RenaissanceRe. Casualty Treaty

Transcription

1 Syndicate 1458 Casualty Treaty

2 Syndicate 1458 Casualty Treaty operates at Lloyd s of London through Syndicate 1458, which was established in is a leading global provider of property catastrophe and specialty reinsurance, as well as other insurance coverages. Founded in Bermuda in 1993, the Company has gained recognition for excellence in the industry through disciplined underwriting, capital management expertise, sophisticated risk modelling and responsive client service.

3 CASUALTY TREATY Our casualty treaty business is a global book covering risks written in North America, Europe, Asia Pacific, Lloyd s and the London market. We primarily write Non-Proportional Risks, though coverage is selectively available on a Proportional basis. We offer various coverages including those written on a Risk Exposed, Clash, Awards Made, Common Loss and ECO/XPL basis, written on Claims Made, Losses Occurring and Risks Attaching treaties depending on the class of business covered. We are comfortable as a lead or follow market and pricing business on flat, adjustable and swing rates. All programmes are actuarially analysed with contract wordings reviewed by our in-house legal team. We have a dedicated claims team with expertise in all classes written. Professional Indemnity Sub-classes include Lawyers, Architects and Engineers, Accountants, Brokers, Managed Care and Miscellaneous E&O Global portfolio, with cedants ranging from small U.S. Risk Retention Groups to Lloyd s Syndicates and Multinational carriers Proportional and Non-Proportional treaties General Liability Covering a broad range of General Third Party Liability, including primary, excess and umbrella lines on both a risk exposed and clash basis International book dominated by Non-Proportional treaties Medical Malpractice Providing treaty coverage for Physicians, Hospitals, Healthcare Facilities and Allied Health Products Business written on a Risk Exposed, Clash, Awards Made and Systemic basis Currently dominated by U.S. domiciled risks, spanning from small Risk Retention Groups to national carriers, but willing to look at International exposures Directors & Officers Liability Highly selective underwriting to include both Public and Private D&O coverage on both a Proportional and Non-Proportional basis Global book covering a range of territories Surety / K&R / Fidelity / Title Growing and diverse portfolio containing International Surety, K&R and Fidelity classes Established U.S. Title portfolio with interest in exploring other territories

4 Motor Retro / Auto Liability International Motor Retro covering cedants from Europe and MENA regions. We offer coverage on a limited vertical and sideways basis Selective U.S. Auto exposure, on a risk exposed and clash basis Accident and Health We write U.S. Non Subscriber EL and Personal Accident business on a Reinsurance and Retro basis RATINGS A.M. Best S&P Fitch Lloyd s Overall Rating A A+ A+ Renaissance Reinsurance Ltd. A+ AA- A+ Renaissance Reinsurance of Europe A+ AA- RENAISSANCERE SYNDICATE 1458 Business by Line for 2014* Casualty 56% Property 36% Specialty 8% Casualty Treaty Split by Class for 2014** Professional Indemnity 27% General Liability 22% Medical Malpractice 21% Directors & Officers Liability 19% Accident & Health 7% Surety / K & R / Fidelity / Title 3% Motor Retro / Auto Liability 1% Casualty Treaty Split by Territory for 2014** Worldwide 58% USA 30% Asia-Pacific Region 6% Canada 3% Worldwide ex USA 2% Middle East 1% * As per 2014 Syndicate Business Forecast ** In-Force Premium 2014

5 RENAISSANCERE HOLDINGS LTD. BUSINESS MIX Catastrophe Reinsurance We believe we are one of the world s leading providers of property catastrophe reinsurance based on total catastrophe gross premiums written. This is our traditional core business and it is principally written for Renaissance Reinsurance Ltd., Syndicate 1458, and joint ventures, principally, DaVinci Reinsurance Ltd., Top Layer Reinsurance Ltd. and Upsilon Reinsurance Fund Opportunities Ltd. We offer this coverage to insurance companies and other reinsurers primarily on an excess of loss basis. We also offer proportional coverage and other structures on a catastrophe-exposed basis. Specialty Reinsurance We offer global specialty products principally on an excess of loss basis through Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., and Syndicate 1458 at Lloyd s and on a proportional basis through Renaissance Specialty Risks Ltd. In 2013 we launched Underwriting Managers U.S. LLC, a specialty reinsurance agency based in Connecticut, to provide treaty reinsurance solutions on both a quota share and excess of loss basis, and to write business on behalf of Specialty U.S., a Bermuda-domiciled reinsurer launched in June 2013 which operates subject to U.S. federal income tax, and Syndicate As a result of our financial strength, we have the ability to provide significant capacity for select risks and as well as participate in market placements. Our coverages include, but are not limited to, casualty clash, D&O/E&O, excess casualty, environmental, medical malpractice, political risk, surety, trade credit, agriculture, terrorism and aviation/space. Lloyd s Our Lloyd s segment includes insurance and reinsurance business written for our own account through Syndicate The Syndicate enhances our underwriting platform by providing access to Lloyd s extensive distribution network and worldwide licenses. Syndicate 1458 offers a range of property and casualty insurance and reinsurance products including, but not limited to, direct and facultative property, property catastrophe, agriculture, medical malpractice, general liability and professional indemnity. Ventures Our Ventures unit structures and manages joint ventures and other strategic relationships that leverage the Company s underwriting expertise and experience. The Ventures unit also executes customized reinsurance transactions to assume or cede risk, and manages certain investments directed at classes of risk other than catastrophe reinsurance. Our principal joint ventures include Top Layer Reinsurance Ltd., DaVinci Reinsurance Ltd. and Upsilon Reinsurance Fund Opportunities Ltd.

6 RENAISSANCERE HOLDINGS LTD. GROUP STRUCTURE CATASTROPHE & SPECIALTY REINSURANCE VENTURES LLOYD S Renaissance Reinsurance Ltd. Ventures Ltd. Syndicate 1458 DaVinci Reinsurance Ltd. Top Layer Reinsurance Ltd. Specialty Risks Ltd. Specialty U.S. Ltd. Renaissance Underwriting Managers, Ltd. Medici Fund, Ltd. Upsilon Reinsurance Fund Opportunities Ltd. Renaissance Reinsurance of Europe Bermuda Domiciled Ireland Domiciled United Kingdom Domiciled (A Lloyd s syndicate) RENAISSANCERE HOLDINGS LTD. FINANCIAL HIGHLIGHTS (U.S. dollars in millions) Gross premiums written $1,605.4 $1,551.6 $1,435.0 Net income (loss) $665.7 $566.0 $(92.2) Total assets $8,179.1 $7,928.6 $7,744.9 Total shareholders equity $3,904.4 $3,507.1 $3,608.5

7 THE LLOYD S MARKET* Lloyd s is the world s specialist insurance market. It was first mentioned in 1688 operating in Edward Lloyd s Coffee House in London and is now housed in the Lloyd s building on Lime Street. Lloyd s is licensed to do business in over 200 countries with a global network of brokers and coverholders, making it easy for anyone to access its unrivalled expertise. Lloyd s is a marketplace, a society of members, rather than an insurance company. Members were originally private individuals but are now mostly corporations and limited liability partnerships, who in turn provide the capital to support underwriting through managing agents, who employ and manage a syndicate s team of underwriters. Members Providing the capital Syndicates Writing the insurance Managing Agents Managing the syndicates Coverholders and Brokers Local access to Lloyd s The Corporation of Lloyd s (the Corporation) oversees and supports the market. The Corporation reviews and approves business plans, monitors compliance against Lloyd s minimum standards and evaluates the syndicates performance against their plans. Syndicates can only underwrite in accordance with their agreed business plans. The Corporation also manages the Central Fund and Lloyd s network of international licences. *Source: Lloyd s

8 LLOYD S MARKET STATISTICS 2013 Source: Lloyd s 2,146 total members 56 managing agents managing 91 syndicates Total market underwriting capacity of 24,998m ($38,977m) Gross written premium of 26,106m ($40,725m) Operating profit of 3,205m ($5,320m) Combined ratio of 86.8% Return on capital 16.2% LLOYD S TOTAL UNDERWRITING CAPACITY (GBP in millions) LLOYD S CLASS BREAKDOWN Reinsurance 37% Property 23% Casualty 19% Marine 8% Energy 6% Motor 5% Aviation 2%

9 THE LLOYD S CHAIN OF SECURITY Lloyd s has a structure in place to ensure it is able to pay all valid claims. This structure has developed over many years to ensure that a policy holder is never failed in their hour of need. There are three links to the chain of security*: Several Assets First Link Syndicate Level Assets 41,990m Second Link Members Funds at Lloyd s 15,088m Mutual Assets Third Link Central Fund 1,513m Corporation 150m Callable Layer 788m Subordinated Debt/ Securities 721m *Source: Lloyd s Syndicate Level Assets These are the premium funds of each syndicate from which it pays claims. These are held in trust separate from balance sheets. Members Fund at Lloyd s This is members capital that must be held in trust by Lloyd s, in proportion to Syndicate capacity, before underwriting can begin. Investment of this capital, however, is at the discretion of the member. Central Assets These are held by the Corporation of Lloyd s as a fund of last resort. The Central Fund is funded by members annual contributions and subordinated debt issued by Lloyd s, and can be supplemented by the members through a further callable layer.

10 KEY CONTACTS Syndicate 1458 Ian Oakley Senior Casualty Treaty Underwriter Tel: +44 (0) Mobile: +44 (0) Julian Goldberg Casualty Treaty Underwriter Tel: +44 (0) Mobile: +44 (0) Syndicate 1458 Claims Peter McLoughlin Head of Claims Tel: +44 (0) Mobile: +44 (0) Sam Drysdale Claims Adjuster Tel: +44 (0) Mobile: +44 (0) Syndicate Management Limited Ross Curtis Active Underwriter Tel: +44 (0) Mobile: +44 (0) Syndicate 1458 at Lloyd s is managed by Syndicate Management Limited, company number , incorporated in England and Wales, whose registered office and principal place of business is 18th Floor, 125 Old Broad Street, London, EC2N 1AR. Syndicate Management Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. RENAISSANCERE SYNDICATE 1458 Syndicate 1458: 125 Old Broad Street London, EC2N 1AR U.K. Tel: +44 (0) Lloyd s Address: Box 282 Lloyd s of London One Lime Street London, EC3M 7HA U.K.