New reinsurer for Cornish Mutual

Cornish Mutual has signed a new reinsurance deal with Gloucestershire-based specialist insurer Ecclesiastical.

The arrangement allows the company to continue providing the highest levels of service and first-class products for its Members across Cornwall, Devon, Somerset and Dorset.

Reinsurance is the means by which an insurance company can protect itself with other insurance companies against the risk of large losses. Reinsurers essentially provide insurance to insurance companies.

Alan Goddard, Managing Director for Cornish Mutual commented: “We’re delighted with this new agreement - Ecclesiastical is a company with similar values and ethos to Cornish Mutual.  A spin-off benefit of the deal is that we will be able to offer insurance for larger risks. As our Members’ interests diversify it is important that we have the capability to meet their greater insurance needs. This relationship allows us to do this”.

Underwriting Director at Ecclesiastical, Chris Lees, said: “We’re actively looking for opportunities where we can support insurance businesses such as Cornish Mutual. The company brand and ethos has to be right of course but this is why we believe the support we are offering Cornish Mutual is such a good fit.  We have already established a good working relationship with the company that will not only benefit us but Cornish Mutual and its customers too.”