Novea has selected Madison Re I.I. to reinsure its pure captive Jacana Insurance.
Madison Re I.I., a protected cell company domiciled in Puerto Rico, offers reinsurance programmes for clients of Captive Alternatives.
The protected cell company focuses on serving US businesses, Puerto Rico businesses, and international businesses seeking risk management solutions and participatory reinsurance structures.
Novea develops the Jacana Warranty App, which offers extended warranty insurance coverage for various electronic based products, including smartphones, computers and appliances.
Jermaine McDonald, senior vice president of risk management for Novea, commented: “Having Jacana Insurance established as a wholly owned captive specialty insurance provider is an important aspect of Novea Inc.'s extended warranty business model.”
He added: “The choice of Madison Re II provides Jacana Insurance with structure and the necessary backstop required to build out the Jacana Warranty business."
