A reinsurer whose employees deal directly with primary insurers
A reinsurer that writes business under the direction of a reinsurance intermediary
A reinsurer that writes narrowly defined classes of business as directed by state insurance regulators
A reinsurer that sells reinsurance coverage directly to the insured
Reinsurance intermediaries generally represent professional reinsurers and receive a brokerage commission from the primary insurers.
Primary insurers dealing with direct writing reinsurers generally use a single reinsurer for all of their needs.
Reinsurance intermediaries can often help secure high coverage limits and catastrophe coverage.
Reinsurance intermediaries generally have access only to the domestic reinsurance market.
Reinsurance pools syndicates and associations
The Brokers & Reinsurance Markets Association (BRMA)
Reinsurance departments of primary insurers
To eliminate the need for any of the members to maintain a dedicated reinsurance department
So that the members can deal with a direct writing reinsurer
To avoid purchasing treaty reinsurance
So that the members can share the loss exposures of the group usually through reinsurance
That covers an entire class or portfolio of loss exposures and all loss exposures that fall within the treaty are automatically reinsured.
That covers an entire class or portfolio of loss exposures and the reinsurer can typically accept or reject any loss exposures submitted.
In which the primary insurer chooses which loss exposures to submit to the reinsurer and the reinsurer must accept all loss exposures submitted.
In which the primary insurer chooses which loss exposures to submit to the reinsurer and the reinsurer can accept or reject any loss exposures submitted.
Treaty reinsurance agreements are usually designed to address a primary insurer's need to insure atypical risks.
The relationship between a primary insurer and its treaty reinsurer is typically limited to the one-year term of the reinsurance agreement.
The price and terms of reinsurance treaties are standard with little negotiation between the parties.
A long-term relationship with a reinsurer enables a primary insurer to consistently fulfill producers' requests for insurance.
The administrative costs associated with placing facultative reinsurance are relatively low.
Facultative reinsurance is generally not an option for insuring loss exposures that are inconsistent with the primary insurer's typical portfolio.
Facultative reinsurance is generally not an option for insuring classes of loss exposures that are excluded under treaty reinsurance.
The treaty reinsurer is usually willing to allow the primary insurer to remove high-hazard loss exposures from the treaty by using facultative reinsurance.
A primary insurer's underwriting policy and underwriting guidelines are usually developed by its treaty reinsurer.
Usually primary insurers have only one reinsurance treaty with a single reinsurer.
Most treaties require that all loss exposures within the treaty's terms be reinsured.
Primary insurers generally use facultative reinsurance as the foundation of their reinsurance program.
Primary insurers usually make treaty reinsurance agreements so their underwriters have discretion in using that reinsurance.
The integrity and experience of the primary insurer's management are generally not factors that treaty reinsurers consider.
If treaty reinsurance agreements permitted primary insurers to choose which loss exposures they ceded the reinsurer would be exposed to adverse selection.
If reinsurers are comfortable with a primary insurer's published underwriting guidelines they are generally not concerned with the degree to which those guidelines represent the insurer's actual practices.
But can be cancelled at any point during that period by the reinsurer for any reason provided adequate notice is provided to the primary insurer.
And cannot be cancelled by either party unless contractual obligations such as payment of premiums are not met.
And cannot be cancelled without the express written permission of the insured whose coverage is the subject of the agreement.
But can be cancelled at any time by the primary insurer.
Under a working cover type the attachment point is set at a level where expected claims are retained.
Reinsurers usually pay ceding commissions under excess of loss agreements.
The reinsurer responds to a loss only when the loss exceeds the primary insurer's retention.
The excess of loss reinsurer receives a proportional share of the subject premium.
The reinsurer usually pays a ceding commission to reimburse the primary insurer for acquisition costs associated with the underlying policies.
Pro rata reinsurance is available in five forms including per risk catastrophe per policy per occurrence and aggregate excess.
The primary insurer and the reinsurer do not typically use a fixed percentage in sharing the amounts of insurance premiums and losses.
These agreements generally share only loss amounts under covered policies and exclude loss adjustment expenses related to the policies.
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