The agreement, NJ PURE said, will strengthen its position in the industry.
“All of our policyholders may now take added comfort in knowing that NJ PURE has the financial support of Gen Re and the billions of dollars in assets behind it,” Eric S. Poe, a principal of NJ PURE’s management company and chief litigation officer of NJ PURE, said. “The NJ PURE management team’s long history of successful insurance operations in New Jersey was the primary driver behind the new agreement. Further, NJ PURE’s reputation as a physician advocate and its record of fighting aggressively against frivolous medical malpractice lawsuits also contributed to forming this partnership.
“By backing NJ PURE up to 70% of our future exposures up to our policy limits, we believe Gen Re’s commitment to us is a testament to our long-term business model and its viability into the future.”