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REINSURANCE

INDEMNIFYING PROPERTY AND CASUALTY INSURERS

AUTHOR: COMMITTEE
     AND EDITORS

1

Reinsurance: Indemnifying Insurers for Insurance
Losses
--page 1
Protecting policyholders with insurance, protecting insurance companies with reinsurance, reinsurance regulation and markets, fundamentals of reinsurance and customary practices.

[CONTRACTS]

JEAN F. (Jeff) WEBB IV
Retired Senior Vice President
PRUDENTIAL REINSURANCE COMPANY

2

The Pro Rata Property Treaty--34
Origins and functions of treaties, types of pro rata treaties, pricing, significant concepts and practices: transfer of risk; retention warranties; coverage and limits; attachment of liability; risk definition; following fortunes, settlements, and original conditions; protecting the surplus treaty; reporting transactions; termination; changes caused by 1992 Hurricane Andrew.

MICHAEL HOLLENBACH
Vice President & Principal
TOWERS PERRIN REINSURANCE

3

Property Per Risk Excess of Loss Reinsurance--78
Purposes and characteristics, relationship to other reinsurance, determining retention and limit, common contract provisions, rating plans, comparison to pro rata reinsurance.

RICHARD M. SHAW
Assistant Vice President & Associate General Counsel
RELIANCE INSURANCE COMPANY

4

Casualty Excess of Loss Treaty Reinsurance--122
Purposes, types of casualty reinsurance contracts, considerations in using casualty excess (lines of insurance affected and reinsurance desired, ultimate net loss and expenses, integration of other reinsurances, net retained line, methods of attachment and termination, retention and limit, definition of occurrence and loss triggers, event coverage or interlocking, aggregate extension and aggregate extraction, pricing tools, ancillary issues), evaluations and contributions.

JOHN F. CANNON
Retired Executive Vice President
THE MERCANTILE AND GENERAL REINSURANCE COMPANY OF AMERICA

5

Catastrophe Reinsurance--204
Purposes, catastrophe perils, the occurrence treaty, designing the catastrophe program (catastrophe limit and loss retention; sample programs for small, regional, large reinsureds; continuity).

THOMAS A. LEHRKE
President
W. J. LEHRKE CO.

6

Aggregate Excess or Stop-Loss Reinsurance--244
Nature, purpose, and benefits; criteria for establishing retention and limit; pricing, loss settlement provisions; important clauses; suitability of coverage.

DAVID L. WASSERMAN
President and CEO
CENTRE REINSURANCE COMPANY OF NEW YORK

7

Financial (Finite Risk) Reinsurance--278
Causes of growth; early finite products: time-and-distance and loss portfolio; optimum environment for finite risk reinsurance; cost and stability tradeoff; finite risk applications; regulations.

JOHN D. COUNTRYMAN
Senior Vice President
RELIANCE REINSURANCE CORP

8

Facultative Reinsurance--294
Characteristics; use of facultative; coverage: pro rata v. excess of loss; underwriting; contracts used in facultative reinsurance; the facultative marketplace.

[ADMINISTRATION]

WILLIS T. KING, JR.
Chairman and CEO
WILLCOX INCORPORATED REINSURANCE INTERMEDIARIES

9

Meeting the Reinsuredís Needs--322
Planning a reinsurance program, designing a program for a typical company, reviewing and revising, overall considerations.

BONNIE L. BOCCITTO
Managing Director and Chief Underwriting Officer
RISK CAPITAL REINSURANCE

10

Pricing Reinsurance--402
Experience rating excess of loss, exposure rating excess of loss, alternative rating structures, casualty contingency (clash), property catastrophe, pro rata pricing.

PAUL R. DAVIES
Chairman
AON RE INC.

11

Markets and Marketing--472
A thirty-year history (1965-1995), the distribution system (buyers: primary insurers; sellers: the markets), services, comparative advantages.

LEWIS H. PAUL
Senior Vice President
E. W. BLANCH CO. REINSURANCE SERVICES

12

Underwriting the Reinsured--498
The essential risk: the reinsured. Measuring the reinsured's fiscal health: sources of information, interpreting the signals. Is the proposed reinsurance program valid? The value of responsible actions.

RICHARD S. BAKKA
Administrative Officer
AMRECO OPERATIONS UNDER THE ILLINOIS OFFICE OF THE SPECIAL DEPUTY

13

Claims Management--546
Origin of claims (first-party, third-party), functions (auditing, reserving and development, recording and reporting), common contractual provisions: facultative and treaty.

KEVIN B. OATES, JR.
President
FELLS ROAD GROUP, INC. and MICHAEL CONN ASSOCIATES, INC.

14

Reinsurance Accounting--596
Dual accounting systems (SAP v. GAAP, reporting differences), reinsurance accounts and differences between insurance and reinsurance accounting, government and self regulation of accounting, calculations: proportional treaties (quota share, surplus share, commission adjustments, loss corridor deductible), nonproportional treaties (per risk, per occurrence, aggregate, aggregate catastrophe, stop-loss, common account), retrospective premium adjustments, portfolio transfers.

INDEMNIFYING LIFE AND HEALTH INSURERS

THOMAS KABELE
Senior Vice President, Reinsurance and Taxes
THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

15

Life Reinsurance--696
Comparisons, contracts (direct policies and reinsurance agreements), pricing, industry performance and statistics, important treaty clauses, regulations.

DIANA HILMER
2nd VP & Dir., Natíl Exec. Accnts
LINCOLN NATIONAL REINSURANCE COMPANIES


THOMAS G. BROWN
Chairman and CEO
DUNCANSON & HOLT GROUP

16

Accident and Health Reinsurance--724
The U.S. health care market, the accident and health reinsurance market, the reinsurance treaty, reinsuring accident and health coverages.

 

[APPENDICES]

 

Court Cases Cited, 743; Glossary of 357 Reinsurance Terms, 746; Index, 749; About the Editor, 810