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COMPANIES The Lloyd's market, or Lloyd's of London as some people still call it, is a unique insurance provider located in London, England. It has a history spanning over 300 years. Lloyd's has 66 separate underwriting syndicates, covering all classes of business in over 60 territories worldwide. Choosing to place business at Lloyd's ensures access to the variety and wealth of experience necessary to provide truly innovative solutions to individual insurance requirements.
The level of risk the insureds are looking to transfer, means that they need a carrier who has the size to compete. Lloyd's offers the benefits of a subscription market and the backing of the total resources of 15.32 billion pounds sterling or US $24.51 billion dollars at $1.60 to the pound exchange rate. As a broker or an insured, the security and capital adequacy of an insurer is of supreme importance. All policies issued by any Lloyd's syndicate have been endorsed by the top insurance rating agencies. In 1999, Lloyd's security was further strengthened through a five year agreement to insure the Lloyd's Central Fund. This is a huge vote of confidence by six of the world's top insurers to rebuild the strength of Lloyd's. The insurance agreement was also welcomed by two major agencies; Standard and Poors confirmed its previous financial strength rating of "A+" while A.M. Best affirmed it's "A" (excellent) rating. Morgan-White Administrators International administers the following international policies through the Worldwide Medical Trust, which is underwritten by Certain Underwriters at Lloyd's:
For a complete list of all international policies offered by The Worldwide Medical Trust, please see our International Products Page. AmFirst Insurance Company Ltd.
Prior to 2005 all of the international policies administered by Morgan-White Administrators International, Inc. were issued by AmFirst Insurance Company, which is domiciled in Oklahoma City, Oklahoma in the United States. AmFirst Insurance Company in the U.S. is licensed as a property and casualty company with a health and accident license. This property and casualty license did not allow the company to market or sell life insurance. It also prevented policyholders from keeping their policies should they move temporarily to the United States. Based on these advantages, the Board of Directors of AmFirst Holdings, Inc., made the decision to form AmFirst Insurance Company, Ltd. The reinsurers providing the additional financial security for AmFirst Ltd., are the same reinsurers that provided the security for AmFirst in Oklahoma (Certain Underwriters at Lloyd’s, London). AmFirst Insurance Company, Ltd. is a wholly owned subsidiary of AmFirst Holdings, Inc., a Mississippi insurance holding company. AmFirst Holdings, Inc. owns AmFirst Insurance Company of Oklahoma and AFIC Administrators, Inc. an Oklahoma based third party administrator. AmFirst Insurance Company, Ltd. began operations on January 1, 2005 by
selling Kidnap and Ransom insurance and began selling medical policies
on May 1, 2005. We are proud to announce that the operations of AmFirst Insurance Company,
Ltd. are profitable. On December 31, 2005, all of the international policies of AmFirst Insurance Company of Oklahoma have been assumed by AmFirst Insurance Company, Ltd. of Bermuda. Beginning in January of 2006, the new international policies which will be sold by AmFirst Insurance Company, Ltd. are:
For a complete list of all international policies offered by AmFirst Insurance Company, Ltd., please see our International Products Page.
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AmFirst
Insurance Company, Ltd. was approved for a license by the Ministry of
Finance of Bermuda to begin business on January 1, 2005 to write life
and medical policies in Latin America and the Caribbean. This was done
after an approval process and recommendation by the Bermuda Monetary Authority.
Bermuda is now recognized as the one of the top insurance domiciles outside
of the United States.