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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 30 th September – 1 st October 2010 . Liability ( Re ) Insurance . Axis Re Philosophy .

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Liability ( Re ) Insurance

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  1. 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 Liability ( Re ) Insurance

  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 )

  3. 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

  4. Client Selection - Key Criteria

  5. Casualty RI Submission – Narrative 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 )

  6. Casualty RI Submission – Data 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)

  7. Audit: What Value Added? • Portfolio Transparency • Fresh Market Knowledge • Reinsurance Structure / Deal Refinement RI Underwriter • Client / Broker Profile • Cycle Management • Client Benchmarking Reinsurance Company • Feedback • AdditionalTechnical Expertise • Refined Reinsurance Pricing Cedant

  8. How to Audit - Axis Re Style ! • Set File Review Objectives • Decide Audit Team ( UW , Actuary , Claims ) • Scrutinize Updated Portfolio List • Select Representative File Selection • Communicate Selection & File Pick Rationale Step 1 • Opening Discussion with Client • Case by Case Risk Review (See Handout 1) • Summary Risk Specific Findings • Pre Client Feedback Audit Team Discussion Step 2 • Discuss Individual File Findings with Client • Agree Overall Findings / Recommendations • Agree Follow Up • Document Files / Communicate Feedback (See Handout 2) Step 3

  9. Axis Underwriting Worksheet ( Sample )

  10. Axis Underwriting Worksheet ( Sample )

  11. Axis Underwriting Worksheet ( Sample )

  12. 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 ! )

  13. Axis Re Contacts Market Responsible Casualty Underwriter Cathriona Donlon Senior Underwriter Casualty Vice President- Reinsurance AXIS Re EuropeBrandschenkestrasse 90CH-8002 ZürichPhone  +41 44 567 01 33 Fax      +41 44 567 01 00Email   cathriona.donlon@axiscapital.com Web     www.axiscapital.com Andew Bisset Senior Vice President Reinsurance AXIS Re Europe Brandschenkestrasse 90 CH-8002 Zürich Phone  +41 44 567 01 50  Fax      +41 44 567 0100 Email  andrew.bissett@axiscapital.com Web     www.axiscapital.com

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