Managing agents should define and execute syndicate outwards reinsurance strategy and purchasing plans which effectively support the wider syndicate business strategy and objectives.
To support this, managing agents should ensure their syndicates:
Managing agents should define and execute syndicate outwards reinsurance strategy and purchasing plans which effectively support the wider syndicate business strategy and objectives.
To support this, managing agents should ensure their syndicates:
Outwards reinsurance strategies and purchasing plans are robust and reflect the underwriting, exposure and capital management / appetites of each individual syndicate, and the best interests of the members of the syndicate
Have appropriate systems, controls, procedures and expertise to enable the effective management of outwards reinsurance purchasing and recoveries
Live and potential financial, operational, counterparty, contract and liquidity risks arising from outwards reinsurance arrangements are identified, monitored, evaluated and mitigated
Have robust and effective monitoring, reporting and governance frameworks employed over their outwards reinsurance arrangements
The Maturity Matrix for Outwards Reinsurance is available within the Principles and Maturity Matrix document, which can be found on our Principles for doing business at Lloyd’s page.