Security America RRG Announces Switch to Lloyd’s of London for Its Reinsurance
Change represents an increase in financial strength and the lowering of
excess and umbrella insurance rates.
Greenwood Village, Colo. – January 20, 2010 Security America RRG, a leading insurance company serving the electronic life safety, security, and integrated systems industry, announced that Lloyd’s of London has been named the reinsurer for its primary and excess insurance. The contract between the two companies went into effect January 1, 2010.
Faraday Syndicate 435 at Lloyd’s is the lead reinsurer on the new program. Faraday is part of General Re Corporation and is a wholly owned subsidiary of Berkshire Hathaway, both "A” rated by A.M. Best. This, combined with the fact that Lloyd’s itself is "A” rated, provides Security America RRG’s policyholders with exceptionally strong financial security.
The terms of the agreement allow Security America RRG to offer lower rates for its excess and umbrella programs. The reduced rates went into effect January 1, 2010.
"The switch in reinsurance to Lloyd’s of London represents a milestone in Security America’s continued growth,” said Cecil Hogan, President of Security America RRG. "Not only are we able to offer our policyholders backing from one of the strongest and most well-respected insurance companies in the business, we are also able to lower the premiums for our popular umbrella and excess policies. This is a significant and highly positive development for our company.”
Security America Risk Retention Group (RRG) is an insurance company developed by the Electronic Security Association (ESA), managed by Marsh Insurance and administered through Beecher Carlson. Security America RRG was formed in 2003 to provide affordable and stable insurance coverage exclusively to ESA member companies. Domiciled in Vermont, Security America RRG is registered in all 50 U.S. states. For more information, call (866) 315-3838 or visit www.securityamericarrg.com.
Formerly the NBFAA, the Electronic Security Association (ESA) is the largest and longest established trade association representing the electronic life safety and security industry. Member companies install, integrate and monitor intrusion and fire detection, video surveillance and electronic access control systems for commercial, residential, industrial and governmental clients. In cooperation with an alliance of chapter associations, ESA provides technical and management training, government advocacy and delivers information, advice, tools, and services that members use to grow their businesses and prosper. ESA may be reached at (888) 447-1689 or on the Web at www.alarm.org.