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A UK Market Perspective - Special Focus on Underwriting / Peer Review Process Cathriona Donlon Senior Underwriter Casualty Axis Re Europe 2nd International Istanbul Underwriting Conference 30 th September – 1 st October 2010 . Liability ( Re ) Insurance . Axis Re Philosophy . - PowerPoint PPT Presentation
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April 22, 2023
Liability ( Re ) Insurance
A UK Market Perspective - Special Focus on Underwriting / Peer Review Process
Cathriona Donlon Senior Underwriter Casualty Axis Re Europe
2nd International Istanbul Underwriting Conference 30th September – 1st October 2010
April 22, 2023 2
Axis Re Philosophy
Axis Re is an Exposure Driven underwriting operation. We seek clients who value our Technical Approach to pricing and our focus on the Quality Of Data required ( Karl Mayr )
We focus on traditional underwriting techniques and Close Relationships with our partners ( Mike Morill )
We believe that Transparency in pricing, quality data and Frank Open Dialogue with clients leads to sustainable relationships ( Bill Fischer )
Casualty Reinsurance Underwriting Process
Client Selection Portfolio Profile ( Initial Discussions + Submission
Review ) Mini File Review Reinsurance Structure Slip / Wording Review Pricing Internal Sign Off Process
April 22, 2023 3
April 22, 2023 4
Indicator ImpactStrong Market Position
Sound Financials
Buying Motivation / Profit Potential
Technical Underwriting Approach
Strong Internal Process
Portfolio Transparency
Sophisticated Buyer
Strategic Partner
Reputation Issues
Legacy Issues
Client Selection - Key Criteria
Casualty RI Submission – Narrative
April 22, 2023 5
Large Loss Commentaries : Circs / View on Liability / Quantum
Underwriting Controls ( Authorities , Sign Off , Peer Review , Pricing Adequacy / Rate Monitoring / Pricing Tools / Risk Engineers )
Claims ( Reserving Philosophy / Claims Handling Procedures / Team )
Slip / Wording : Exclusionary Language RI Structure : QS V XOL , Attachment
Point , Loss Caps , Reinstatements , AAD / AAL / Loss A.Ps
Executive Summary ( Company ) Management / Key UW Team ( CVs ) Classes Covered Max / Normal Underwriting Limits Historic & Estimated Incomes ( LOB /
Territory ) Underwriting Commentary ( Business Plan
/ Risk Appetite / UW Box / Changes of Note ) Regional Market Overview ( Pricing /
T&Cs / Competitor Landscape ) Hot Casualty Topics ( e.g. F500 , Pharma /
Chem , Asbestos , Terrorism , EMF , Rail , US Exposure , Telecommunications , Recall , Financial Loss , Auto Critical Parts , Multi Year Policies , Binding Authorities , FI / D&O – US Listed / ADR )
Casualty RI Submission – Data
April 22, 2023 6
Historic Treaty Results ( RI Inc LRs ) Risk Profiles ( Line Size / Attachment Bands /
Premiums ) Risk Lists ( Key Sectors / Top Line Utilization /
Aggregation Potential ) Claim Triangulations Cedant ULR Projections Primary Rate Change (Historic and Projection)
April 22, 2023 7
Audit: What Value Added?
RI Underwriter• Portfolio Transparency• Fresh Market Knowledge• Reinsurance Structure / Deal Refinement
• Client / Broker Profile• Cycle Management• Client Benchmarking
Reinsurance Company
Cedant• Feedback• Additional Technical Expertise• Refined Reinsurance Pricing
April 22, 2023 8
How to Audit - Axis Re Style !
Step 1
Set File Review Objectives Decide Audit Team ( UW , Actuary , Claims ) Scrutinize Updated Portfolio List Select Representative File Selection Communicate Selection & File Pick Rationale
Step 2 Opening Discussion with Client Case by Case Risk Review (See Handout 1) Summary Risk Specific Findings Pre Client Feedback Audit Team Discussion
Step 3
Discuss Individual File Findings with Client Agree Overall Findings / Recommendations Agree Follow Up Document Files / Communicate Feedback (See Handout 2)
Axis Underwriting Worksheet ( Sample )
April 22, 2023 9
Axis Underwriting Worksheet ( Sample )
April 22, 2023 10
Axis Underwriting Worksheet ( Sample )
April 22, 2023 11
Special Acceptance – Basic RI Info Requirements ( KISS! )
Reason for Special Acceptance Risk Description / Exposure Profile including high
hazards Cedant Layer / Line / Pricing Special Terms / Conditions Basic UW Rationale Original UW Submission / Slip ( Optional ! )
April 22, 2023 12
Axis Re Contacts
Market Responsible
Andew BissetSenior Vice President Reinsurance AXIS Re EuropeBrandschenkestrasse 90CH-8002 Zürich
Phone +41 44 567 01 50 Fax +41 44 567 0100 Email [email protected] Web www.axiscapital.com
Casualty Underwriter
Cathriona DonlonSenior Underwriter Casualty Vice President- Reinsurance AXIS Re EuropeBrandschenkestrasse 90CH-8002 Zürich
Phone +41 44 567 01 33 Fax +41 44 567 01 00Email [email protected] www.axiscapital.com
April 22, 2023 13