chicago-based Attorneys’ Title Guaranty Fund, Inc. (ATG) has become the tenth member of the American Title Reinsurance Alliance (ATRA). ATRA secures reinsurance coverage via eight A through A+ rated Lloyds of London syndicates led by the Beazley syndicate. ATRA was formed in January 2012 to provide a secure source of reinsurance for large transactions for regional title insurers. The ATRA arrangement gives ATG the ability to insure transactions up to $500 million with the backing of the top title reinsurance syndicates in London.
“On behalf of ATG and its agents and insureds, we are pleased to have established this relationship with the venerable Lloyd’s of London. This alliance strengthens our position, enhances our ability to compete for large-value real estate transactions and allows ATG to provide significant savings to our customers. By maintaining a conservative primary retention on each policy and ceding risks to the syndicates for larger transactions, ATG provides its insureds with unparalleled financial protection,” said Peter J. Birnbaum, ATG’s president and CEO.
Chicago insurance brokerage firm Thompson Flanagan played a pivotal role in bringing the parties together. The firm provides insurance and reinsurance solutions for the title industry, which requires specialized knowledge given its unique exposures.
