|Example 2 - Long-standing US Smaller Financial Institutions Book
|FI Risk Solutions Inc.
|Capacity Seeker Type
|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
|Direct Insurance, Facultative reinsurance
|US licensing requirements
|Excess & Surplus (E&S)
|EU licensing requirements
|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
|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
|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
|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.
|Underwriting Performance and Projections
|Policies and Premiums
|Claims and Losses
|What capacity currently supports or has historically supported this program, if any?
|Why are you seeking capacity?
|What authorities, limits and structures are you seeking for your program? Will this sit alongside or replace current capacity?
|Types of agreement
|Binding Authority Agreement, Prior-Submit Facility
|Claims Authority Sought
|Minimal AM Best Financial Strength Rating
|Other Participating (Re)Insurers
|What are the proposed commercial terms for the program?
|Business and financial plans
|Underwriting, claims and operations
|Compliance and governance
|Policies and procedures
|FI Risk Solutions Inc.
|Business Trading Bases
|Year of incorporation
|Company Registration No.
|New York Department of Financial Services
|Regulatory reference No.
|Country of Incorporation
|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.
|Have any principal personnel of the Capacity Seeker been charged with or convicted of a criminal offence other than a minor motoring offence?
|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?
|Have any principal personnel been subject to any application for liquidations, receiverships, bankruptcy or similar proceedings or been subject to an administrative order?
|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?
|Have any principal personnel of the Capacity Seeker been disqualified under company law?
|Have any principal personnel of the Capacity Seeker had a licence or authorisation to conduct insurance business refused, suspended, withdrawn or not renewed?
|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?
|Has the Capacity Seeker made any professional indemnity claims or notified insurers of prospective claims in the last 5 years?