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AGENDA
Facultativ
e Reinsurance
Treaty
Reinsurance
Reinsurance
Programming
Reinsurance
Applicatio
ns
FACULTATIVE REINSURANCE
Overview
Uses Of Facultative Reinsurance
Advantages and Disadvantages Of Facultative
Good Practices In Facultative Reinsurance
Global Developments in Facultative
Overview – What Is Facultative Reinsurance?
Arrangement in which individual risks are offered by an insurer to a reinsurer, who has the right (in other words the “faculty”) to accept or reject each individual risk
Key issues
Oldest form of reinsurance. Optional reinsurance of individual risks.
Usage of facultative business to complement treaty reinsurances.
Involves cession of individual risks to reinsurers.
Cedents must provide all material facts
Reinsures considers risks on merits
Overview The facultative market
Buyers of Fac Reinsurance
Insurance Companies
Intermediaries
Reinsurance Brokers
Sellers Of Facultative Reinsurance
Professional Reinsurance Companies
OtherInsurance Companies
Overview – Types Of Facultative Reinsurance
Facultative
Proportional
Non ProportionalExcess of Loss
Stop Loss /Aggregate XL
Pro rata arrangements
Fixed portion of risk accepted
Premium and claims shared in the same proportions
“follow the fortunes”
Points to note
Errors ( calculations, account details)
Failure to secure cover
Non placement of business
Achieving system/filling
Communication with reinsurer
Non Proportional facultative
Reinsured chooses to retain the “First” or “Primary” part of the risk
Reinsurer charges lower premium than proportional percentage
Reinsured retains all claims up to the excess point
Premium is shared between deductible and limit of excess layer . Higher deductibles result in higher premium being retained.
TYPICAL FIRST LOSS SCALE% “First Loss” to Declared Full SI
Premium as a % of OG ( Cedant Share)
Premium as % of OG) R/I share
10% 54% 46%
20% 66% 34%
30% 75% 25%
40% 80% 20%
50% 83% 17%
60% 85% 15%
70% 87% 13%
80% 91% 9%
90% 95% 5%
Reasons for Placing Non Proportional Facultative
Where cedant intends to retain more premium
Where original rating is insufficient to attract reinsurance support proportionally.
Frequency of losses is high.
Large risks and risks in cat prone areas
The most effective way to reduce an insurers exposure in the least expensive way-removes volatility
Why Facultative Reinsurance?The traditional View
Additional Capacity
When reinsurance is not required on a regular basis e.g. space project.
When portfolio does not justify treaty ( few risks, little experience etc.)
Utilization of underwriting expertise
To protect treaty results- reduction of exposure on higher risk business.
Fronting
Excluded risks
Commercial Financial Strategic
Facultative Reinsurance TodayTo improve risk profile via carve out of particular perils, locations, or coverages to allow you to write a larger line, or help you become more price competitive
To gross up participation on a program you would like to write in order to take the lead on it
To remove a particular layer of exposure, such as the first layer in the event that the account has a loss frequency issue
To purchase a deductible buy-back, in the event that the deductibles do not meet underwriting standards, reinsurance could cover the gap and allow the account to be written
Managing volatility
Accessing attractively priced, flexible capital
Not tied to 12 month standard policy periods
To reduce reinsurance premium spend
To maintain or improve reinsurance protection
To achieve optimum cost of capital levels
To pursue growth opportunities
ADVANTAGES OF FACULTATIVE REINSURANCE
individual risk consideration
competitive edge
freedom to offer
improving treaty results
fac. reinsurer’s knowledge
developing relationship
DISADVANTAGES OF FACULTATIVE REINSURANCE
lack of certainty
labour intensive
disclosure
influence on underwriting
lack of control
Good Practices In Transacting Facultative Reinsurance
Maintain a cordial working relationship with reinsurers.
Involve reinsurers as early as possible on risks that will require Fac support( on complex risks invite quotes from reinsurers.)
Utilize the reinsurance technical support –engineers, agronomists, underwriters
Keep proper record of all facultative transactions
Properly record all reinsurance arrangements made. (especially verbal acceptances)
Good Practices In Transacting Facultative Reinsurance
Only confirm cover to client when reinsurance arrangements are complete.
Hold cover instructions to be sent and valid for 14days( market practice)
Confirm telephonic placements (e.g. through email)
Prepare slip and premium bordereau expeditiously.(24 hours) and get them duly signed by reinsurers.
GLOBAL Market overview
An interesting trend in the facultative market is the way independent facultative brokers have been able to compete very effectively on a global basis with much bigger rivals.
Independent yet well established brokers have been able to offer speed of delivery, agility and regional expertise, which are all key attributes in the facultative market, particularly at times when customers are expecting more for less.
GLOBAL Market overview The most striking observation about the facultative reinsurance
landscape has to be the emergence of two new hubs: Singapore and Dubai through the Dubai International Financial Centre (DIFC).
These two markets, which have focused initially on capturing business from their own regions, have begun to compete with the London market in the facultative arena.
GLOBAL Market overview
London still offer a better all-round service and expertise especially on wordings and claims issues but of late Dubai has attracted some major players, which also have a presence in the Lloyd’s and the London markets.
There is a growing trend towards globalization of facultative risk placement
It is mainly driven by tax considerations and operating costs as well as the flexibility of regulations at the DIFC as compared to its European counterparts.
African case In Nigeria and Morocco organizations seeking to insure large risks on a
facultative reinsurance basis must place a significant amount with the local insurance market—70 percent in Nigeria’s case.
Multinational corporations in those countries, such as those involved in the oil business, have argued that they would rather seek rated international capacity.
Global Developments Facultative Reinsurance
Advent of online reinsurance trading – Ereinsure and Inreon (Swiss & Munich Re)
Upsurge in non proportional placements/ Layering arrangements.
‘Rent a captive arrangements’
Multi-line reinsurance
Non Standard Risk modeling
TREATY REINSURANCE
Types Of Treaties and Their Uses
Q U O TAS H A R E
S U R P L U SS H A R E
F A C U L TA TIV EO B L IG A TO R Y
P R O P O R TIO N A L
P E R R IS K(P E R P O L IC Y )
P E R O C C U R E N C E(C A TA S TR O P H E )
A G G R E G A TEE X C E S S
X O L
TR E A TY R E IN S U R A N C E
Types Of Treaties & Their Uses
Proportional Reinsurance
Reinsures accepts a fixed share of liabilities assumed by a primary insurer under original contract of insurance . Reinsurer accepts the proportionate share of premium and pays a proportionate share of the claims costs.
Types Of Treaties & Their Uses
Quota Share Treaty
It is the simplest of all forms of reinsurance
The reinsure agrees to reinsure a fixed proportion of every risk accepted by the ceding company, sharing proportionately in all losses and receiving in return the same proportion of all direct premium, less the agreed reinsurance commission.
$1,000,000Primary Insurer Retention
Ceded to Reinsurer
$100,000
$0$100,000 policy $1,000,000 policy
20% 80%
20% 80%
QUOTA SHARE TREATY
$100,000$1,000,000Policy Policy
LimitsPrimary Insurer Retained Limit (20%) 20,000 200000Limit Ceded to Reinsurers (80%) 80,000 800,000
$10,000 LossRetained by Primary Insurer 2,000 2,000Ceded to Reinsurer 8,000 8,000
$50,000 LossRetained by Primary Insurer 10,000 10,000Ceded to Reinsurer 40,000 40,000
Types Of Treaties & Their Uses
Needs Met By Quota Share
• Ceding company can safely accept larger risks
• Reducing the risk when entering new geographical
• Areas or lines of business
• No adverse selection to reinsurers
• Entering or withdrawal from a line of business or
• Geographical area - lessens risk as you learn
• With 100% quota share you exit
• Simplicity In administration & accounting
• Provides Surplus Releif
Types Of Treaties & Their Uses
Other Uses For Quota Share Treaties
For classes of business where it is difficult to define a single risk e.g Crop hail insurance
For reducing a ceding company exposure under policies covering natural perils
For classes of business where the incidence and size losses are uncertain e.g liability business .
Types Of Treaties & Their Uses
Surplus Treaties
• Similar to quota share
The most commonly used
Arranged in lines
Reinsured reinsures that portion of a risk which exceeds its own retention limit.
The cedant can adopt varying retention limits depending on risks exposure
Types Of Treaties And Their Uses
Percentage shared depends on retention
The line varies by class of risk, construction, occupancy and protection
Capacity is expressed as number of lines subject to a maximum dollar amount
The maximum single risk capacity is equal to number of lines plus one
Number of lines and cession percentages vary by class of risk
Types Of Treaties And Their Uses
Operation Of Surplus Treaties Example
PRIMARY POLICY LIMIT RISK 1 100,000
RISK 2 500,000
RISK 3 1,000,000
MAXIMUM LINE 100,000 100,000 100,000
RETENTION FROM TABLE OF LIMITS
100,000 100,000 100,000
NUMBER OF LINES CEDED 0 4 5
LIMITS CEDED TO SURPLUS REINSURER
0 400,000 500,000
% OF LOSSES AND PREMIUM RETAINED BY INSURER
100 20 50
% OF LOSSES AND PREMIUMS CEDED TO REINSURER
0 80 50
Types Of Treaties & Their UsesSurplus Cessions By Class Of Risk
RISK POLICY LIMIT
INSURER’S RETENTION
NUMBER OF LINES
AMOUNT REINSURED
% CEDED
AMOUNT OVER TREATY LIMIT
A 85,000 20,000 3.25 65,000 76
- B
40,000 10,000 3.0 30,000 75 -
C 280,000 40,000 5.0 200,000 71 40,000
D 27,000 10,000 1.7 17,000 63
- E
25,000 30,000 - - - -
F 240,000 50,000 3.8 190,000 79
-
Types Of Treaties And Their Uses
Uses Of Surplus Treaties
Almost exclusively used to reinsure property and
Homeowners policies
For liability exposures, few of the insurer’s criteria for Setting retentions are acceptable to the reinsurer
Generally,this adverse selection does not occur with property
Insurance because the line guide addresses loss severity
Potential , not risk desirability
Types Of Treaties And Their Uses
Needs Met By Surplus Treaties
Increase capacity
Limit the retained risk on volatile lines of insurance
Reduce the risk when entering new geographical areas Or lines of business.
Limit the financial effect of large losses
Quota Share Vs Surplus Treaty
QUOTA SHARE SURPLUS SHARE
CESSION OBLIGATION OBLIGATORY FOR INSURER AND REINSURER
SAME
CESSION PERCENTAGE FIXED AND CERTAIN FOR EVERY RISK UNDER THE TREATY
VARIABLE FOR EACH RISK UNDER THE TREATY
CESSION LIMIT STATED AS A PERCENTAGE
STATED AS A NET RETENTION AMOUNT AND NUMBER OF LINES
SIZE OF RISKS SMALLER LARGE ,MORE COMPLEX
TYPE OF RISK CASUALTY AND SOME PROPERTY
ALMOST EXCLUSIVELY PROPERTY
ADMINISTRATION RELATIVELY EASY COMPLEX
Challenges of Proportional Treaties
Facultative inwards and Co-insurance
Capacity abuse
Tables of retentions
Adherence to treaty clause
manipulation of returns
Technical accounting issues
Cash call and cash call credits
accumulation challenges
Exgratia Settlements
Due to problems of proportional treaties, they have become less popular world over compared to Excess of loss treaties
Excess Of Loss Treaties In return of an agreed premium ,the reinsurer
accepts to pay losses incurred by the cedant reinsured in excess of the agreed amount subject to an upper limit .
• The reinsured decides upon a monetary limit which he is prepared to retain in a given loss situation - known as the priority, point or attachment point or deductible
Excess Of Loss Treaties Continued Characteristics
• Risks are not ceded to an XL
• Simple to administer
• Pricing of XL treaty/no direct relationship with original rating
• Placed in layers
Excess Of Loss Treaties Continued
Per Risk XL
For liability it is called per policy XL
Stabilizes insurers loss ratio
Per Event XL
Catastrophe XL for Property/ per occurrence XL for liability
Severity protection
2 risk warranty
Hours Clause
Advantages Of Excess Of Loss Treaties
Cedant gets only required protection
Low administration cost
The ceding company retains for its own account higher proportion of its gross premium income
AGGREGATE EXCESS OF LOSS TREATIES
Stop loss protects the insurer against its aggregate annual loss experience on a particular account
Under this kind of cover, the limit and retention are expressed as percentage of incurred losses with monetary limit.
E.G 120% of incurred losses xs 65% of incurred losses on GNPI subject to a maximum of USD 950,000.
Very effective in stabilizing a primary Insurer’s net results
XL Treaties: Financial Implications for ceding company
Premium outgo in advance or quarterly installments, enables cash flow planning.
Many times claims free experience.
Catastrophe claims develop over long time, hence reserves need to be estimated correctly to show the true picture in the accounts.
Credit risk exists as there is substantial time gap between premium payment and claim recovery.
Less cash outgo in comparison to Proportional reinsurance.
Stabilizes the reinsurance results and solvency ratio.
XL Treaties: Financial Implications for Reinsurers
Definite cash inflow in the form of M & D Premiums. However efficient system control required to monitor the inflow.
In case claims free experience, 100% profit.
When claim arises, the cash outflow is comparatively more.
Premium generated through XL acceptances is lesser than Proportional acceptances.
Need to maintain enough liquidity for any big claim.
Additional provisioning made in the form of IBNR.
Challenges of Non-Proportional Treaty Reinsurance
New insurance companies do not find this method profitable and advisable as only a strong Balance sheet can provide the capacity of bearing the claims up to certain limit.
Reinsurance costs go up due to catastrophe events, which do not directly relate to the claim experience of buyer of such protection.
Difficult to assess the exact applicable rate. Use of complex financial models.
Takes long time for claim recovery, hence in case of claim, account need to be serviced for many years and documentation is involved
Challenges of Non-Proportional Treaties
Delays in settlement of MDPs
Treaty adjustments
Exhaustion of Cover
In accurate claim recovery calculations
• reinstatement premium
Reinsurance Programming
Reinsurance Programme Objectives
• Aligning to corporate needs (Growth?,Consolidation? Exit?)
• Efficiency
• Stability
• Cost effectiveness
• Administrative simplicity
• Continuity
Reinsurance Programming
Reinsurance programming objectives
Factors affecting reinsurance decisions
Information requirements
The programming process
Choosing reinsurance counter-parties
Role of intermediaries
Reinsurance Programming Reinsurance Programming refers to the planning and arrangement of
reinsurance facilities for future risks.
The Major tenets of reinsurance programming are as below:-
Fixing RetentionsCreation Of Automatic Capacity
Arranging Protection For net account
Reinsurance Programming
Important Considerations
• A reinsurance programme is a strategic issue and therefore there is need for liaison with the different functions in the business e.g. get the input of marketing, finance, technical etc.
• A good programme should give a good chance for the reinsurer and the cedant to make a profit.
• Reinsurance is a cost every dollar of reinsurance paid contains an element of profit for the reinsurer.
Reinsurance Programming
Important Considerations
• A reinsurance programme should be set with long term considerations in mind. Do not be overly motivated by short term issues.
• Reinsurance programme cannot correct poor underwriting, general management or poor investment performance.
Reinsurance Programming
A Good Reinsurance Programme should meet the following criteria:-
• Provide the company with a large enough capacity to write business and enable it to maximise its retention.
• The reinsurance costs should be reasonable
• Reinsurers should be financially strong
• Other business considerations like continuity, a mutually compatible business philosophy with reinsurance partners and a good relationship with counter parties.
• A reinsurance programme should be technically viable, stable and administratively simple.
• It should Provide reinsurers as fair a chance of making a profit as the ceding company.
Reinsurance Programming
Input required For Reinsurance Programming
• Company Strategy
• Risk and Loss Profiles
• Financial Information (Balance Sheet, income statements etc
• Financial projections
• An understanding of prevailing insurance and reinsurance market conditions.
• The investment strategy
• Underwriting philosophy of the business
• Risk appetite of the company.
Reinsurance Programming
A good programme should be tailored to a ceding company’s corporate needs without having to adapt underwriting policy to match reinsurance availability.
The cheapest reinsurance programme is not neccesarily the best for the business.
Reinsurance Programming
Steps In Reinsurance Programming
Determine Net Retention
Limits(For each class, type of risk
and Per event
Develop maximum
automatic facility ( Through proper mix of Prop, non
prop and autofac .
Select Good Intermediaries and Security.
Reinsurance Programming
Risk Retention
Amount a company is willing to put at stake for its own account when underwriting a single risk or group of risks.
Loss Retention
Maximum amount a company is prepared to pay on any loss affecting a policy, risk or group of risks
Reinsurance Programming
Factors Affecting Net Retentions
• Premium volumes
• Portfolio structure
• Liquid assets
• Market conditions
• Regulatory requirements (e.g. solvency requirements and retention requirements)
• Estmated premium,profits and investment income
• Financial position – Capital + Free reserves(Shareholders funds)
• Cost of Reinsurance
• Risk and Loss Profiles
Reinsurance Programming
Fixing Retentions
Types Of Retentions
Risk Retention
Loss retention
Reinsurance Programming
Fixing Retentions Empirical Rules
Measure Empirical Rule
Net Retention as % of Shareholder Funds
1% to maximum 5%
Loss retention as a percentage of liquid assets
1% to maximum 10%
Loss retention as % of liquid assets <20% in the company’s most important class of business
Per risk loss Retention 2 – 5% of ENPI (Class)&/or1 to 3% of shareholder funds
Cat Loss Retention 5 – 10% of ENPI (Class)
Reinsurance Programming It is important to note that these parameters are not used in isolation
but are combined in order to generate a range from which management can decide based on risk appetite.
As an example the following information for XYZ Insurance company is available. Using this information decide at what level the company can set its per risk retention based on empirical rules of thumb.
Reinsurance Programming
Assets (US$)
Fixed Assets 900,000
Long Term Investments 200,000
Other Current Assets 700,000
Cash & Cash Equivalents 600,000
Total Assets 2,400,000
Equity & Liabilities
Share Capital 1,000,000
Retained Income 500,000
Current Liabilities 500,000
Non Current Liabilities 400,000
Total Equity & Liabilities 2,400,000
Reinsurance Programming
Measure Calculation Retention Range
Shareholder Funds Min $1,500,000 X 1%Max $1,500,000 X 5%
$15,000 – 75,000
Liquid Assets Min 1% X $600,000Max 10% X 600,000
$6,000 – 60,000
Reinsurance Programming
Selecting Retention Levels
An Insurance company is faced with the challenge of setting retentions at the following levels.
Per Risk •Net Sum Insured Retention Per Risk
Per Area •The aggregate sum insured retention per conflagration area or catastrophe peril exposure zone
Per Event •The net Loss Retention to Bear under the net account catastrophe cover protection
Reinsurance Programming
Maximum Risk Retention (Usd millions) A
Net Retained Premium (USD millions) B
Ratio A:B
1,000 40,000 1:40
2,000 75,000 1:37.5
3,000 100,000 1:33.3
4,000 115,000 1:29
5,000 110,000 1:22
10,000 140,000 1:14
Reinsurance Programming
Fixing Retention
• In fixing the net retention it is imperative that one determines the optimal level and not necessarily the maximum level.
• The example below illustrates the point aptly
• The table shows the net retained premium at different maximum sum insured retentions as extrapolated from the company’s risk profile.
Reinsurance Programming
1000
2000
3000
4000
5000
6000
7000
8000
9000
1000
00
20000
40000
60000
80000
100000
120000
140000
160000
Net Retained
Net Retained
Reinsurance Programming
As evidenced above with successive increases in retention the retained premium response diminishes.
In fact the balance on the retained portfolio deteriorates as the risk retention level increases.
Thus in the above example even if the business has a capacity to carry a retention of up to $5,000,000 say, it may peg it at the more optimal level of $3,000,000 and thus maintain a more balanced portfolio in line with its internal benchmarks.
Reinsurance Programming
Developments In retentions management
• Insurance companies often develop retentions further by developing schedules of retentions so that retentions are further optimised. Factors influencing schedule of retentions include location, separation, processes carried out ,class of construction and fire protection structures.
Reinsurance Programming
Creation Of Automatic Capacity
• The operation of the various proportional treaties and their uses have already been expounded on above.
• There are however other considerations that a ceding company has to contend with in finalising proportional reinsurance arrangements. These include the commission terms. Commission terms over time are dictated by the long term profitability of the treaty.
Reinsurance Programming
Protecting The Net Account
• The net account needs to be protected on a per loss basis as well as on a per event basis, in certain instances protection on an aggregate basis is also required.
• This is done through working excess of loss covers and catastrophe excess of loss covers and stop loss covers respectively.
Reinsurance Programming• While the amount of working excess of loss required is often
straightforward ceding companies are often faced with the problem of determining the optimal catastrophe cover to buy.
• A technical assessment of the extent of cover necessary and the proper rate for the covers requires a wealth of data
Reinsurance Programming
Catastrophe protection is designed by considering the extent of conflagration hazard to risks in the portfolio. With advances in ICT it is possible to accurately calculate the aggregate net exposure within each conflagration area.
For natural catastrophes the problem is more difficult to visualise. Cedants must decide which areas can be considered to be exposed to one event.
Reinsurance Programming Additional to Catastrophe cover it has also become
imperative in light of the use of PMLs for reinsurance arrangements to ensure that cover can also adequately cover losses due to PML error.
In this regard it is common therefore in the layering of excess of loss treaties to incorporate a layer catering for this ahead of the catastrophe layers.
In areas not normally prone to catastrophe attacks preparation for this cover can be done by estimating the number of risks that can be affected by one event e.g. catastrophe cover with a value of 10 times the per risk cover.
Reinsurance Programming• As part of the reinsurance design process the decision on whether to
use an intermediary or not needs to be addressed. An insurance company has an option to approach markets directly or to go via a reinsurance broker.
• It is recommended to use reinsurance broker especially where the programme has a fairly wide geographical spread.
Reinsurance Programming Good brokers provide the following benefits:-
– Regular flow of marketing intelligence about markets dealt with.
– Track the financial position of markets dealt with.
– They are able to handle tough negotiations on behalf of both parties.
– However brokers also add a cost to the portfolio and affect its profitability.
Reinsurance Programming
Programme Finalisation Issues to Bear In Mind
• In spite of ensuring technical viability advantage should be taken of market conditions .E.g. in soft market conditions. However where the market terms harden this should also be taken gracefully. Also importantly watch out for new brokers coming with lower than current terms from other markets. This could be due to lack of market knowledge and penetration strategies.This is unstable and defeats the long term objective of treaties. Switching reinsurers compromises goodwill and results in loss of the reserves built up with existing reinsurers.
• Terms and structure should be under constant review. Company should collate andanalyse data on their portfolio structure . This allows for data driven and tailor made programme.
Reinsurance Programming
• A good programme should progressively increased self reliance in the company and progressively increase retention. Even for special classes with time efforts should be made to secure greater freedom.
• Communication of the programme. Ensure the whole company especially underwriters are comfortable and understand how to use programme. Especially familiarity with limits, exclusions and conditions.
Counter-Party Analysis
Willingness To Pay• Degree of
difficulty In collecting recoverableFrom a solvent reinsurer
Solvency• Ability to
discharge maturing
Obligations as they fall due
Is settlement prompt and efficient?
Disputes increasing?
“Willingness to pay” may not be correlated to “ability to pay”
Counter Party Analysis
Management and corporate
strategy
Competitive position
Capitalisation
ERMInvestments
Liquidity
Operating performance
Financial flexibility
Capital model
Industry Risk
Counter-Party Analysis
Mitigating Credit Risk
Spread and diversification
Multiple sources of information
Cancellation clauses
Don’t rely solely on rating agencies
Cedants should perform own due diligence
Counterparty Analysis
Basic Checklist
Financial strength
Country of origin
Government supervision and regulation
Currency regulations
Ultimate ownership and inter-company relationships
Reinsurance arrangements
Management
Type of business written
Agency arrangements
Market intelligence
Other Factors Affecting Selection Of Securities
• Financial Strength
• Technical Expertise
• Strategic Fit
• Accessibility
• Reciprocity arrangements
• Strategic Alliances
Role Of Intermediaries Broker’s role was established under English Law as an agent of the
insured with a legal duty to carry out his client’s instruction.
Broker however paid by the reinsurer.
Utmost Good Faith / Duty of Care imperative in all dealings whether verbal or written
Why Use Intermediaries?
• The specific nature of insurance terminology and procedures
• Frequent changes affecting the position of insurers
• The complex character of an insurance contract
• Insufficient knowledge of the markets by client
• Direct relationships often breakdown – usually at 2nd or 3rd renewal
Benefits Of Using Intermediaries• Represents the Reinsured and provides independent advice
• Market knowledge and experience
• Access to market information, including ‘soft’ information
• Protects the relationship between the Reinsured and the reinsurer
• Reduces the Reinsured's administrative burden – ‘Outsourcing Outwards’
Intermediary Services
• Price – negotiate best terms available
• Safe Security – monitor the quality & ratings of insurers and reinsurers worldwide
• Placing Service – Negotiate, Place, Cover Note, Policy Wording and other documents
• Claims Service – Negotiate, Collect funds, Pay to client
• Technical Consulting Services – –insurance strategy
–new products
–market developments
–analysis and modelling
END OF PRESENTATION