The IRUA is a not-for-profit 501c(6) corporation, organized for the purposes of reinsurance education & training; networking; and the dissemination of information relevant to the property & casualty reinsurance industry. Through its Scholars program, the IRUA also acts as a conduit for its members and academic institutions in talent recognition. The IRUA does not speak on behalf of its membership on industry issues nor does it engage in lobbying.
IRUA’s Four Core Services Are:
Education, Training & Networking – Multiple education events are held throughout the year with a combination of full and half-day programs, lunch & learns and webinar events covering claims and/or underwriting and/or career-enhancing topics and are open to members and non-members. Additionally, and in furtherance of ongoing industry professional education, the IRUA was an initial financial supporter and provided technical assistance in the development of the Associate in Reinsurance (ARe) Designation Program through the Insurance Institute of America.
Annual Conference – The Annual Conference features hot topic presentations and Executive Roundtable sessions. It is held in the Spring each year in conjunction with the Annual Meeting of Members which includes the annual election of officers and directors.
Scholars Program – Scholarship awards are available and distributed each year to member company interns whose submission was selected as a winning insurance/reinsurance themed essays. All award monies are disbursed based on the recommendations of the Scholars Committee comprised of member company representatives.
Knowledge and Information – In addition to the knowledge gained through its Education and Conference programs, IRUA disseminates pertinent and timely information through its Newsletter, emailed out every two weeks, and the Journal of Reinsurance. The JOR is an e-magazine and published multiple times each year. Articles and papers cover such relevant topics as underwriting risk & exposures, current and emerging risks; best practices such as modeling & actuarial analysis; claims trends, developments & practices; regulatory & legal issues and developments and other areas of interest to reinsurance practitioners. A benefit of membership is that IRUA members have online access to the archives of the JOR comprised of over 400 articles spanning almost the last 30 years.
Membership – There are Two Classes of Membership: Regular and Individual.
Regular Membership – Regular member companies are engaged in the assumption, placement or purchase of property/casualty treaty reinsurance. A regular corporate membership includes other related corporate entities subject to the same management and/or reporting protocols.
Individual Membership: Individual memberships are geared to consultants, attorneys, academics, arbitrators, accountants and other interested practitioners. Individual members may not serve as officers of the IRUA.
IRUA’s Chronological History
1967 – IRU was initially founded by seven assuming reinsurance entities in the Midwest and loosely termed “Midwest Reinsurance Underwriters”. Several meetings were held during the year to discuss areas of mutual interest and this evolved into the more formal Midwest Reinsurance Conference.
1971 – IRU’s constitution and bylaws were adopted and the name changed to Independent Reinsurance Underwriters.
1986 – IRU was incorporated as the Independent Reinsurance Underwriters Association, Inc.
1988 – In 1988, the first Internship program for college juniors and seniors was launched.
1993 – The Journal of Reinsurance was first published as a regularly issued technical journal. The first article addressed treatise on the Aggregate Extension Clause reprints of which are still requested from time to time today.
1995 – IRU’s regular membership extended to reinsurance intermediaries.
1996 – In 1996, the IRU changed its name to the Intermediary & Reinsurance Underwriters Association, Inc.
1998 – The legal name of the Association changed to IRU, Inc.
2002 – Membership was extended to ceding insurers.
2015 –In 2015, the internship program was revamped as the Scholars program. The short form moniker was changed from “IRU’ to “IRUA” as part of a re-branding.
2017 –A new membership class of Individual Members was introduced.
2017 – A new 50% discount was introduced to regular corporate memberships for smaller entities, both risk-bearing and intermediaries.
2017 – In 2017, the Association celebrated its 50th Anniversary at its Annual Members Meeting & Conference.
The full list of conferences and educational seminars and workshops may be found under the “Events” drop-down tab on the home page.
All IRUA meetings and events are conducted in accordance with the IRUA’s Anti-Trust Policy, which may be accessed at the foot of the homepage.