Presentation
Global Fronting and
Differences in Conditions
AIG
St. John’s University
Thursday, October 15
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Presentation
The Big Issues Part 1
Fronting Basics Part 2
Fronting Hub Services Part 3
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The Big Issues Part 1
• Central administration
• Policy issuance
• Premium collection, movement
and reporting
• Claims reporting, billing and
collection
• Audit and control
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Fronting Basics Part 2
• Insurance is arranged with one insurer.
• Losses are largely covered by
reinsurance or other contractual
agreement.
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Fronting Goals
•
•
•
•
•
Comply with local laws.
Meet Local Insurance Needs.
Covers Differences in Conditions.
Meet Requirements of Counter Parties.
Blend Insurance Coverage.
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#1. Comply with Local Laws
 Compulsory Insurance. Required for
doing business in the country.
 Licensing Rules. For non-compulsory
insurance.
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Licensing of Insurers
• Admitted Insurer. An insurance
company that is licensed to offer
coverage in a jurisdiction.
• Non-admitted Insurer. An insurance
company that is not licensed to offer one
or more lines of insurance in a
jurisdiction.
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Compulsory Insurance
Commonly required.
• Work Injury. For employers and employees.
• Automobile. Property and injury liability.
• Industry Hazards. Pharmaceuticals,
chemicals, and biological.
• General Liability. For third parties.
• Professional Liability. Accounting, medical,
legal, and other services.
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Regulated Insurance
Commonly regulated:
• Vehicles. Locally licensed insurers only.
• Assets. Coverage under local zoning
codes and regulations.
• Liability. Ensure coverage for conflicts,
disputes, and negligence.
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Question
A country requires chemical companies to
carry personal injury liability coverage.
• No local carrier will cover a chemical
factory acquired by a foreign firm.
• A licensed insurer accepted the risk and
reinsured it with a foreign carrier.
• Does this work?
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Answer (1)
Yes:
• The insured complies with local laws.
• The local insurance company handles
regulatory licenses, claims, and reporting
services.
• The arrangement might help with other
needs (See next slide).
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Answer (2)
Other needs:
•Lower premiums.
•Adequate capacity.
•Higher limits.
•Specialized coverage.
•Tax Considerations.
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Question
Is fronting attractive to a locally licensed
insurance company?
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Answer
Yes. Local insurer:
• Collects premiums from an insured.
• Reimburses losses to the insured.
• Earns profits.
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Question
Does the fronting insurer accept any risk?
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Answer
Yes. It accepts credit risk.
• Losses are reinsured or guaranteed by a
third party.
• The reinsurer or third party could fail to
pay for losses.
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Question
"The reliability of good fronts continues to be a
fairly large problem. You can find fronts, but
they are very expensive and unpredictable in
the quality and level of experience you
(receive).” Is this true?
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Answer
Worldwide economic conditions have raised
caution flags.
Sufficient collateral may be an obstacle to creating
a captive.
Fronting is getting expensive in many areas of the
world.
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Question
What about problems of accounting with fronting
arrangements?
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Answer
Let’s take a look.
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Balance Sheet
（单位：10亿美元）
Assets 资产
Debt & Capital负债&资本
Cash现金
300B Debt负债
400B
Securities证券
500B Capital资本
450B
Toxic
Assets有毒资产
50B
Total 合计
850B
Total合计
850B
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Repurchase Agreement 回购协议
Sell $50B of toxic assets
出售500亿美元有毒资产
Buy back one week later.
一周后回购
Fee: $1B.
费用：10亿美元
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Balance Sheet at Closing 成交后资产负债表
（单位：10亿美元）
Assets 资产
Debt & Capital负债&资本
Cash现金
350B Debt负债
400B
Securities证券
500B Capital资本
450B
Toxic
Assets有毒资产
0
Total 合计
850B Total合计
850B
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Balance Sheet after One Week
一周后资产负债表
（单位：10亿美元）
Assets 资产
Debt & Capital负债&资本
Cash现金
299B Debt负债
400B
Securities证券
500B Capital资本
449B
Toxic
Assets有毒资产
50B
Total 合计
849B Total合计
849B
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Question (3)
What happened to this company?
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#2. Meet Local Insurance Needs.
Fronting helps achieve the following:
• Reduce Cost of Insurance
• Improve Carrier Terms or Service.
• Cover Hard-to-place Risks.
• Covers differences in conditions.
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Local Captive Insurer
• Captive. An insurance company owned
or controlled by one or more companies
to provide insurance coverage to the
owning entities.
• Retention. A captive is a form of partial
retention.
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High-tariff Insurance Market
A jurisdiction where insurance rates are set
by law at high levels.
• Standardized Approved Coverage.
• No competition based on pricing.
• Little innovation.
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Question
How can fronting help reduce cost of
insurance in a high-tariff insurance market?
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Captive Fronting and High Tariffs
• Local captive accepts premiums.
• Reinsures losses outside jurisdiction.
• Reinsurer adjusts premiums to parent.
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Question
How can fronting help improve carrier terms
or service and cover hard-to-place risks?
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Answer
Reinsurer or guarantee partner has
capabilities not available locally.
• Funds transfer.
• Investigation.
• Statistics and data.
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Answer (1) Question
A country has mandatory liability and optional
collision insurance required on heavy
construction equipment.
• It is encouraged by the government to place
coverage with a licensed domestic insurance
company.
• The local country does not have a convertible
currency.
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Answer (2) Question
• It purchased customized, heavy construction
equipment from Germany.
• It insured it locally with a payment of $30,000 in
premiums.
• It sent $270,000 to an insurer in its home
country.
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Answer (3) Question
• The licensed insurer agreed to pay for only 5%
of any loss.
• The foreign insurer agreed to reimburse 95% of
any loss with a Euro currency deposit in a
German bank.
• Does this arrangement work?
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Answer (4) Question
• Change in Terms.
• The licensed insurer agreed to pay zero
percent of any loss.
• The foreign insurer agreed to reimburse 100%
of any loss with a Euro currency deposit in a
German bank.
• Does this arrangement work?
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Question (1)
A Spanish company sold a $50 million computer
to a manufacturer in Brazil.
• The equipment was sent to a subsidiary in
South Africa.
• The subsidiary:
o Paid a $18 million invoice to the Spanish
firm.
o Insured the computer locally for $12 million.
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Question (2)
The Brazilian company:
o Paid a $32 million invoice to the Spanish
firm.
o Insured it in London for $38 million using an
excess policy with an attachment point of
$12 million.
Does this arrangement work?
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Diagram
Headquarters
Brazil
$32m
$32m
Subsidiary
South Africa
Asset
$18m
$12m
Insurer
London
Insurer
South
Africa
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Manufacturer
Spain
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#3. Differences in Conditions Policy
Separate Insurance Policy
• Additional limits of coverage.
• Special perils.
• Exclusions.
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Foreign Property DIC Policy
• All risk coverage.
• Fills the gaps between master insurance
policy and local policies.
• Provides uniformity of coverage in all
locales.
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Question
A company bought fire insurance to cover a
factory.
• It also purchased earthquake insurance
to cover structural damage from seismic
tremors.
• An earthquake caused a fire that burned
down the facility.
• Which policy covers the loss?
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Answer
In one case, neither policy.
• The fire policy excluded fires started by
earthquakes.
• The earth movement policy excluded fires
caused by earthquakes.
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#3. Meet Requirements of Counterparties
A counterparty is the other entity in a
financial transaction or negotiated
agreement.
• It may require a company to have locally
admitted insurance protecting the
agreement.
• Examples are clients, banks, and trading
partners.
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Question
A coal-mining company purchases heavyequipment machinery from a manufacturer in
another country.
• The buyer wants a local jurisdiction guarantee
of payment if the equipment does not meet
operation or service life specifications.
• No local insurer will offer such a guarantee.
• Can fronting help?
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Answer
Yes.
• A licensed insurer issues an insurance
policy.
• The policy losses are covered by a
guarantee from the foreign manufacturer
or a reinsurer.
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Question
A manufacturer has expensive machinery:
• It must be purchased in country A.
• It is installed for use in country B.
• The company wants replacement cost
insurance denominated in currency A.
• Can fronting help?
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Answer (1)
• The manufacturer purchases insurance in
country B.
• It is reinsured with a company that will
reimburse in country A currency.
• The company wants replacement cost
insurance denominated in currency A.
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Answer (2)
What happens if country B has currency
restrictions?
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Question
A company operates a $30 million factory with a
bank mortgage.
All property insurance must be purchased from a
locally licensed insurer.
The local insurer agreed to provide coverage with
reinsurance of 90% backing it up.
The bank proposed buying $1 million of local
insurance and secretly buying $29 million
outside the country.
Is this a good strategy?
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Answer
Issues.
• The recommendation does not comply
with local laws.
• If the local insurer gets in trouble, the
insured has no direct access to the
reinsurance money.
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#4. Create a Blended Program.
Blended programs:
• Profit and Loss. Combines profit-sharing
of finite insurance with transfer of risk
(also “integrated program.”)
• Loss Only. Combines different coverages
with retention and transfer.
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Blended Profit and Loss
Finance profit and insurance loss:
• Investment. Hedge fund transfers $50 million to
trust account offering 7% interest.
• Transfer of Risk. Trust account guarantees to
reimburse primary insurer losses above $200
million in specified occurrence of loss.
• Return of Capital. After fixed time period,
balance in trust account is returned to hedge
fund.
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Blended Loss (1)
A risk transfer program is sought for a
refinery.
• It has an accounting value of $11 million.
• It has a replacement cost of $34 million.
• Local laws require licensed coverage for
property losses.
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Blended Loss (2)
The foreign parent wants:
• Retention of $1 million.
• No local transfer of loss.
• Retention of $3 million in loss above the
book value.
• Transfer of remaining loss to Bermuda
market.
Can fronting help achieve this goal?
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Answer
Yes.
• Parent purchases primary insurance of $11
million with fronting licensed insurer.
• Policy deductible is $1 million.
• Fronting company reinsures losses at $1 million
attachment point to $11 million policy limit.
• Parent purchases excess insurance with $14
million attachment point and $34 million policy
limit from Bermuda carrier.
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Layered with Fronting Insurance
34m
Bermuda Excess
14m
11m
1m
Retained
Fronting Company
Retained
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Claims Processing (1)
A company has losses insured with a
licensed fronting insurance company.
• A loss occurs.
• Who handles claims processing and
settlement?
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Claims Processing (2)
Product
Made it
US
US
Foreign
Foreign
Foreign
US
Product
Sold in
US
US
US
Foreign
Foreign
Foreign
Incident
In
US
Foreign
US
Foreign
US
Foreign
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Lawsuit
in
US
Foreign
US
Foreign
US
US
Covering
Policy
US
Foreign
US
Foreign
US
?
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Presentation
Questions and Answers
Underwriter of the Future
AIG
St. John’s University
October 16
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Hurricane Andrew 安德鲁飓风
Underwriting
e
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Tropical Storm Underwriting 热带风暴承保
In 1992, Hurricane Andrew caused significant damage to
property in Florida. At the time: 1992年，安德鲁飓风给佛罗
里达造成了巨大的财产损失。当时：
Underwriting for hurricanes was based upon historical
loss data. 飓风承保是基于历史赔付数据。
Flood and wind damage were underwritten in separate
policies. 洪灾和风害要分开承保。
The policies did not handle the fact that damage came
from both wind and flood. 保单无法处理风害和洪灾同时造
成的损失。
This was an underwriting weakness.
这是一种承保缺
陷。
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Tropical Cyclone Underwriting 热带风暴承保
Allstate, State Farm, and other U.S. insurance
companies have a major product line dealing with
protecting property from tropical cyclones (hurricanes,
typhoons). The underwriting for Hurricane Andrew is
an interesting study.
Allstate，State Farm和其它一些美国保险公司都有关
于热带风暴（飓风，台风）造成财产损失的重要产品线
。有关安德鲁飓风的承保是一个很有趣的研究。
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Question 问题
One of the options for rating policies would be to
allow the government to fix rates for each line of
business. Would all parties, insurers, brokers, and
insureds, benefit from this system?
对保险单定价的方式之一是让政府为每一条产品线
设定固定费率。这种方式是否对各方（保险公司、
经纪人和被保险人）都有利？
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Presentation
Tuscaloosa
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Rising Concern 与日俱增的担忧
U.S. insurers are increasingly concerned about
changes in property insurance: 美国保险公司对财
产保险发生变化的担忧与日俱增。
•Extreme weather. 极端天气
•Rising temperatures. 气候变暖
•Environmental changes. 环境变化
•Bigger potential for natural disasters.
自然灾害概率加大
What is missing?
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Rising Concern 与日俱增的担忧
U.S. insurers are increasingly concerned about
changes in property insurance: 美国保险公司对财
产保险发生变化的担忧与日俱增。
•Extreme weather. 极端天气
•Rising temperatures. 气候变暖
•Environmental changes. 环境变化
•Bigger potential for natural disasters.
自然灾害概率加大
Cyber Risk
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Question (1) 问题（1）
Let us examine property exposures.
我们来看一下财产面临的风险
•In 2005 Hurricane Katrina struck Mississippi and
damaged many houses. 2005年，卡特里娜飓风袭击
了密西西比州，对许多房屋造成破坏
•Many insureds had coverage for wind but not for
flood damage. Insurers denied flood damage claims.
许多被保险人购买了风灾保险，但不包括洪灾损失。因
此保险公司对洪灾损失拒赔。
•Did they win? 他们胜诉了吗？
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Question (2) 问题（2）
Who posted the following quote on its web page?
“Insurance companies are long on happy slogans,
but infamous for denying . . . claims.”
谁在其网页上引用了下面这句话？
“保险公司擅长唱高调，但却因拒赔而声名狼籍。
”
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Answer 回答
The Gulfport, Mississippi, law firm of Owen, Galloway
& Myers. 密西西比州的一家律师事务所
•The firm is your “Ally in Insurance Coverage
Disputes.” 该公司是“你在保险范围争议上的盟友”
•Its “experienced attorneys” represented 400 clients
with property damage claims after Katrina.
公司 “经验丰富的律师”在卡特里娜飓风过后代理了
400位客户的财产损失理赔案
•The firm won many bad faith claims after Katrina.
卡特里娜飓风后，该公司在很多不公平理赔案中胜诉
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Question 问题
Who posted the following quote?
“You trust your insurer to help when you need it.
Some insurance companies make bad faith claims.
When you are the victim of bad faith claims, you need
a bad faith insurance lawyer to defend your rights.”
谁发布了下面这段话？
“你相信保险公司在需要时能够帮助你。但某些保险公
司进行了不公平的理赔。当你成为不公平理赔的受害者
时，你需要一位不公平保险律师来维护你的权益。”
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Answer 回答
The New Orleans Law Offices of Edward A. Shamis, Jr., J.D.
handles: 新奥尔良的一家律师所，他们的业务包括：
•Birth injuries. Boating accidents. Brain injuries. Distracted
driving accidents. Dog bite injuries. Drunk driving accidents.
Fires and burns. Insurance bad faith. Medical malpractice.
Motorcycle accidents. Personal injury. Premises liability.
Catastrophic injuries. Back injuries. Texting and driving
accidents . Trucking accidents. Workers compensation.
Wrongful death.
出生创伤，划船事故，脑损伤，分心驾驶事故，狗咬伤，酒后驾
车事故，火灾和烧伤，保险不公平事件，医疗事故，摩托车事故
，人身伤害，物业责任，巨灾伤害，背部伤害，短信和驾驶事故
，卡车事故，劳工赔偿，过失致人死亡等。
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Tuscaloosa Tornados Statistics
塔斯卡卢萨龙卷风统计
April 27, 2010 2010年4月27日
•Length of Path: 81 miles.(130 km) 距离：81英里（131公里）
•Width: 1.5 miles. (2.4 km) 宽度：1.5英里（2.4公里）
•Rating: Force 4. 强度：4级
•Peak Winds: 190 mph (310 km/h)
最高风速：每小时190英里（每小时310公里）
•Tuscaloosa Deaths: 43 people 龙卷风死亡：43人
•Tuscaloosa Injuries: 1,000 龙卷风受伤：1000人
•Total Deaths: 64 people 总死亡：64人
•Total Injuries: 1,500 总受伤：1500人
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Tuscaloosa, Alabama, April 2010)
塔斯卡卢萨， 阿拉巴马州，2010年4月
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Tuscaloosa, another view
塔斯卡卢萨
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Tuscaloosa Today 今天的塔斯卡卢萨
A lot more to do. 万事待兴。
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Presentation
New Orleans
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Katrina New Orleans Statistics
卡特里娜飓风，新奥尔良，统计
•
•
•
•
•
•
•
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Highest Winds: 175 mph (280 km/h)
最大风速：每小时175英里（280公里）
Strength: Category 1 or Category 2
强度：1级或2级
Number of Levee Breaches: 53 溃堤：53处
Escape Routes: Two 撤离路线：2条
Hyatt Hotel Debris: Glass and beds
Known Deaths: 700 已知死亡人数：700
Total Deaths: Nobody knows 总死亡人数：未知
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Street During Katrina卡特里娜飓风时街道
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Displaced Residents 无家可归的居民
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Lower Ninth Ward 下九区
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Lower Ninth Ward下九区
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Lakeview Section 湖景区
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Lower Ninth Ward Rebuilding下九区重建
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Still Waiting 仍在等待
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Side by Side 连排房屋
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Float House New Orleans 新奥尔良房屋
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Presentation
Biloxi and Gulfport
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Katrina Mississippi Statistics
卡特里娜飓风，密西西比州，统计
August 29, 2005 2005年8月29日
•Deaths: 238 people. 死亡人数：238
•Missing: 67 people. 失踪人数：67
•Storm Surge: 27-foot (8.2 meter) high.
浪高：27英尺（8.2米）
•Inlands Surge Penetration: 6 miles (10 km).
内陆延伸： 6英里（10公里）
•Highest wind gust: 135 mph (217 km/h).
最大风速：每小时135英里（217公里）
•Amount of Rain: 8-10 inches (200 – 250 mm).
降雨量：8-10英寸（200-250毫米）
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EDUCATION
Property Damage 财产损失
• 90% of structures within half a mile of the
coastline were completely destroyed.
距海岸线0.5英里范围内90%的建筑被完全摧毁
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Question 问题
What is this? 这是什么？
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Answer 回答
Santini Historic House, Biloxi, MS
Santini历史建筑，比洛克西，密西西比州
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Grass Lawn Historic Home
草坪历史建筑
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Grass Lawn After Katrina
卡特里娜飓风后
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EDUCATION
Bolton House, Biloxi 博尔顿建筑，比洛克西
95
THE CENTER FOR PROFESSIONAL
EDUCATION
Bolton House, Biloxi 博尔顿建筑，比洛克
西
96
THE CENTER FOR PROFESSIONAL
EDUCATION
Blossom Lodge, Gulfport 旅馆，格尔夫波特
97
THE CENTER FOR PROFESSIONAL
EDUCATION
Blossom Lodge, Gulfport 旅馆，格尔夫波特
98
THE CENTER FOR PROFESSIONAL
EDUCATION