Insurance Services

Insurance Services

    Insurance Services

  • Our Insurance Services capability is deep, but simply defined, with our teams aligned to our core insurance markets: Intermediaries, Insurer & Market and Captives. We work with Lloyd’s syndicates, MGAs, brokers, insurers, reinsurers and international captive owners.

    Our Intermediary Services business has successfully supported the launch and host of more than 40 MGAs, and we have established ourselves as the go-to partner for entrepreneurs and businesses looking to start new MGA platforms. In addition we provide core operations and capacity management services for brokers and MGAs, and we are the leading provider of legacy solutions for end-of-life broker portfolios. 

    Our global top ten ranked Captive Management business provides technical solutions to captive customers in Europe, the US, Latin America and Asia. From our bases in Bermuda and the US our team delivers captive operations, including rent-a-captive, re-insurance advice, and exit solutions.

    Our Insurer & Market team delivers binding authority management, credit control, project services and loss funds programmes.

    We manage 6,000 binding authorities and process more than 200,000 bordereaux annually. Our premium credit control shared service provides effective cash collection for managing agents across more than half of the Lloyd’s market.

    Disclaimer: Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexittransfer. 

  • An independent launch and host incubation platform for new and established MGAs and intermediaries.

    • MGA solutions

      We operate as an independent incubator platform offering a “launch and host” service to entrepreneurs, private companies and corporates who are looking to establish a Managing General Agent (MGA). We achieve this through providing advisory / consulting services and through the utilisation of our FCA regulatory permissions under an Appointed Representative Framework. In the UK we operate through our subsidiary, Ambant Underwriting Services Limited.

      We deliver professional support services to existing fully authorised MGAs, as well as general bespoke service support to entities involved in the delegated underwriting arena.

      We ensure our clients have the required level of resources and structured regulatory oversight controls and processes in place to guarantee that they operate to the highest regulatory standards.

      Disclaimer: Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexittransfer. 

    • Broker solutions

      Through our subsidiary Ambant Limited, an FCA authorised intermediary with Lloyd’s accreditation, we operate as an independent, fee for service, incubator platform offering a “launch and host” service to fledgling Intermediaries in the UK. We achieve this through the utilisation of our FCA regulatory permissions under an Appointed Representative Framework and by providing access to the Lloyd’s market via Ambant’s broking permissions.

      We provide capacity support services in a wide range of insurance classes and disciplines, as well as general bespoke service support to entities involved in the broking and delegated underwriting arena.

      We ensure our clients operate with the required level of resources and structured regulatory oversight controls and processes to guarantee that they operate to the highest regulatory standards.

      Disclaimer: Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexittransfer. 

  • Legacy business frequently takes valuable resource in a broking firm away from their primary role of winning and servicing live business which negatively impacts results and bottom line costs. Our ‘Broker Wrap’ services will enhance the value of the broker’s live business, removing the uncertainty and challenges associated with legacy business.

    Broker Wrap takes all the responsibility for legacy issues away from the broker from a set point in time. Where it is able to do so our Intermediary Services, through its subsidiary Requiem Limited, purchases the legacy entity in its entirety, for a nominal purchase prices and an agreed fee to cover the run-off. If it is not possible to acquire the entity, the wrap can still be completed by securing client consent to the transfer.

    This provides significant cost savings, in most cases, at least 30% when compared with the broker’s expected run-off costs. Our broker wrap services also deliver a drastic reduction in the run off period. In a typical reinsurance run-off the legacy period may extend beyond 10 years whereas the wrap will allow a broker to clear the legacy and remove their ongoing responsibilities within 12 months.

    Disclaimer: Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexittransfer. 

  • We support the management of the Delegated Authority (DA) business lifecycle to meet operational, regulatory & compliance needs. The flexibility of the service offering means it can be adopted as either an end-to-end or modular solution and is customised to meet the specific needs of individual clients whilst benefiting from a bespoke service solution.

    Our service has been designed to meet the need for a flexible and scalable service offering delivered by a highly expertise and resource in an environment of increasing operational burden and regulatory complexity, ultimately driving market efficiency.

    We offer:

    Tier 1 – Strategy & Appetite

    • Existing portfolio analysis & insights

    • Target portfolio vs current operational landscape

    • Operational strategy & identification of expertise & solutions required

    Tier 2 – Operations & Governance

    • Provision of services and resource to support the DA lifecycle, e.g. flexible DUM resource, box mapping and processing, audit & inspection services

    Tier 3 – Performance Management

    • Holistic performance metrics measuring UW and operational performance

    • Expert insight on performance, advise on the impact and on risk appetite / operations

  • We provide a variety of competitive credit control services to the Lloyd’s and Company markets including:

    Lloyd’s shared service: We have been the LMA’s preferred credit control service provider to the Lloyd’s market since 2013 and currently manage in excess of £8.5bn of premium across 54% of Lloyd’s UMR’s.

    All clients are members of the services Oversight Board which governs the service and is responsible for ensuring key deliverables are achieved.

    Legacy/trapped premium collection: We stimulate the payment of premiums on client’s legacy years of account, where to date we have realised in excess of £500m of legacy/trapped premium.

    Typically the premium collected does not form part of our client’s debtors as they may not be aware of the premiums owed to them.

    Company credit control: We provide non-bureau and bureau credit control and cash reconciliation services to our clients. The service is delivered through a solution utilising our in-house systems, third party systems and an experienced team of insurance practitioners to meet client requirements.

    Service company credit control: We provide a fully managed service solution for in-house brokers and service companies.

    MGA credit control and bordereau production: We provide a complete solution for all administrative MGA processes. The service captures the full life cycle of a policy; from the initial risk capture to the production of a written bordereau and creation and settlement of the paid premium bordereaux.

  • Our global top ten ranked captive management business provides technical solutions to captives in Europe, the U.S., Latin America, Canada, Asia and the UK.

    Our operation was initially formed in Bermuda over 40 years ago and we have expanded to cover all U.S. domiciles as well as the Cayman Islands.

    Our team delivers full service captive capabilities including feasibility studies, incorporation services, reinsurance and insurance advice, full ongoing management services and exit solutions.

    We create solutions for clients’ specific insurance requirements. Our vast experience and network of contacts in the industry enables us to create the right solution for our clients whether it be captive or rent-a captive/segregated account and also determine the risks and layers that should be retained.

    We are able to assist our clients in finding fronting and reinsurance partners as well as leading third party service providers in the industry including claims providers, actuaries, letter of credit and trust providers, investment advisors, bankers and legal advisors.

    As well as captives, we manage a number of commercial insurers and reinsurers.

    • Rent-a-captive

      Rent-a-captive is a facility whereby a client (sponsor) ‘rents’ the capital of a registered insurer to underwrite insurance business.
      No risk is retained in the rent-a-captive facility therefore all risks must be fully collateralized by premium, additional capital contributions, reinsurance or letters of credit.

      Benefits:

      • Segregated account for a client’s stand-alone insurance program
      • Underwriting profits determined by own loss experience
      • No pooling of risks with other segregated accounts
      • Robust legislation ensures that one account cannot attach to the assets and liabilities of another account

       

      Common uses:

      • Single line deductible reimbursement
      • Medical stop loss
      • Single parent risks that are too small for stand-alone captive

    • Programme design

      We have significant experience and expertise in the formation of captives. We design programs that provide for the most cost effective coverage for your insurance needs, taking into account the capital available and your appetite for risk.

      We provide independent and unbiased advice on the potential program and coordinate the consultants needed to perform the analysis and make the application submission to the Bermuda Monetary Authority.

      This includes:

      Feasibility Analysis – we bring together a team of professional consultants, including actuaries and lawyers, to provide an analysis on the feasibility of the proposed underwriting and advise on the structure, financing and regulatory requirements.

      Coordination of Service Providers – we coordinate the service providers’ work to complete the application for submission to the Insurance Regulator.

      Submission to the Insurance Regulator – we are available to the Insurance Regulator to guide the application through the process to ultimate approval.

      Implementation – we coordinate the activities required to get the approved captive up and running, from initial meetings to drafting bye-laws, policy wordings, opening bank accounts and appointing on-going service providers and directors and officers.

    • Reinsurance solutions

      Through our regulated entity Quest Intermediaries (Bermuda) Limited, a Bermuda licensed broking company, we can access the Bermuda Reinsurance Market which is among the top three Reinsurance Markets in the world along with London and the USA.

      We also have a number of strategic alliances through Brokers that give us access to all the world markets.

      This enables us to:

      • Place reinsurance coverage on an excess of loss or quota share basis.
      • Place reinsurance coverage on an aggregate basis.
      • Access the most appropriate markets to ensure the best coverage at the most affordable price.

    Captive Management Team

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Chris Butcher, CEO - Intermediary Services

Insurance Services team

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