Traditional insurance market concept of reinsurance is where an insurer transfers large or catastrophic losses to another insurer or group of insurers (the reinsurer) to reduce the insurer’s exposure to risk.
The TMF’s reinsurance program is a financial support mechanism that transfers the impact of large claims or large losses away from the NSW Government and into the commercial insurance market.
By splitting the insurance risk by lines of business, reinsurance is not only more affordable but enables reinsurers to provide insurance protection in their specialist area while accepting a percentage share of the total risk in line with their risk appetite.
The TMF reinsurance program includes workers compensation, property, fine arts, cyber, marine, aviation, medical malpractice, general liability and terrorism. Reinsurance of the TMF does not have an impact on cover agencies receive from TMF via the TMF Statement of Cover.
Our reinsurance provider
Reinsurance service providers are selected via a competitive public tender process.
The reinsurance service provider for the contract period commencing January 2014 and finishing January 2019 is JLT Re.
The reinsurance program is renewed annually on 30 June and supported by underwriters operating in Australian, London and Singapore based insurance markets.
JLT Re is part of the Jardine Lloyd Thompson Group, one of the world’s largest suppliers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The JLT Group is listed on the London Stock Exchange and operates in 30 locations worldwide.