Example 1 - Beauty Salon and Barber Shops (Massachusetts)

Program #22694


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
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

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
  • 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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