Example 6 - Facultative Property Book - Middle East

Program #22742


Program Profile

Program Title Example 6 - Facultative Property Book - Middle East
Program ID 22742
Capacity Seeker Middle East MGA Ltd
Capacity Seeker Type Insurance Intermediary
Classes Commercial Property
Territories United Arab Emirates Saudi Arabia Qatar Oman Lebanon Kuwait Jordan Iraq Bahrain Middle East
Annual Premium $2,750,000
Main Products, Coverages and Limits Non-proportional; Primary; Proportional; Catastrophe and Non-Catastrophe; High Excess and Working exposures

Exposures considered: All Risks, including Flood and Earthquake, Boiler and Machinery, Business Interruption, CAR / EAR, Fire and Named Perils, Inland Marine

Limits: $10m on primary; $25m on excess layers
Contract Types Facultative reinsurance
US licensing requirements NA
EU licensing requirements NA
Distribution Channels NA
Brief outline of the program’s distribution Risks originate from a mix of reinsurance brokers and cedants directly through both email and our online portal
Brief outline of how risks are underwritten, rated and priced and policies issued All risks are rated according to strict underwriting guidelines with 48-hour turnaround SLAs
Exposures are rigorously monitored to avoid geographic concentrations
We use an internet-based underwriting platform to record all submissions and fac acceptances
Business Written Impacted by OFAC, UN, EU or HMT Sanctions No
Program Profile processes description Direct cedant business is settled quarterly, broker business is settled monthly
Claims are handled by our capacity providers who use a panel local TPAs and loss adjusters

KPIs and Financials

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.
Currency USD
Underwriting Performance and Projections
  • Since 2012, 0% cat loss ratio, 30% large loss ratio, 10% attritional loss ratio
  • 80% year-on-year retention rate
  • 25% rate increase over last year
Policies and Premiums
  • Exposure split: 30% industrial; 20% commercial; 15% government; 15% energy; 10% offices; 10% other
  • GWP: 20% working layers; 60% excess; 20% ventilated
  • GWP: 50% direct from cedant; 50% from reinsurance brokers
Claims and Losses
  • 8% commission to MGA with 15% PC
  • Periodic portfolio modelling (RMS) provided by or paid by capacity provider
Operational KPIs
  • 5 cedants
  • 15 reinsurance brokers
  • 2 senior underwriters. 1 underwriter, 1 accounts/operations
  • 250 policies
  • $11k average premium per policy

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
  • Financial Statements / Management Accounts
  • Organization Chart
  • Corporate Structure Chart
Historic performance
  • Realistic Disaster Scenario Analysis
  • Risk Profiles
  • Summary Underwriting Results
Business and financial plans
  • Underwriting Strategy / Approach
  • Market Analysis
  • Competitor, Customer and Pricing Research
  • Product Brochures
  • Program Operating Model
  • Business Plan / Renewal Pack
Underwriting, claims and operations
  • Policy Wordings
  • Peer Review Guidelines
  • Claims Handling Guidelines
  • Risk Rater / Assessment Template
  • Proposed Binder / Slip Agreement(s)
Compliance and governance
  • Complaints Log
  • Product Conduct Risk Approvals
  • Company Risk Register
  • Broker Security Committee Approvals
Policies and procedures
  • Business Continuity / Disaster Recovery
  • Data Privacy and GDPR Compliance
  • Treating Customers Fairly
  • Modern Slavery
  • Conduct Risk
  • Anti-Money Laundering
  • Sanctions Checking
  • Anti-Bribery and Corruption
  • Complaints Handling
  • Conflict of Interest
  • Whistleblowing
  • IT Security
  • Succession Plan

Capacity Seeker Profile

Insurance Intermediary

Legal name Middle East MGA Ltd
Trading name(s) NA
Principal Address
Business Trading Bases
Year of incorporation 2001
Company Registration No. 678901
Local Regulator DIFC
Regulatory reference No. FGHIJK
Country of Incorporation United Arab Emirates
Website http://www.middleeastmga.com
Credentials and Membership
Brief description of the company seeking capacity We are a specialist MGA for business emanating from the Middle East and to a lesser extent North Africa.
Our management team combines local talent with ex-executives of larger European insurers.

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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