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Globex Multinational Underwriting Services

Globex Multinational Underwriting Services. April 2009. Agenda. ♦ Why? ♦ What? ♦ Who? ♦ How does it work? - The 11 Step Process ♦ Results ♦ Recent Developments ♦ Examples. Why. ♦ Market driven approaches by AIG/ACE/Chubb/Zurich etc

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Globex Multinational Underwriting Services

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  1. Globex Multinational Underwriting Services April 2009

  2. Agenda ♦Why? ♦What? ♦ Who? ♦How does it work? - The 11 Step Process ♦Results ♦Recent Developments ♦ Examples

  3. Why ♦Market driven approaches by AIG/ACE/Chubb/Zurich etc ♦ Abundance of alternative capacity who do not have an international network ♦ Compliance (Sarbanes Oxley) ♦Customers desire to understand and manage their cost of risk ♦Competitive and controlling edge

  4. What ♦Local and Regulatory Information & Education ♦ Alternative Program Design – Limits, Coverage, Deductibles ♦ Alternative Fronting Arrangements – 100+countries, 260 local placements ♦ Program Implementation - Reinsurance Agreements, certificates, claims ♦ Accounting – premium/taxes/fees collection and disbursement (stateside and/or in foreign jurisdiction) ♦ Program Servicing – centrally managed WW network

  5. Who ♦Your Proprietary Global Business Unit with 50+ years of combined International Experience- central office in CT with coordinating offices in London and Beijing ♦ Design/build that saves up to 50% off traditional market approaches ♦ Property, Liability, Marine, D&O, Health and Benefits ♦ Representation in 100+ countries ♦ Proprietary Software, GlobexWorld.net, that is efficient and cost effective

  6. Partner Underwriter Network

  7. How The 11-Step Process • Inquiry submitted to Globex’s MUS Department. • MUS reviews information and develops questions for clarification. • MUS reviews additional information and outlines items and issues which Insurer needs to consider regarding set up and administration of the overseas program. • Items reviewed include: • Confirmation that local policies are fronting programs only with 100% (or as allowed by local law) reinsured back to insurer • Claims procedures and details of what local companies need to do if anything • A summary of the Insurer’s program

  8. Local exposure date • Role of local broker if any • MUS proposes program options to underwriter who confirms terms and conditions. • MUS solicits fronting arrangements and obtains front’s agreements to proposed terms. • Spreadsheet is developed for underwriter summarizing terms, costs, fees and premiums by country. • Insurer agrees to the overall program and provides MUS with all local client contact names and addresses. • MUS issues Reinsurance Certificates which are signed by local underwriter and by Insurer. • Banking details are shared with Insurer and local front and funds expedited. • Globex provides Insurer with final program spreadsheet; program is monitored and maintained.

  9. Results ♦ Ability to provide primary capacity ♦ Ability to target multinationals and win these accounts against the traditional global players ♦ Significant reduction in program frictional costs ♦ Enhanced ability to fine-tune premium allocations ♦ Greater flexibility in choice of Program Design ♦ Better control of capacity deployment ♦ High degree of regulatory compliance at lower cost ♦ Cost-effective global capability: Annual Partnership Fees are equivalent to the cost of an Account Executive

  10. Recent Globex Developments ♦ New coordinating office in Beijing ♦ Increased Reverse Flow opportunities from Canadian and European markets ♦ GPS: Global Processing Services facilitates international premium transactions ♦ GlobexWorld.net: Our proprietary web-based application simplifies the application and implementation process for foreign placements

  11. Examples Traditional Program Globex Assisted Program • AIG led global program • Local policies issued by AIG affiliates • Globex Partner Market issues global master policy • Globex secures fronting policies

  12. Examples Traditional Program Globex Assisted Program • Globex Partner Market issues global master policy • Globex secures fronting policies • Brazil is placed stand-alone, with master policy providing DIC • Year 2 generates 50% savings • Fully non-admitted global program • No local policies

  13. Examples Traditional Program Globex Assisted Program • Globex Partner Marketcan write global master program. • Globex secures fronting policies where needed • Globex Partner Market writes US only • Zurich writes the international

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