CertAsig optimises its underwriting capacity for 2017 with improved reinsurance treaties

CertAsig optimises its underwriting capacity for 2017 with improved reinsurance treaties

by Andrei Mirauta, Director of Reinsurance at CertAsig, andrei.mirauta@certasig.ro

Andrei Mirauta_2For CertAsig, the 2017 reinsurance treaty renewal was a perfect opportunity to continue the very good relationship with its reinsurers and reinsurance brokers and even to add new names to its panel of reinsurers.

If in 2016 the focus was on increasing the underwriting capacity for Property/Engineering and Liability, in 2017 CertAsig focused on optimizing the underwriting capacity by adding new risks in the cover, or improving some existing covers and on expanding the territorial scope in line with CertAsig’s strategy to enter a new market, or potentially even two new markets in the very near future.

Thus, for the Liability treaty, apart from maintaining the Euro 10,000,000 automatic capacity, now CertAsig has automatic cover for Cyber Liability up to Euro 1,500,000, one of the largest automatic covers in CEE. Reinsurers: Partner Re, Hannover Re and Polish Re.

As CertAsig clients are requesting more and more Terrorism cover, no doubt following the extremely sad events in the last period in countries closer and closer to Romania, the company negotiated an automatic inclusion for Terrorism cover up to a limit of Euro 5,000,000 per event. Reinsurers: Hannover Re, Polish Re, Mapfre, Trust Re, VIG Re and Kuwait Re

The Bonds reinsurance treaty, maintaining its Euro 5,000,000 capacity, now covers new territories and has reverted to a more traditional structure (quota share and excess of loss), more in line with the recent downtrend of new infrastructural projects/new development opportunities. Although in an ever increasing trend since the introduction of Bonds in Romania in 2010, the Bonds market in Romania declined in 2016 both as number of new projects/risks and in premium volumes for such risks. CertAsig is confident that this line of business will resume its growth and has continued expanding its Bonds underwriting team, proving once more commitment to our clients and brokers for this line of business and ensuring an increasing fast reply to quotation requests. Reinsurers: Swiss Re, Kiln, Axis Re, Partner Re.

CertAsig reconfirms its active involvement in the regional Marine, Cargo and Aviation lines of business by renewing its USD 15,000,000 reinsurance treaty. Reinsurers: Partner Re, Arch Re, Watford Re, Tamesis, XL Catlin, Kuwait Re and IGI.

“I am always happy to be reconfirmed that CertAsig reached its maturity, became an ever-present player in its core markets and a long term partner for its clients, brokers and first class reinsurers. Same as CertAsig clients and brokers ensure the growth of the company by continuing to support and trust us, we also continue trusting and supporting our reinsurers. I am proud to continue to have our long-term reinsurers, Hannover Re, Partner Re, Swiss Re and Polish Re as Leaders of our reinsurance treaties. It is with their help that CertAsig manages to ensure a fast and accurate reply to the enquiries of our brokers and to pay claims in excess of our retention. Our reinsurers have also provided invaluable advice in our territorial expansion within CEE” (Andrei Mirauta).

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