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Example 1 - Beauty Salon and Barber Shops (Massachusetts)

Program #22694

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Program Profile

Program Title	Example 1 - Beauty Salon and Barber Shops (Massachusetts)
Program ID	22694
Capacity Seeker	ABC Wholesale Broker Inc.
Capacity Seeker Type	Insurance Intermediary
Classes	SME Liability SME Packages SME Property
Territories	Massachusetts
Annual Premium	$ 250,000
Main Products, Coverages and Limits	Beauty, barber and nail salons - property and liability packages General liability that expands the definition of bodily injury to include mental anguish or emotional distress with no deductible Loss of income on actual loss sustained basis up to the stated limit available Personal property of others up to contents limit Equipment breakdown coverage available Special cause of loss including theft available Property limits: Up to $3m TIV, $1m coastal TIV General and professional liability up to $m each occurrence / $2m aggregate No deductibles on liability
Contract Types	Direct Insurance
US licensing requirements	Admitted
EU licensing requirements	NA
Relevant Lloyd's Risk Codes	B3 - PHYS DAMAGE BINDER FOR COMMERCIAL PPTY IN USA E9 - MISC PROF IND E&O EXCL USA EXCL "E3" "E5" "E7" CODES
Distribution Channels	NA
Brief outline of the program’s distribution	Our program's distribution comprises about 30 intermediaries + 2 online comparison sites.
Brief outline of how risks are underwritten, rated and priced and policies issued	This product is offered through our quote-to-bind platform with optional extensions Risks are rated on the platform. Agents/brokers can also call into our underwriters who log quotes on the platform.
Business Written Impacted by OFAC, UN, EU or HMT Sanctions	No
Program Profile processes description	Referrals to underwriters for high-risk conditions and special triggers originating from our quote-to-bind platform. Our underwriters and IT department are all located in the Boston, MA area We use an off-the-shelf platform that we have customized for our business operations. We have a product manager which covers off this program along with 4 others.

KPIs and Financials

Description the stage of maturity of this program	Established – Normal historic data available. Typically, track record of 3+ years in existing operation, adequate systems and controls.
Currency	USD
Underwriting Performance and Projections	40% Gross Loss Ratio 36% Attritional Loss Ratio 60% Quote-to-Bind Rate 78% Retention Rate
Policies and Premiums	$1m max LOI $3m max TIV limit on property $1m max TIV limit on coastal property +10% year-on-year rate change 1.2% claim frequency
Claims and Losses	12% retail broker commissions $100 administration fee per bound policy
Operational KPIs	425 brokers & agents 700 policies 1,000 quotes

Capacity Sought

What capacity currently supports or has historically supported this program, if any?	NA
Why are you seeking capacity?	NA
What authorities, limits and structures are you seeking for your program? Will this sit alongside or replace current capacity?	NA
Types of agreement	Binding Authority Agreement, Prior-Submit Facility, Line Slip Facility
Claims Authority Sought	Flexible
Minimal AM Best Financial Strength Rating	A- (Excellent)
Other Participating (Re)Insurers	In Discussion
What are the proposed commercial terms for the program?	NA

Supporting Information

The following program information is available if needed

Corporate information	List of Ultimate Beneficial Owners Financial Statements / Management Accounts Corporate Structure Chart
Historic performance	Bordereaux Premium and Exposure Analysis Summary Underwriting Results
Business and financial plans	Product Brochures IT Systems and Suppliers Marketing and Distribution Plan Business Plan / Renewal Pack
Underwriting, claims and operations
Agreements	Proposed Binder / Slip Agreement(s)
Compliance and governance	Complaints Log Training Log
Policies and procedures	Business Continuity / Disaster Recovery Data Privacy and GDPR Compliance Sanctions Checking Anti-Bribery and Corruption IT Security

Capacity Seeker Profile

Insurance Intermediary

Legal name	ABC Wholesale Broker Inc.
Trading name(s)	NA
Principal Address
Business Trading Bases
Year of incorporation	2002
Company Registration No.	123456
Local Regulator	Massachusetts Division of Insurance
Regulatory reference No.	ABCDEF
Country of Incorporation	United States
Website	http://www.example.com
Credentials and Membership
Brief description of the company seeking capacity	We are a smaller broker specializing in small business across Massachusetts.

Fitness & Propriety

Have any principal personnel of the Capacity Seeker been charged with or convicted of a criminal offence other than a minor motoring offence?	No
Have any principal personnel of the Capacity Seeker been a party to any legal action, or if any legal proceedings have been commenced to which your company is a party or are any such actions pending in which your company has been named as a defendant?	No
Have any principal personnel been subject to any application for liquidations, receiverships, bankruptcy or similar proceedings or been subject to an administrative order?	No
Have any principal personnel of the Capacity Seeker entered in to or propose to enter in to an agreement or assignment with creditors or otherwise acknowledge insolvency?	No
Have any principal personnel of the Capacity Seeker been disqualified under company law?	No
Have any principal personnel of the Capacity Seeker had a licence or authorisation to conduct insurance business refused, suspended, withdrawn or not renewed?	No
Has the Capacity Seeker ever had a delegated authority from any insurer, including a Lloyd’s managing agent / syndicate terminated mid-term or not renewed by the insurer / Lloyd’s managing agent?	No
Has the Capacity Seeker made any professional indemnity claims or notified insurers of prospective claims in the last 5 years?	No

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No attached documents

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