Reinsurance — Underwriting strategy

Apart from selling insurance products KLPP is also a reinsurance company and operates in both lines:

1)  outward reinsurance – to protect the portfolio of the company

2) inward reinsurance – providing capacity for other conpanies

In our reinsurance activities we follow these principles:

  • Fulfillment of obligations to our partners in the shortest time.
  • Conservative underwriting strategy.
  • Regular evaluation of the company’s risk portfolio to control overall exposure and to protect the capital.
  • Organisation of a retrocession protection for the company’s portfolio keeping in mind solvency requirements and self-retention limits.

Our goal is to protect the capital of the company not getting involved into high volatile and high risk areas. For this reason, KLPP focuses on selected lines of business with enough statistics and positive experience.

The company has a retrocession treaty programme for property and engineering business renewed from 1st April 2018.

Type – non-proportional programme on the excess of loss basis.

Capacity – USD 10,000,000 each and every loss and per event.

Lead Reinsurer — Canopius (20% share).

Rating of the Reinsurers:
— 80% — A+ (S&P), A (A.M. Best)
— 20% — A- (A.M. Best)

KLPP`s self-retention — USD 600,000 (priority).

Basis: losses occurring during the 12-month period:

Effective from: 1 April 2019
Expiring on: 31 March 2020

 

Class of Business:

  • Property business, including (but not limited to) Property Damage, Cash on Premises, Electronic Equipment, All risk policies, Business Interruption
  • Engineering business, including (but not limited to) Contractors’ All Risks (CAR), Machinery Breakdown (MB) including Boiler Pressure Vessel (BPV), Machinery Loss of Profits (MLoP), Contractors’ Plant and Machinery (CPM), Electronic Equipment Insurance (EEI).
  • CAR/EAR insurance policies may include a Third Party Liability (TPL) section written in conjunction with the Material Damage section.
  • Third Party Liability when written in conjunction with a Fire Policy is restricted up to 10% of the Total Sum Insured.

Business accepted either as facultative proportional reinsurance or as facultative excess of loss reinsurance.

Territorial scope:

  • Central and Eastern Europe.
  • Greece, Italy, Germany, Spain, United Kingdom and Netherlands (other Western European countries on special acceptance basis).
  • Russia and former USSR Countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova, Tajikistan, and Ukraine).
  • Central Asia (Kazakhstan, Uzbekistan, Kyrgyzstan, Tadzhikistan and Turkmenistan).
  • Middle East;
  • Asia;
  • Africa
  • Latin America (on special acceptance basis)

 

Loss limit policies are covered subject to:

  • limit is not less than PML; there is a survey report, confirming PML;
  • PML is not less than 30% of Total Sum Insured

 

As a reinsurer we provide the following capacity:

LINE OF BUSINESS Up to BASIS OF VALUATION
Goods in Transit 5 500 000*  each conveyance
Property Damage /CAR risks** 5 500 000 TSI, PML,LL, each location
General Liability and other types of liability 5 500 000 any one risk

 

* For the open cover / project cargo
** In addition to USD 19 M treaty capacity

We can consider other lines if business that KLPP is licensed to write.


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