AGENDA

Overview

Uses Of Facultative Reinsurance

Advantages and Disadvantages Of Facultative

Good Practices In Facultative Reinsurance

Global Developments in Facultative
FACULTATIVE REINSURANCE
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
Intermediaries
Buyers of Fac
Reinsurance
Insurance
Companies
Reinsurance Brokers
Sellers Of
Facultative
Reinsurance
Professional
Reinsurance
Companies
Other
Insurance
Companies
Overview – Types Of Facultative Reinsurance
Facultative
Proportional
Non Proportional
Excess of Loss
Stop Loss /
Aggregate XL
Pro rata arrangements
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
point

retains all claims up to the excess
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
Facultative Reinsurance Today
To 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
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
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
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
TREATY REINSURANCE
PROPORTIONAL
QUOTA
SHARE
SURPLUS
SHARE
XOL
FACULTATIVE
OBLIGATORY
PER RISK PER OCCURENCE
(PER POLICY) (CATASTROPHE)
AGGREGATE
EXCESS
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.
QUOTA SHARE TREATY
$1,000,000
Primary Insurer Retention
Ceded to Reinsurer
20%
80%
$100,000
20% 80%
$0
$100,000 policy
$1,000,000 policy
$100,000$1,000,000
Policy
Policy
Limits
Primary Insurer Retained Limit (20%)
Limit Ceded to Reinsurers (80%)
20,000
80,000
200000
800,000
$10,000 Loss
Retained by Primary Insurer
Ceded to Reinsurer
2,000
8,000
2,000
8,000
$50,000 Loss
Retained by Primary Insurer
Ceded to Reinsurer
10,000
40,000
10,000
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 Uses
Surplus 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
C
D
E
F
40,000
10,000
3.0
30,000
75
-
280,000
40,000
5.0
200,000
71
40,000
27,000
10,000
1.7
17,000
63
25,000
30,000
-
-
-
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
CESSION OBLIGATION
CESSION PERCENTAGE
QUOTA SHARE
SURPLUS SHARE
OBLIGATORY FOR
INSURER AND
REINSURER
FIXED AND CERTAIN
FOR EVERY RISK UNDER
THE TREATY
STATED AS A
PERCENTAGE
SAME
SIZE OF RISKS
SMALLER
VARIABLE FOR EACH
RISK UNDER THE
TREATY
STATED AS A NET
RETENTION AMOUNT
AND NUMBER OF LINES
LARGE ,MORE COMPLEX
TYPE OF RISK
CASUALTY AND SOME
PROPERTY
ALMOST EXCLUSIVELY
PROPERTY
ADMINISTRATION
RELATIVELY EASY
COMPLEX
CESSION LIMIT
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 objectives

Factors affecting reinsurance decisions

Information requirements

The programming process

Choosing reinsurance counter-parties

Role of intermediaries
Reinsurance Programming
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:-
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
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
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)
&/or
1 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 $600,000
Max 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.
Reinsurance Programming
Maximum Risk
Retention (Usd
millions) A
Net Retained Premium Ratio A:B
(USD millions) 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
Net Retained
160000
140000
120000
100000
80000
60000
40000
20000
0
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
recoverable
From 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
Industry Risk
Financial
flexibility
Management
and corporate
strategy
Operating
performance
Competitive
position
Liquidity
Investments
Capitalisation
ERM
Capital model
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
END OF PRESENTATION