US ICMIF member American Agricultural Insurance Company (AAIC), one of the top reinsurers in the United States, announced that it is now authorized to reinsure risks based in Argentina and Colombia through the broker marketplace. The company has been named an Admitted Foreign Reinsurer in Argentina and an Approved Reinsurer in Colombia, where it is listed with the Foreign Reinsurers Registration (REACOEX).
Like many mutual insurers in Argentina and Colombia, AAIC is a member of the International Cooperative and Mutual Insurance Federation (ICMIF). The company also belongs to ICMIF’s Latin American Association for Reinsurance Education (LARG).
AAIC was founded in 1948 as a direct reinsurer for the U.S.-based Farm Bureau® insurance companies, but in the past two decades, a growing portion of its business has come from participation in U.S. and international reinsurance programs through the broker marketplace. In 2018, nearly 40 percent of the company’s net earned premium came from its Broker Assumed operation, with approximately 25 percent of that portfolio from international business.
“At AAIC, our vision is to be an internationally recognized leader in the management of insurance risk,” said Janet Katz, Executive Vice President and CEO of AAIC. “These new authorizations in Argentina and Colombia will allow us to continue making strides toward that vision as we further diversify and grow our business.”