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Example 2 - Long-standing US Smaller Financial Institutions Book

Program #22704

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Program Profile

Program Title	Example 2 - Long-standing US Smaller Financial Institutions Book
Program ID	22704
Capacity Seeker	FI Risk Solutions Inc.
Capacity Seeker Type	Insurance Intermediary
Classes	Financial Institutions
Territories	United States
Annual Premium	$ 8,000,000
Main Products, Coverages and Limits	PI, D&O and Crime for savings and loan institutions, mutual insurers and smaller insurers across the US Direct and facultative policies written $25m maximum LOI on PI and D&O $5m maximum limit on crime
Contract Types	Direct Insurance, Facultative reinsurance
US licensing requirements	Excess & Surplus (E&S)
EU licensing requirements	NA
Relevant Lloyd's Risk Codes	F2 - PROF INDTY E&O FOR FIN INSTITUTIONS INCL USA D2 - D AND O LIAB EXCL FINANCIAL INSTITUTIONS INCL USA BB - FIDELITY COMPUTER CRIME AND BANKERS POLICIES D4 - D AND O LIAB FOR FINANCIAL INSTITUTIONS INCL USA
Distribution Channels	NA
Brief outline of the program’s distribution	Business is originated from about 40 brokers including Aon, Wilils and Marsh as well as a variety of mid-market and specialist brokers.
Brief outline of how risks are underwritten, rated and priced and policies issued	Underwriters receive submissions / slips from brokers mainly via email and occasionally via PPL Each policy is underwritten on its own merits and terms are negotiated on each risk
Business Written Impacted by OFAC, UN, EU or HMT Sanctions	No
Program Profile processes description	Small specialist team that has been together for 10+ years; all located in Manhattan We use the Virtual MGA platform to record all submissions, quotes, issue policies and invoices Claims are handled by risk carriers

KPIs and Financials

Description the stage of maturity of this program	Mature – Robust historic data and program analysis available. Typically, track record of 5+ years in existing operation with well-developed systems and controls.
Currency	USD
Underwriting Performance and Projections	35% premium rate increase on last year on crime 60% premium rate increase on FI D&O 70% premium rate increase on FI PI 30% Gross Loss Ratio (GLR) of which 50% is crime over last 5 years 90% GLR in 2018 - our worst year
Policies and Premiums	20% lead / 70% follow 70% retention rate 80% declinature rate
Claims and Losses	25% total commissions (15% avg. broker commission) 20% profit commission after reasonable deductions
Operational KPIs	38 retail and wholesale brokers 200 policies 75% conversion rate on quote

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
Claims Authority Sought	NO
Minimal AM Best Financial Strength Rating	A (Excellent)
Other Participating (Re)Insurers	YES
What are the proposed commercial terms for the program?	NA

Supporting Information

The following program information is available if needed

Corporate information	Company Overview Presentation List of Company Directors List of Ultimate Beneficial Owners Organization Chart Corporate Structure Chart
Historic performance	Triangles / Earned-to-Incurreds Realistic Disaster Scenario Analysis Risk Profiles Premium and Exposure Analysis Summary Underwriting Results
Business and financial plans	Underwriting Strategy / Approach Market Analysis Competitor, Customer and Pricing Research Product Brochures Business Plan / Renewal Pack
Underwriting, claims and operations
Agreements	Proposed Binder / Slip Agreement(s)
Compliance and governance	Complaints Log IDD / iPID Documentation Company Risk Register
Policies and procedures	Anti-Money Laundering Sanctions Checking Anti-Bribery and Corruption

Capacity Seeker Profile

Insurance Intermediary

Legal name	FI Risk Solutions Inc.
Trading name(s)	NA
Principal Address
Business Trading Bases
Year of incorporation	2001
Company Registration No.	234567
Local Regulator	New York Department of Financial Services
Regulatory reference No.	BCDEFG
Country of Incorporation	United States
Website	https://www.firisksolutions.com
Credentials and Membership
Brief description of the company seeking capacity	Our MGA has been around for nearly 20 years and prides itself on excellent client service. We have specialized in FI risks and stick to what we know and who we know.

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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