Consumers are not able to purchase insurance plans directly from Praetorian Insurance Company, since the company was launched as Praetorian Financial Group and then sold to QBE Insurance Group of Australia in 2006, reports Hannover Re. The company is a specialty insurance underwriter and reinsurer.Continue Reading
Praetorian Insurance Company underwrites the renters insurance that is offered by QBE First, notes the company website. QBE Insurance Group is the ultimate parent organization of Praetorian Insurance Company, according to the A.M. Best Ratings & Criteria Center. The parent group overall is given a financial strength rating of "A" and a long-term credit issuer rating of "a," as of Jan. 2015 ratings.
Prior to merging with Redland Insurance Company and becoming part of Praetorian Financial Group, the company operated as the Insurance Corporation of Hannover, which operated as a subsidiary of German company Hannover Re, according to Hannover Re. Praetorian Insurance Company operates under the North American division of its parent corporation, QBE Insurance Group, according to the company website.
As a reinsurance company, QBE and subsidiaries provide insurance to other insurance companies. The practice of reinsurance spreads or transfers specific risks to other insurance companies, so one company does not suffer the entire loss, explains Investopedia.Learn more about Insurance