How State Farm cashed in on a crisis | HeraldTribune.com: "The conduit for this back-door insurance is DaVinci Reinsurance Ltd., an offshore company with no physical office or employees of its own that sells policies to insurers to cover their storm losses.
The virtual corporation was launched in 2001 by State Farm and a Bermuda reinsurer with which it has close ties.
State Farm provided $200 million in seed capital. Its partner, RenaissanceRe Holdings Ltd., took on management and the recruitment of other investors."
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