|Example 3 - US Property Deductible Buyback
|Coastal Cat Cover Inc.
|Capacity Seeker Type
|Personal Property Commercial Property
|Main Products, Coverages and Limits
|Available Deductible Buy-Back options for coastal and inland commercial risks $1 million maximum limit for any one Wind/Hail catastrophic occurrence Maximum Total Insured Value (TIV) of $15 million per risk Minimum attachment point, $5,000 per occurrence Larger TIVs may be reviewed upon request
|US licensing requirements
|Excess & Surplus (E&S)
|EU licensing requirements
|Relevant Lloyd's Risk Codes
P6 - PHYS DAMAGE FOR XS LAYER PPTY IN USA EXCL BINDERS
P3 - PHYS DAMAGE FOR PRIM LAYER PPTY EXCL USA EXCL BINDERS
P4 - PHYS DAMAGE FOR FULL VALUE PPTY IN USA EXCL BINDERS
B3 - PHYS DAMAGE BINDER FOR COMMERCIAL PPTY IN USA
P2 - PHYS DAMAGE FOR PRIM LAYER PPTY IN USA EXCL BINDERS
B2 - PHYS DAMAGE BINDER FOR PRIVATE PPTY IN USA
|Brief outline of the program’s distribution
|We originate business from about 250 other intermediaries in Florida and other coastal states.
|Brief outline of how risks are underwritten, rated and priced and policies issued
|Submissions received on quote-to-bind platform, email and in-person RMS / AiR / Eqecat / Oasis used to model exposures and minimise concentrations All risks individually rated, significant consideration to limit concentrations
|Business Written Impacted by OFAC, UN, EU or HMT Sanctions
|Program Profile processes description
|Standard policy forms Monthly broker statement-of-accounts RDS's modelled regularly
|Description the stage of maturity of this program
|Experienced – Limited or restricted historic data available. Typically, track record of 1-3 years in existing operation or 3+ years from another operation.
|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
|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
|Coastal Cat Cover Inc.
|Business Trading Bases
|Year of incorporation
|Company Registration No.
|Florida Office of Insurance Regulation
|Regulatory reference No.
|Country of Incorporation
|Credentials and Membership
|Brief description of the company seeking capacity
|Our company was set up just before all of the HIM events of 2017/2018 to address a gap in the market that was not being served by the major property writers.
|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?