Reinsurance — Underwriting strategy

In line with the main strategy of the Company, KLPP INSURANCE AND REINSURANCE COMPANY has strong intention to manage it`s reinsurance operations using for both directions of reinsurance activity –

1)  inward reinsurance and

2) portfolio protection (outward reinsurance)

the following principles:

  • Strict fulfillment of obligations to our Counterparties in the frame of tight timelines,
  • Conservative Underwriting strategy,
  • Manage it`s underwriting risk appetite align with capital base, taking full account of all the other risks that arise from the underwriting of insurance/reinsurance risks
  • Keep retrocession protection of the portfolio at proper level, accordingly to the stated limits of the Company’s self-retention.

The main aim of the Company is to protect the existing capital base and not to be involved into high volatile and high risk fields of activity. That is why the KLPP Insurance and Reinsurance Company  keeps its focus on selected lines of business where statistics and positive experience are available.

With effect from 01/01/2018 we have new treaty protection for the year 2018 for Property and Engineering business.

This is XL reinsurance treaty with a total net capacity of USD 10,000,000 per risk and catastrophe cover, placed mainly at Lloyd`s market.

 

Leading Reinsurer is Sompo Canopius Re (20% share),

The overall rating of Reinsurers is above A – by A.M.Best

80% — A+ (S&P), A (A.M. Best)

20% — A- (A.M. Best)

 

KLPP`s self Retention is USD 500,000 (priority)

Period: losses occurring during the 12 month period:

Effective from: 1 January 2018

Expiring on: 31 December 2018

 

Class of Business:

The Reinsured’s inward (direct and facultative reinsurance) portfolio and no primary business of

  • 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 — 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 (special acceptance basis)

 

Total Sum Insured basis. Loss limit policies are covered subject to:

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

 

Depending on the various factors and our experience of carrying on business activities in different countries and regions the following capacities we can provide:

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 and not for single conveyance

** in terms being outside of the treaty scope of cover

Other lines can be proposed for our consideration and on special acceptance basis


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