REINSURANCE SERVICES BRINGING TRANSPARENCY TO AN OPAQUE INDUSTRY
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1 REINSURANCE SERVICES BRINGING TRANSPARENCY TO AN OPAQUE INDUSTRY
2 1 EDITORIAL WELCOME Transacting reinsurance should be easy. It involves only the exchange of data, the setting of terms and the transfer of money. The valuable know-how lies in understanding reinsurance requirements and tailoring transactions to fulfi l those needs. Advisory and admin are two sides of the same coin: a good product. At gmbc group we combine specialist non-life reinsurance expertise with the latest technology to provide high quality, sophisticated reinsurance services on a flexible and affordable basis. Reinsurance decisions are heavily dependent on the quality of risk data, the ability of the insurer to analyse and interpret that data and its translation into the language of the reinsurance industry. Even if the right products are procured, they then have to be monitored and managed efficiently. This is not an easy task and it is rarely performed optimally. Martin Brumberg Managing Partner, Hamburg We provide a complete tool kit for handling reinsurance. We help you to pick and choose only the tools you require. We prepare the basis for reinsurance decisions. You take them.
3 TRENDS AND FACTS 2 3 TRENDS AND FACTS REINSURANCE WORLD TODAY Keeping up with the latest reinsurance industry trends is an essential part of better decision making. WHERE WE COME IN You can exploit the increasing complexity if you know how to benefi t from it. We help our clients identify the opportunities and pitfalls both early on and throughout the buying process. THE REINSURANCE MARKET IS GLOBAL AND DIVERSE THE CURRENT MODUS OPERANDI 24 % Germany Putting in place a sound property excess of loss treaty protection against European windstorm usually requires at least: 12 % Americas 13 % London 14 % Bermuda 14 % Switzerland 9 % Other markets 14 % Asia-Pacific Non-life reinsurance premium split non-life reinsurance actuary natural catastrophe modeller reinsurance manager business analyst to prepare the portfolio data 60 s to get it placed with at least five reinsurers windstorm model from one of the major vendors There are more than 150 reinsurers worldwide who between them write in excess of USD 170 billion in non life premiums. Their combined capital exceeds USD 500 billion with the top 3 reinsurers accounting for just less than 20% of that. With the influx of alternative capital into reinsurance and the trend for market consolidation, reinsurers are facing increasing pressure to innovate and grow. Their clients, the ceding companies, are confronted with escalating data volume and increasing regulatory and compliance costs. Predictive modelling, technical excellence, new technology and young talent are much in demand. Transferring any of these roles to gmbc group will ease the demands on your internal resources and increase both quality and efficiency.
4 REINSURANCE SERVICES 4 5 REINSURANCE SERVICES REINSURANCE SERVICES AT YOUR FINGERTIPS ADMIN & REPORTING Our set of individual services can be broken down into four broad categories. Reinsurance administration and timely reporting to management are indispensable. They also secure effective communication with reinsurers. We use best of breed, reinsurance specific administration technology which enables quick and efficient processing of reinsurance accounts, premium and loss bordereaux, claims advices and reinsurance run-off. DATA PREPARATION & ANALYSIS Data is the starting point in any reinsurance process. We prepare a complete insurance portfolio data set for modelling and reinsurance underwriting. The data is then checked for accuracy and consistency. Portfolio information updates are performed on a regular basis to maintain the data quality over the years regardless of the structural and personnel changes within your organisation. ADVISORY & PLACEMENT ACTUARIAL & RISK MODELLING Setting optimal self-retention and treaty design, pricing benchmarking and natural perils modelling, dynamic financial analysis under Solvency II these are some of the advanced tools comprised in our overall service offering. We help our clients to understand the underwriting and capital effects of reinsurance. The global reinsurance market landscape is very diverse and changes with increased frequency. We help our clients to navigate in this environment providing independent advice. We obtain quotations from various reinsurance markets, facilitate negotiations with reinsurers or take them over completely, whether they are direct or through a reinsurance broker. Selection of reinsurers and assess ment of their credibility are also in our tool kit.
5 6 7 CASE STUDIES REINSURANCE SERVICES LIVE Though an insurer may face an infi nite number of reinsurance challenges, there is always an underlying defi ned set of operations. We break down the complexity into its original parts. Look at how we help our clients. DATA IS THE KEY Our client s IT systems are not designed for the specifics of reinsurance. Every year, the renewal information is prepared manually resulting in flawed data. The renewal process absorbs a lot of time and energy on the clarification of elementary questions and portfolio data quality issues. This leads to unnecessary work and often to suboptimal reinsurance pricing. WHAT WE DO We define standardised reports which extract the required data automatically from the client s systems. We perform checks for data accuracy and consistency and prepare renewal information tailored to the specific requirements of the reinsurance markets. BENEFITS Reduced manual intervention and lower operational risks Improved data quality and consistency Management can focus on structuring and pricing considerations
6 CASE STUDIES 8 9 CASE STUDIES ADVICE AND SUPPORT WHAT WE DO We use the latest modelling techniques to benchmark our client s reinsurance costs against its own loss experience and underlying exposure. We analyse both the underwriting and the capital effects of alternative structures and explain the results to enable the client to make the required purchasing decisions. BENEFITS Flexible and affordable access to actuarial and reinsurance expertise State-of-the-art natural perils modelling Independent professional advice A small insurer does not have a reinsurance department. All matters related to reinsurance are handled by the company s CFO, two underwriters and a technical accountant. The CFO is very busy and treaty negotiations with brokers and reinsurers distract from the core tasks. The size of the company does not justify hiring full-time reinsurance staff, especially given the seasonality of treaty reinsurance. MANAGE AND ADMINISTER WHAT WE DO We act as our client s fully-fledged reinsurance department providing the requisite administration and technical accounting resource and expertise. We process treaty and facultative business, advise on treaty renewal negotiations and place the business, either direct or through brokers. BENEFITS Cost-efficient and flexible reinsurance management Access to specialised reinsurance expertise and global network Know-how transfer to permanent staff RISK AND CAPITAL Our client is a large multinational insurance group with complex reinsurance protection for multiple cedants. The basis of cover and reinsurers rotate often creating a multitude of accounting entries. There are numerous outstanding losses from past years, which require regular loss reserve updates to reinsurers. Some parts of the business are placed through brokers and the others direct. The company has got a legacy portfolio that needs to be run-off. Overall reinsurances are administered by internal staff using excel spreadsheets and customised macros. The client aims to reduce administrative burden and improve data quality. One of our clients is part of a large international insurance group. It provides insurance against natural catastrophes as well as complex reinsurance and intra-group retrocession programmes. All of this is subject to a complex regulatory regime (Solvency II). Our client lacks internal actuarial and risk modelling resources. We have been asked to assess the adequacy of its reinsurance spend at the local level and to provide our professional opinion on the optimal reinsurance structure. WHAT WE DO We assume complete responsibility for the reinsurance administration. Using best of breed technology we create accounting entries, adjust loss reserves and produce analytical and executive reports. Our reinsurance specific administration system gets all this done quicker, easier and cheaper. BENEFITS Best of breed technology with no additional IT costs Straightforward reinsurance administration and accounting Software WITH a Service
7 IN A NUTSHELL IN A NUTSHELL PICK AND CHOOSE You can use all or just some of our services. gmbc group is not a broker. We are your enhanced reinsurance department. We can place business directly or through a reinsurance broker in all international markets. Reinsurance Services is a perfect fit for insurance start-ups and young insurers in emerging markets. REINSURANCE SERVICES VS. BROKER Robin Merttens Technology, London Derya Tüncel Turkish Market, Hamburg Data Preparation & Analysis Actuarial & Risk Modelling Admin & Reporting Advisory & Placement Offered services REINSURANCE SERVICES This is a service innovation that enables cost-efficient and flexible support for the reinsurance needs of insurance companies. We provide a wide range of services from one individual stand-alone service through to a fully-fledged outsourcing of the entire reinsurance department. gmbc group broker stand-alone with placement only OUR PARTNERS OVERALL BENEFITS Independent and objective Transparent fee-based pricing Implementation tailored to suit client needs International reinsurance expertise and network Know-how transfer to permanent staff Cost savings, internal and external Access to state-of-the-art modelling Best of breed reinsurance specific administration software No additional IT costs CoreLogic EQECAT catastrophe risk models incorporate the latest scientific research, deep engineering knowledge, vast amounts of claims and exposure data, combined with advanced mathematics and statistics to produce a unique view of catastrophe risk. The OOliba ERM platform enables easy creation of complex models and swift reporting for any specific business need, meeting all auditability and traceability requirements of Solvency II.
8 PROFILE REINVENTING REINSURANCE TRADITION 12 PRICE LIST Reinsurance Services are offered in modules or as a complete outsourcing solution. Our prices depend on the type and complexity of service. We would be happy to provide you with a price list tailored to your specific requirements. Hamburg and London enjoy distinctive entrepreneurial ethos, strong traditions of the international trade and finance industry established here over the past centuries. Together with the excellent business infrastructure and travel links they are a perfect location for our modern services and technology enterprise gmbc group. Our team is a unique mixture of experienced reinsurance practitioners and contemporary technology professionals. WE WANT OUR CLIENTS TO THRIVE. THEREFORE, WE ASPIRE TO: A contemporary approach to consulting, operational and administrative services Answer the global need for more highly skilled reinsurance professionals Make sophisticated reinsurance services accessible and affordable CONTACT T F info@gmbcgroup.com HAMBURG gmbc group Große Theaterstr Hamburg Germany Martin Brumberg T brumberg@gmbcgroup.com LONDON gmbc group WeWork Moorgate, 1 Fore Street London EC2Y 9DT United Kingdom Sergey Grazhdankin T grazhdankin@gmbcgroup.com We believe the middle market should buy reinsurance with all the benefits of a large player. Sergey Grazhdankin Managing Partner, London DATA PREPARATION & ANALYSIS Preparation of renewal information Data consistency check Basic quantitative and qualitative analysis Portfolio data update ACTUARIAL & RISK MODELLING Gross model Short-tail experience & exposure, excl. natural perils Long-tail experience & exposure Natural perils exposure, per peril Basic model Premium model and geographical analysis Treaty design, price benchmarking on given gross model Solvency II / Company-wide Dynamic Financial Analysis ADMINISTRATION & REPORTING Flat fee, per annum, including Technical accounting Premium and loss bordereaux Loss advices and loss development monitoring Internal and external reporting Run-off administration ADVISORY & PLACEMENT Advisory and selection of markets, per hour Advisory, selection of markets & direct placement per programme Placement at Lloyd s through our partner broker client commission rebate FULL OUTSOURCING OF THE REINSURANCE DEPARTMENT Flat fee, per annum % Photos: Peter Vogel
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