Top Ten Reasons That Reinsurance Can Be Misunderstood

CPCU Society Reinsurance Interest Section Workshop February 3, 2005 R. Michael Cass Kelli M. Kukulka Thomas M. Pavelko
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R. Michael Cass, CPCU, ARe Mike Cass is President & Principal Consultant for R.M. Cass Associates, an independent consulting firm now located in Chicago, Illinois. Formed in 1987, the practice emphasizes reinsurance and related matters. Prior to forming his consulting practice, Cass obtained extensive industry experience with insurance, reinsurance companies and a Lloyds broker. He has functioned as both manager and officer. Cass has served as an arbitrator in over 40 disputes involving insurance and reinsurance issues. He is a member of the American Arbitration Associations Panel of Neutrals and ARIAS-US and is a certified arbitrator. Since the inception of his practice, Cass has devoted a significant part of his activities to assisting liquidators in various domiciles as well as run off operations. These services relate to technical consulting, expert witness activity and as an arbitrator and umpire. He is a graduate of Penn State University and Temple University School of Law. Cass is a member of the New York Bar, a Chartered Property and Casualty Underwriter, ARe and an Accredited Insurance Receiver Reinsurance. Cass is a former chair of the ABA Tort and Insurance Practice Sections (TIPS) Committee on Excess, Surplus Lines and Reinsurance. He is also past chair of that Sections International Committee and has served as the TIPS liaison to the Central and Eastern European Law Initiative. Cass is also active in the CPCU Society. He is past chair of the Societys Risk Management Section Committee and former member of the Excess, Surplus and Specialty Lines Section Committee. He currently chairs the CPCU Societys Reinsurance Interest Section Committee. Cass is the current president of the Illinois Captive and Alternative Risk Funding Insurance Association. In addition to various speaking engagements and professional articles on reinsurance and related areas, Cass has contributed to an industry treatise and textbook. He is chapter author of Reinsurance Contract Wording, (Strain Publications) and contributing author and editor of Reinsurance Practices, Second Edition (Insurance Institute of America), and the textbook for the ARe 142 program.

Kelli M. Kukulka, CPCU, ARe Kelli Kukulka is a Vice President for the Agricultural Department of American Re-Insurance Company located in Chicago. Kelli began her insurance career in The Hartfords Livestock Department. She works with agricultural clients on a national basis, and is responsible for treaty marketing and underwriting, and individual risk facultative for agriculture specialty risks. Kelli has more than fifteen years of experience in agricultural insurance, has earned the designations of CPCU and ARe and is the Past-President of the Chicago Chapter of the CPCU Society. Ms. Kukulka maintains memberships in the Animal Transportation Association, CPCU Society, Crop Insurance Research Bureau, Livestock Exporters Association and the National Association of Insurance Women. Kelli was raised on a farm in Central Illinois and holds a Bachelors Degree in Agriculture from the University of Illinois. Kelli teaches reinsurance classes for the Insurance School of Chicago and speaks at various insurance seminars. She has been a national committee member of the CPCU Reinsurance Interest Section Committee since 2003. Kelli stated she began her service to the CPCU Society to develop relationships outside her technical specialty. Since we live in a constantly evolving business environment, it is helpful to extrapolate developments in other sectors of insurance and reinsurance into those that affect my own area. In effect, those relationships have become my underwriting crystal ball.

Thomas M. Pavelko, JD, CPCU, ARe Tom is the contracts and regulatory attorney for American Agricultural Insurance Company in Park Ridge, Illinois. He has held this position for six years and has worked for American Ag for seven years. American Ag was created in 1948 to provide reinsurance for Farm Bureau insurance companies, but subsequently diversified and has become a major reinsurance provider in the United States and various international markets. Prior to joining American Ag, Tom was in private law practice in Illinois and Missouri for 15 years, concentrating in insurance defense litigation. Tom received his ARe designation in 1999 and his CPCU designation in 2000 at the San Antonio, TX conferment. He is active in the Northwest Suburban Chicago chapter, currently serving as one of its directors. Tom joined the Reinsurance Section Committee in 2001. He also serves on the Laws Committee of the NAII. He was graduated from Marquette University with a Bachelor of Arts degree and a political science major. He received his Juris Doctor from Washington University School of Law in St. Louis. When Tom joined the Reinsurance Section Committee, he said that he wanted to become a member to better himself, promote the CPCU Society and perhaps bring some benefit to his fellow members. He has quickly learned that membership brings excellent networking benefits. I dont get out much. Most of my workdays are spent behind a desk and in front of a computer, drafting reinsurance treaties or preparing licensing or other regulatory filings. It is immensely rewarding to attend committee functions and receive cutting edge information from industry leaders.

INSURANCE INDUSTRY BASICS

WHY COMPANIES PURCHASE REINSURANCE a. Capacity

b.
c. d.

Stability
Catastrophe protection Surplus relief

e.
f.

Underwriting expertise
Withdrawal from a territory or line of business

INSURANCE COMPANY RESPONSIBILITIES 1. Capable, and properly-managed staff 2. Payment of state premium taxes 3. Maintain all accounting records, as long as necessary 4. Identify, investigate, and pay valid claims 5. Decision-maker in claims decisions 6. Cooperate with state insurance departments during examination 7. Cooperate with Internal Revenue Service, SEC, etc, as appropriate 8. Cooperate with reinsurer during claims review
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SEPARATING THE PARTICIPANTS

The Contractual Expression Original Insurance Contract

Sequence

The Event

The Flow of Risk Insurer (A) assumes primary risks (with or without an insurance agent or broker)

Policyholders pay premiums to transfer risks

As excessive risks ceded to reinsurer(s)

Insurance Company B reinsures Company As risks (with or without a reinsurance broker)

A & B enter into separate reinsurance agreement

10. YOU CAN CLEAR AIRPORT SECURITY DESPITE HAVING A CUT THROUGH ENDORSEMENT

SEPARATING THE PARTICIPANTS

The Contractual Expression Original Insurance Contract

Sequence

The Event

The Flow of Risk Insurer (A) assumes primary risks (with or without an insurance agent or broker)

Policyholders pay premiums to transfer risks

As excessive risks ceded to reinsurer(s)

Insurance Company B reinsures Company As risks (with or without a reinsurance broker) Company B reinsured by Company C (using a reinsurance broker)

A & B enter into separate reinsurance agreement B & C enter into a separate retrocessional agreement

Bs excessive risks laid off to Company C

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9. RETROCESSIONAIRE IS NOT A NEW CD BY MANNHEIM STEAMROLLER

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REINSURANCE INDUSTRY BASICS

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LEVERAGED EFFECT OF REINSURANCE

REINSURERS INSURERS

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Geographical Split of Premium Volume

Europe, 34%

North America, 57% Latin America, 2% Africa, Near and Middle East, 1%

Asia and Australia, 6%

Source: IAIS Global Reinsurance Market Report 2003

1 American Re-Insurance Company

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Source: Reinsurance Association of America

1American Re-Insurance Company

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S&P Reinsurer Rating Changes

Source: Standard & Poors Ratings Direct January, 2005

1 American Re-Insurance Company

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TOP U.S. REINSURERS (NPW in $ Millions)

Company General Re American Re / MARC Employers Re /GE Re/ Kemper Re@ Transatlantic / Putnam @ (AIG) Converium Re/Zurich Re Center Everest Re / Prut Re 2003 3,440 1,583 4,622 3,100 764 2,965 2002 3,974 1,169 4,644 2,337 1,064 2,119 2001 3,960 2,762 3,707 1,764 839 1,361 2000 4,297 3,165 3,996 1,533 960 1,211 692 679 487 450 1987 2,236 1,682 1,556 305 1986 2,477 1,619 1,618 257 1985 1,523 1,190 1,055 192 1984 1,065 704 690 133

Swiss Re Group@
Gerling Global @ The St. Paul Cos. Hartford Re/Endurance

1,989

1,283
479

1,647
760 1,615

2,067
898 1,251 826

648
235 413

737
225 334

588
142

496
134

424

703

849

SCOR Re
Odyssey America (TIG Re) CNA Re / Folksamerica Re @ Berkeley Ins Co. National Indemnity Partner Re

348
1,911 889 1,397 2,741 1,041

637
1,493 679 940 2,666 755

598
892 685 1,217

624
609 951 445

500

369

Source: RAA Reinsurance Association of America

@ Includes other group members data for 2000 - 2003

1 American Re-Insurance Company

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GROSS PREMIUMS/RISKS

GROSS INCURRED LOSSES

LESS INURING

LESS INURING REINSURANCE

REINSURANCE

GNPI / RETAINED RISKS

NET RETAINED LOSS

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TYPES OF REINSURANCE
FACULTATIVE:
Each risk is individually reinsured Reinsurer accepts or rejects each individual risk Could be either pro rata or excess of loss

TREATY:
Automatic reinsurance of agreed upon segment of direct business written

METHODS OF RISK SHARING IN REINSURANCE:

PROPORTIONAL

Quota share Surplus share

NON-PROPORTIONAL

Per risk Per occurrence (Catastrophe) Aggregate excess (Stop Loss)

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8. FOLLOW THE FORTUNES HAS NOTHING TO DO WITH LEPRECHAUNS, RAINBOWS OR A POT OF GOLD

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TYPES OF REINSURANCE Facultative

Optional cession/recovery Optional acceptance Risk specific rating; individual risk underwriting No continuing relationship; no expectation of pay-back No profit sharing More volatility (higher risk/return profile) Separate contract: each reinsurer
Seldom any ECO/XPL cover Each reinsurer supplies coverage contract

Treaty
Mandatory cession/recovery Mandatory acceptance Overall class rating; no individual risk underwriting Long-term relationship and commitment; some expectation of pay-back over the long run A profit sharing arrangement (sliding scale or contingent) included in pro rata; swing rate in working excess treaties Single contract: all reinsurers Usually ECO/XPL cover expected Only one ultimate reinsurance contract
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Excess of Loss Illustrated

Loss Data

Retention

Limit

Reinsured Excess Losses

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Excess of Loss Illustrated

Cede Retention

Dollar Loss

Reinsured Excess Layer

Cede Retention
$0

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Typical Reinsurance Arrangements

Business Corporations or Associations Seeking Insurance Protection
Risks in a Controlled Insurance Subsidiary Including Risk Retention Groups Self-Insured Plan to Retain Part of the Insured Risk

Including Risk Retention Act Purchasing Groups Using (optional) Agents or Brokers With (optional) Substantial Deductible Layer Retained Policy-Writing Insurance Company(ies) Selecting (optional) Reinsurance Intermediaries Reinsurers Retrocessions With the Same or New Reinsurance Broker

Excess Policy Writing Company Above Retention

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ACCOUNTING

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SIGNIFICANT ACCOUNTING HISTORICAL POINTS

1881

1913

1933

1939

1974

1981

1993

1995 26

WRITTEN PREMIUM DEVELOPMENT: SURPLUS PENALTY

UNEARNED

EARNED
COST

SURPLUS PENALTY

TIME
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7. YOUR COLLEGE ACCOUNTING TEXTBOOK MATCHED EXPENSES WITH REVENUES

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P & C ACCOUNTING TRANSACTIONS

Direct (Primary) PREMIUMS Written UPR Change Earned Direct (Primary) LOSSES INCURRED Paid Case Reserves IBNRL TOTAL Direct (Primary) EXPENSES INCURRED + / - Reserve Change Paid 29 Reinsurance Assumed Reinsurance Ceded Net Reinsurance Assumed Reinsurance Ceded Net Reinsurance Assumed Reinsurance Ceded Net

6. YOU WILL NOT FIND A BORDEREAUX BETWEEN BORDER N AND BORDER P

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LEGAL

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SEPARATING THE PARTICIPANTS

The Contractual Expression Original Insurance Contract

Sequence

The Event

The Flow of Risk Insurer (A) assumes primary risks (with or without an insurance agent or broker)

Policyholders pay premiums to transfer risks

As excessive risks ceded to reinsurer(s)

Insurance Company B reinsures Company As risks (with or without a reinsurance broker) Company B reinsured by Company C (using a reinsurance broker)

A & B enter into separate reinsurance agreement B & C enter into a separate retrocessional agreement

Bs excessive risks laid off to Company C

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5. ISO WILL NOT SEND YOU FILL-IN-THE-BLANK REINSURANCE CONTRACT FORMS

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CONFIRMING THE CEDENT AND REINSURERS INTENT

A. Mutually shared understanding during negotiations 1. Verbal communications 2. Confirming letters Broker of record letter, where applicable Cover note, placement slip, cover slip issue The contract itself Subsequent amendments Each partys responsibilities after cancellation

B. C. D. E. F.

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4. UTMOST GOOD FAITH IS INCLUDED AT NO EXTRA CHARGE

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BROKER OF RECORD LETTER COMPANY

TO WHOM IT MAY CONCERN: We have appointed the firm of Cass & Pavelko, Inc., 1 Palatial Dr., Chicago, Illinois, to act as our sole representative for the negotiation of reinsurance for our Companys Property business. We ask that you recognize Cass & Pavelko, Inc., as our authorized representative, and that any proposal which you may consider be submitted through them. Any prior negotiations with respect to reinsurance for our Property business have now been concluded. Very truly yours, COMPANY By ______________ Title_____________
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COMPLIANCE PROCEDURE N.Y. STATE INSURANCE DEPARTMENT REGULATION 98

1. An Authorization Form will be obtained from all reinsurers with whom we do business and all ceding companies on our address list with whom we are transacting new, renewal or continuous business. An Authorization Form will also be obtained from each principal, participating as a market through a pool, association or agent. Alternatively, a letter from the Insurance Department confirming that the agent is exempt from Regulation 98 will be acceptable. The Market Security Committee will maintain current financial statements on all reinsurers assuming business through us, for review by ceding companies on their request. As has been done in the past, premium and loss funds will be kept in separate accounts distinctly labeled as fiduciary funds and will not be commingled with general operating funds. The Authorization Form will include a paragraph authorizing us to retain the investment income from premium and loss accounts Each authorization form that we send to clients and markets will include disclosure of our affiliated companies

2.

3.

4.

5.

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COMPLIANCE PROCEDURE N.Y. STATE INSURANCE DEPARTMENT REGULATION 98 (CONTINUED)

6. We will obtain and keep on file written evidence of reinsurers assumption of risk for each contract in the form of Confirmation slips and/or Interests and liabilities Agreements. Any reinsurance contract made with a reinsurer not licensed or accredited in New York will include a service of suit clause, naming an agent for service of process in New York. Whenever we place a specific retrocession for a reinsurer in conjunction with a reinsurance placement, Broker will provide the ceding company with a brief description of the retrocession, the retrocessionaires, the commissions earned by Broker on the transaction, and the reinsurer for which the retrocession was made. Accounts-persons will provide continuing advices to the ceding company and reinsurer of changes in the original retrocession. All correspondence, cover notes, binders, contracts, authorization forms, and accounting records will be maintained for at least 10 years after termination of a contract. Current Files will be maintained centrally on Authorization forms and compliance will be internally monitored. Accounts-persons will remedy specific compliance problems with clients and markets as they occur.
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7.

8.

9.

10.

CLIENT INSURANCE COMPANY Dallas, Texas

Excess Catastrophe Reinsurance Contract Effective: January 1, 2005 Reinsurance Confirmation

Business Reinsured: Fire, Allied Lines, Homeowners, Mobile Homeowners, and Boat owners. Multiple Peril (property perils only), Automobile Physical Damage (excluding collision), Commercial Multiple Peril (property perils only, including property perils of Business owners policies), Inland Marine and Glass. In force, new and renewal.
Term: Effective January 1, 2005, with respect to losses arising out of loss occurrences commencing on or after that date, through December 31, 2005. Extended expiration in the event a loss occurrence is in progress at expiration.

Territory: USA, its territories or possessions, Puerto Rico, D.C., and extra-territorial limits of the Companys policies. Exclusions: See attached Retention & Limit: Based on the Companys ultimate net loss each occurrence. Layers, retentions and limits as set forth in the attached Schedule A. Reinstatement: One Full reinstatement for each layer, as set forth in Schedule A, with additional premium calculated 100% as to time and pro rata as to amount. Ultimate Net Loss: Loss adjustment expense included. Loss Occurrence Definition: See attached. Loss Notice and Settlements: Individual loss notices and settlements.
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Premium: Rates based on net earned premium, with NEP to include Homeowners at 65%. Rates, annual deposit premium and annual minimum premium as set forth in Schedule A. Annual deposit premium for each layer payable in four equal installments on January 1, April 1, July 1 and October 1, 2005. Adjusted within 60 days after the end of the contract term. Subject Premium: Estimated subject net earned premium for the period January 1, 2005 through December 31, 2005 is $12,000,000. Other Provisions: Salvage and Subrogation Offset (BRMA 36C) Access to Records (BRMA 1D) Net Retained Lines (BRMA 32B) Errors and Omissions Currency (BRMA 12A) Taxes (BRMA 50B) Federal Excise Tax (BRMA 17A) Insolvency Arbitration Service of Suit (BRMA 49C) Intermediary (BRMA 23A) Unauthorized reinsurers (Evergreen LOC for outstanding losses/LAE) Brokerage: 10.0% of ceded reinsurance premium, 5% on reinstatement premium Allocation of Final Shares: The company shall have the right to review all authorizations and the full authority to allocate final shares. Such decisions will be at the sole discretion of the Company and may result in other than a proportional sign down of authorization. As respects sign downs within the London marketplace, the final allocation of shares to individual companies or syndicates may not be proportionate to the original authorizations.
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3. BRMA IS NOT A COUNTRY IN SOUTHEAST ASIA

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TYPICAL EXCESS REINSURANCE TREATY WORDING HEADINGS (ALPHABETIZED)

A. B. C. D. Access to Records Arbitration Classes of Business Reinsured Definitions Accident/Occurrence Each Line of Business Excess of underlying policy limits judgments - Loss adjustment expense Net retained line To indemnify or To be liable to pay Ultimate Net Loss Errors and Omissions Exclusions, Including Reinsurance Assumed Business Insolvency Intermediary Loss Reports, Loss Settlements, Reinstatement Premium Reports, Premium Base, Offset, Taxes, Currency, Dividends Retention and Limits Salvage/ Subrogation Term and Cancellation Territory
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E. F. G. H. I. J. K. L. M. N.

EXTENSIONS OF COVERAGE

XPL

ECO

ORIGINAL POLICY COVERAGE

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2. KEEP THIS ON THE QT, BUT ECO AND XPL CAN BE INCLUDED IN UNL

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INTERESTS AND LIABILITIES AGREEMENT It is hereby agreed by and between CLIENT INSURANCE COMPANY DALLAS, TEXAS (Hereinafter referred to as the company) And COSMOS REINSURANCE COMPANY NEW YORK, NEW YORK (Hereinafter referred to as the subscribing reinsurer) THAT THE SUBSCRIBING REINSURER SHALL HAVE A 35% SHARE IN THE INTERESTS AND LIABILITIES OF THE REINSURER AS SET FORTH IN THE ATTACHED CONTRACT ENTITLED: COMBINED EXCESS PER RISK AND EXCESS CASUALTY REINSURANCE CONTRACT EFFECTIVE: OCTOBER 1, 2005
This agreement shall become effective at October 1, 2005, and shall continue in force until terminated in accordance with the provisions of the attached contract.

THE SHARE OF THE SUBSCRIBING REINSURER IN THE INTERESTS AND LIABILITIES OF THE REINSURER WITH RESPECT TO SAID CONTRACT SHALL BE SEPARATE AND APART FROM THE SHARES OF THE OTHER REINSURERS AND THE INTERESTS AND LIABILITIES OF THE SUBSCRIBING REINSURERS SHALL NOT BE JOINT WITH THOSE OF THE OTHER REINSURERS AND THE SUBSCRIBING REINSURER SHALL IN NO EVENT PARTICIPATE IN THE INTERESTS AND LIABILITIES OF THE OTHER REINSURERS.
In witness whereof, the parties hereto by their respective duly authorized officers have executed this agreement as of the dates under mentioned at: Dallas, Texas, this __ day of ______ 2005 ____________________________ CLIENT INSURANCE COMPANY New York, New York, this __ day of ______ 2005 _______________________________ COSMOS REINSURANCE COMPANY

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ARBITRATION PARTIES
UMPIRE

ARBITRATOR

ARBITRATOR

CEDING INSURER

DISPUTE

REINSURER

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VERIFYING RECORDS

Courtesy Prof. Bruce Evans

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UNDERWRITING

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Reinsurance Underwriting Process -- Treaty

A. B. C. Property vs. Casualty Pro-Rata vs. Excess Underwriting Considerations Check the cedents retention levels, required per risk capacity, growth plans, the financing that would be required, any change in the current business mix and impact of returned reinsurance unearned premium reserves. What policy limits may be extended by individual company underwriters? Are the current treaty exclusions being adhered to? What facultative risks are separately reinsured? Are these peak lines; under priced submissions? Is the treaty over-protected?

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Reinsurance Underwriting Process -- Treaty

D. Claims, Actuarial, Information Systems, etc. Considerations Trace the typical claim from notice through investigation, analysis, original reserving level, loss settlement process, use of outside experts, etc., through to loss settlement. Is a bad faith or excess judgment claim a real possibility? Can a transactions review discover proper recording of premiums, losses, etc. What is the cedents record in prompt payment of reinsurance premiums, notice of individual claims to reinsurers, tracing property exposures by zip code, gulf coast tiers, etc.? Overall, is the communication within the cedents departments clear and transmitted to those who need to know the information?
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Reinsurance Underwriting Process -- Treaty

E. Sources of Underwriting Data Past 5 NAIC Annual Statements plus current Expense Exhibit Copy of Audited Financial Statement or Annual Report Copy of Latest State Examination Report Copy of IRIS Results (Early Warning Tests) Copy of 10-K (if filed with SEC) Copy of Loss Reserve Certification Copy of A.M. Bests Report Copy of Current Reinsurance Contracts Specimen Copies of any specialty type policies, (not Bureau) Copy of Underwriting Manual/Line Guide Interviews with Underwriting, claims, etc. personnel
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Texas Champion Insurance Company Pending Inventory

Claim # Insured Name Coverage Type Loss Date Loss Report Date Pending Reserve Law Suit Expense YTD Rein. Report

A-042-01

Rock Truck Ramblers

Commercial Auto

ABI

2-1-00

2-29-00

350,000

Yes

29,471

4-11-01

L-234-01

As The World Turns

General Liability

OBI

10-13-01

10-23-01

2,500

No

345,000

---

L-662-01

Ivory N. Soap

General Liability

OBI

2-23-00

5-12-01

100,000

No

3,331

12-9-01

L-235-91

Bearcat Industries

General Liability

OBI

10-8-91

10-7-93

1,000

Yes

43,000

10-8-01

W-441

Big Sky Stop & Rob

Workers Comp

WC

6-11-94

6-12-94

5,000,000

Yes

980,000

10-1702 ---

A-079

Wild and Wooly Auto

Commercial Auto

ABI

7-7-97

9-7-97

25,000

Yes

57,995

H-223

Thai-Xie Hung

Homeowners

Sec. II
E&O

5-10-93

1-2-01

2,500

Yes

18,656

---

E-001

Gettem Auction Sales

Errors and Omissions

4-1-01

4-22-01

No

22,222

---

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National Atlas of the United States and The National Atlas of the United States of America are registered trademarks of the United States Department of the Interior. Last modified 11:00:00 May 21, 2002

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Florida and Texas Suffered the Most Hurricane Damage

Return Period (Yrs)
State Florida Texas Three Other Gulf Exposed States 100 39,700 16,400 15,300 25 8,000 4,600 2,300

Annual 10 Average
3,100 1,000 530 1,423 615 334

% of Total
49.5 21.4 11.6

Three Other Atlantic Exposed States

8,900

2,100

311

235

8.1

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2004 CAT ranking by insured losses

Date Country/Region Event Fatalities Economic Loss US$ m
20,000

Insured Loss US$ m

11,700

9/7-21

USA/Caribbean

Hurricane Ivan

125

8/11-14
9/1-9 9/15-29 9/6-8 10/19-21 8/22-31 5/21-27 5/29-6/2 10/23

USA/Caribbean
USA/Caribbean USA/Caribbean Japan/South Korea Japan Japan/Guam USA USA Japan

Hurricane Charley
Hurricane Frances Hurricane Jeanne Typhoon Songda Typhoon Tokage Typhoon Chaba Tornadoes Tornadoes Earthquake

32
39 2,000 41 80 16 4 10 39

21,300
8,400 6,600 6,000 2,500 2,000 1,100 700 28,000

7,600
4,700 4,500 3,000 1,100 950 800 500 450

Source: 2004 NatCatSERVICE, Munich Re As at 12-28-2004 updated 1-3-2005

1 American Re-Insurance Company

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1. "Cats" ARE NOT AN Andrew Lloyd Webber MUSICAL.

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MISUNDERSTANDING REINSURANCE? HOW COULD THAT EVER HAPPEN?

YOURS TRULY, Mike Cass Kelli Kukulka Tom Pavelko

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