ECR Ratio definition

ECR Ratio has the meaning set forth in Section 3.7(b).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

ECR Ratio means the Reinsurer’s available statutory economic capital and surplus as a percentage of its enhanced capital requirement under the Bermuda Insurance Act or the equivalent measure at the applicable date of determination as determined under the applicable Law of the Reinsurer’s jurisdiction of domicile then in effect and using the Reinsurer’s existing methodologies in respect of the calculation thereof and (ii) the term “RBC Ratio” means the Reinsurer’s company action level risk based capital ratio or the equivalent measure at the applicable date of determination, as determined using the Reinsurer’s methodologies used to calculate the Reinsurer’s RBC Ratio as publicly disclosed by Athene Holding Ltd. in its annual Form 10-K for the immediately preceding calendar year.

ECR Ratio means, for any Affiliate Retrocessionaire domiciled in Bermuda, as of any calendar quarter end, its available statutory economic capital and surplus as a percentage of its enhanced capital requirement under the Bermuda Insurance Act.

Examples of ECR Ratio in a sentence

Without limiting the foregoing, upon the reasonable request of the Ceding Company, the Reinsurer shall also provide the Ceding Company with a report setting forth the Reinsurer’s estimate of its ECR Ratio as of any applicable month end.
If the Reinsurer’s overall ECR Ratio, after taking account of the Overall Diversification Benefit, falls below the Dividend Restriction Threshold Percentage, the Reinsurer shall not declare, set aside or pay any dividend or other distribution or make any return of capital in respect of any equity interest in the Reinsurer or any of its Subsidiaries (including any repurchase of equity), until such ECR Ratio recovers to 150% or greater for a period of 90 consecutive days.
In addition, the Reinsurer will provide immediate written notice to the Ceding Company in the event that (i) the Reinsurer’s ECR Ratio in respect of its Long-Term Business Account, after taking account of the Long-Term Business Account Diversification Benefit, falls below 145% or (ii) to the Reinsurer’s knowledge, the occurrence of a Recapture Triggering Event pursuant to clause (ii) of the definition of such term is reasonably likely to occur.
In addition, the Reinsurer will provide immediate written notice to the Ceding Company in the event that (i) the Reinsurer’s ECR Ratio in respect of its Long-Term Business Account, after taking account of the Long-Term Business Account Diversification Benefit, falls below [***]% or (ii) to the Reinsurer’s knowledge, the occurrence of a Recapture Triggering Event pursuant to clause (ii) of the definition of such term is reasonably likely to occur.

More Definitions of ECR Ratio

ECR Ratio shall have the meaning set forth in Section 10.05(a).

ECR Ratio means the Reinsurer’s Available Statutory Economic Capital and Surplus (as defined under the Insurance Act), as a percentage of its Enhanced Capital Requirement.