Cedar Hamilton to Start Binding Coverage; AM Best Announces Ratings for Cedar Hamilton and NEIL
We are pleased to announce that Cedar Hamilton Limited will begin binding coverage effective April 1, 2021. We thank the team involved in establishing Cedar Hamilton within a relatively short time frame. As a result of everyone’s efforts Cedar Hamilton has been approved and licensed by the Bermuda Monetary Authority as a Class 3 Insurer; approved by the National Association of Insurance Commissioners (NAIC) to be included in the its Quarterly List of Alien Insurers for April 1, 2021; and received a Financial Strength Rating (FSR) of “A” (Excellent) and a Long Term Issuer Credit Rating (ICR) of “a+” from AM Best. Click to see the AM Best Press Release.
Cedar Hamilton’s initial authorized lines of coverage will be property (Including builders’ risk), cyber and excess liability, and coverage will be provided on a surplus & excess lines basis. NEIL Overseas will continue to support the conventional insurance needs of our Members in the E.U.
We established Cedar Hamilton to provide our Members with an independent, stable source of direct capacity to support their evolving insurance needs. Our Specialty Underwriting Team looks forward to working with our Members, and their Surplus Lines brokers, as we transition the Members’ conventional business from NEIL to Cedar Hamilton throughout 2021, and further develop Cedar Hamilton’s book of business moving forward.
As part of its annual review, AM Best also affirmed NEIL’s FSR rating of “A” (Excellent) and ICR of “a+”, with a rating outlook of stable.
NEIL 2021 Annual Policyholder Meeting will be Virtual
It is with regret we announce that NEIL’s 2021 Annual Policyholder Meeting, scheduled for June 9-11, 2021 in Las Vegas, Nevada will now be held as a virtual meeting, instead of in person. This decision has been made after careful consideration of the ongoing challenges associated with the Covid-19 pandemic and our priority to ensure the safety of our Members, Staff, industry partners, and guests. We are developing and will issue a modified agenda for the virtual meeting sessions for the Annual General Meeting, to include matters that need to be voted upon by the Members, and one or more general sessions associated with the Policyholder portion of the program. The Advisory Committee meetings typically scheduled for the day after the APM will also be held virtually. We will separately communicate with the individuals invited to attend those meetings regarding planning.
Our 2022 Annual Policyholder Meeting is scheduled for June 8-10, 2022 in Orlando, Florida. Additional details will be provided in the coming months.
We will continue to provide timely updated communications regarding NEIL operations as warranted, but if you have any questions regarding any matter, please contact a member of your Service Delivery Team or your primary point of contact at NEIL.
We hope everyone remains safe and healthy.
NEIL believes nuclear power is a vital energy solution. We enable nuclear power by embracing mutuality and pursuing excellence in insurance and loss prevention.
We fulfill our continuing core responsibility of insuring our Members' nuclear risks by:
- Maintaining the financial strength to cover two full-limit losses.
- Promoting industry risk-management and safety practices.
- Providing value and equitable treatment.
- Prudently pursuing opportunities that serve the Membership.
Consistent with the principles of a mutual insurance company, our employees and Board of Directors strive to meet our Members' evolving needs and represent the interests of all Members by treating them fairly and equitably in matters of the Company, including financial dealings and Member representation.
The Company, its employees, and members of the Board of Directors will treat each other, and all others with whom we interact, with respect, honesty and fairness. We will maintain the highest ethical and professional standards in all areas of our business and respect the confidential and proprietary information of our Members.
We will maintain our financial strength through sound strategic planning, prudent investments, a disciplined financial decision process and demonstrated financial accountability. We will maintain our personnel strength by creating an environment that encourages employee initiative and diversity among individuals, and enables each employee to perform successfully and grow professionally.
Excellence requires personal commitment on the part of each individual involved with NEIL and we pursue this through a proactive approach to all aspects of our business. Each employee commits to achieve excellence and to respect the Company and each other in all matters.
We will foster teamwork with our Members and business partners by effective communications and by seeking their participation on matters affecting the Company. We are also committed to being responsible and active members of our community, and will team with others to build a strong community that produces a positive environment beneficial to businesses and individuals.