Anthony Ruggeri of Berlin, NJ, manages the insurance claims of Armour Risk Management Limited. In addition, Anthony Ruggeri of NJ is responsible for negotiating settlements and coordinating claim reviews on behalf of the insurance and reinsurance company.
In insurance plans, the money that pays for one client comes from a collective pool created by combining premiums from multiple clients. In the event of a major accident or natural disaster, the combined claim amounts an insurance company must pay can exceed the total premium amount it has collected. When this happens, the insurance company cannot fulfill client claims without going bankrupt or shutting down.
Reinsurance, an insurance policy for insurance companies, prevents this from happening. Most companies can purchase one of two basic types of reinsurance: treaty or facultative. Treaty reinsurance plans cover a share of the policies that the insurance company has issued, while facultative reinsurance covers policies excluded from treaty reinsurance, such as policies that protect against specific risk factors.
