RenaissanceRe Syndicate 1458 Casualty Treaty

RenaissanceRe
Syndicate 1458
Casualty Treaty
RenaissanceRe
Syndicate 1458
Casualty Treaty
RenaissanceRe operates at Lloyd’s of London through
Syndicate 1458, which was established in 2009.
RenaissanceRe is a leading global provider of property
catastrophe and specialty reinsurance, as well as other
insurance coverages. Founded in Bermuda in 1993,
the Company has gained recognition for excellence in
the industry through disciplined underwriting, capital
management expertise, sophisticated risk modelling
and responsive client service.
CASUALTY TREATY
Our casualty treaty business is a global book covering
risks written in North America, Europe, Asia Pacific,
Lloyd’s and the London market. We primarily write
Non-Proportional Risks, though coverage is selectively
available on a Proportional basis. We offer various
coverages including those written on a Risk Exposed,
Clash, Awards Made, Common Loss and ECO / XPL
basis, written on Claims Made, Losses Occurring and
Risks Attaching treaties depending on the class of
business covered.
We are comfortable as a lead or follow market and
pricing business on flat, adjustable and swing rates.
All programmes are actuarially analysed with contract
wordings reviewed by our in-house legal team. We have a
dedicated claims team with expertise in all classes written.
Professional Indemnity
–Sub-classes include Lawyers, Architects and
Engineers, Accountants, Brokers, Managed Care
and Miscellaneous E&O
–Global portfolio, with cedants ranging from small
U.S. Risk Retention Groups to Lloyd’s Syndicates
and Multinational carriers
– Proportional and Non-Proportional treaties
General Liability
–Covering a broad range of General Third Party Liability,
including primary, excess and umbrella lines on both
a risk exposed and clash basis
–International book dominated by Non-Proportional treaties
Medical Malpractice
–Providing treaty coverage for Physicians, Hospitals,
Healthcare Facilities and Allied Health Products
–Business written on a Risk Exposed, Clash, Awards
Made and Systemic basis
–Currently dominated by U.S. domiciled risks, spanning
from small Risk Retention Groups to national carriers,
but willing to look at International exposures
Directors & Officers Liability
–Highly selective underwriting to include both Public
and Private D&O coverage on both a Proportional and
Non-Proportional basis
–Global book covering a range of territories
Surety / K&R / Fidelity / Title
–Growing and diverse portfolio containing International
Surety, K&R and Fidelity classes
–Established U.S. Title portfolio with interest in exploring
other territories
Motor Retro / Auto Liability
–International Motor Retro covering cedants from
Europe and MENA regions. We offer coverage
on a limited vertical and sideways basis
–Selective U.S. Auto exposure, on a risk
exposed and clash basis
Accident and Health
–We write U.S. Non Subscriber EL and Personal
Accident business on a Reinsurance and Retro basis
RATINGS*
A.M. Best
S&P
Fitch
Lloyd’s Overall Rating
A
A+
AA-
Renaissance Reinsurance Ltd.
A+
AA-
A+
Renaissance Reinsurance of Europe
A+
AA-
–
* As at 30 June 2014.
RENAISSANCERE SYNDICATE 1458
Business by Line for 2014*
Casualty56%
Property36%
Specialty8%
Casualty Treaty Split by Class for 2014**
Professional Indemnity
27%
General Liability
22%
Medical Malpractice
21%
Directors & Officers Liability
19%
Accident & Health
7%
Surety / K & R / Fidelity / Title
3%
Motor Retro / Auto Liability
1%
Casualty Treaty Split by Territory for 2014**
Worldwide58%
USA30%
Asia-Pacific Region
6%
Canada3%
Worldwide ex USA
2%
Middle East
1%
* As per 2014 Syndicate Business Forecast.
** In-Force Premium 2014.
RENAISSANCERE HOLDINGS LTD. BUSINESS MIX
Catastrophe Reinsurance
We believe we are one of the world’s leading providers of
property catastrophe reinsurance based on total catastrophe
gross premiums written. This is our traditional core business
and it is principally written by Renaissance Reinsurance Ltd.,
RenaissanceRe Syndicate 1458, and joint ventures, principally,
DaVinci Reinsurance Ltd., Top Layer Reinsurance Ltd. and Upsilon
Reinsurance Fund Opportunities Ltd. We offer this coverage to
insurance companies and other reinsurers primarily on an excess
of loss basis. We also offer proportional coverage and other
structures on a catastrophe-exposed basis.
Specialty Reinsurance
We offer global specialty products principally on an excess
of loss basis through Renaissance Reinsurance Ltd., DaVinci
Reinsurance Ltd., and RenaissanceRe Syndicate 1458 at Lloyd’s
and on a proportional basis through Renaissance Specialty Risks
Ltd. In 2013 we launched RenaissanceRe Underwriting Managers
U.S. LLC, a specialty reinsurance agency based in Connecticut,
to provide treaty reinsurance solutions on both a quota share and
excess of loss basis. As a result of our financial strength, we have
the ability to provide significant capacity for select risks as well
as participate in market placements. Our coverages include,
but are not limited to, casualty clash, D&O / E&O, excess casualty,
environmental, medical malpractice, political risk, surety, trade
credit, agriculture, terrorism and aviation / space.
Lloyd’s
Our Lloyd’s segment includes insurance and reinsurance
business written for our own account through RenaissanceRe
Syndicate 1458. The Syndicate enhances our underwriting
platform by providing access to Lloyd’s extensive distribution
network and worldwide licenses. RenaissanceRe Syndicate 1458
offers a range of property and casualty insurance and reinsurance
products including, but not limited to, direct and facultative property,
property catastrophe, agriculture, medical malpractice, general
liability and professional indemnity.
Ventures
Our Ventures unit structures and manages joint ventures,
investment funds and other strategic investments for the Company.
Our principal joint ventures include Top Layer Reinsurance Ltd.,
DaVinci Reinsurance Ltd. and Upsilon Reinsurance Fund
Opportunities Ltd. We also manage the RenaissanceRe Medici
Fund, Ltd. and seek to construct other vehicles to provide institutional
investors with exposure to reinsurance as an asset class.
RENAISSANCERE HOLDINGS LTD. GROUP STRUCTURE
& SPECIALTY
REINSURANCE
VENTURES
LLOYD’S
Renaissance
Reinsurance Ltd.*
RenaissanceRe
Ventures Ltd.
RenaissanceRe
Syndicate 1458
RenaissanceRe
Specialty Risks Ltd.
Renaissance
Underwriting
Managers, Ltd.
RenaissanceRe
Specialty U.S. Ltd.
DaVinci
Reinsurance Ltd.*
RenaissanceRe
Medici Fund, Ltd.
Upsilon Reinsurance
Fund Opportunities Ltd.
Top Layer
Reinsurance Ltd.
Renaissance Reinsurance
of Europe
Bermuda Domiciled
*Also operates a branch licensed
in Singapore.
Joint Ventures (capitlized separately)
Ireland Domiciled
United Kingdom Domiciled (Lloyd’s syndicate)
RENAISSANCERE HOLDINGS LTD. FINANCIAL HIGHLIGHTS
(U.S. dollars in millions)
2013
2012
$1,216.8
$1,605.4
$1,551.6
$120.8
$665.7
$566.0
Total assets
$8,515.6
$8,179.1
$7,928.6
Total shareholders’ equity
$3,835.9
$3,904.4
$3,507.1
2014*
Gross premiums written
Net income (loss)
* Six months ended 30 June 2014 (unaudited).
THE LLOYD’S MARKET*
Lloyd’s is the world’s specialist insurance market.
It was first mentioned in 1688 operating in Edward
Lloyd’s Coffee House in London and is now housed
in the Lloyd’s building on Lime Street.
Lloyd’s is licensed to do business in over 200 countries
and territories with a global network of brokers and
coverholders, making it easy for anyone to access its
unrivalled expertise.
Lloyd’s is a marketplace, a society of members, rather
than an insurance company. Members were originally
private individuals but are now mostly corporations
and limited liability partnerships, who in turn provide
the capital to support underwriting through managing
agents, who employ and manage a syndicate’s team
of underwriters.
Members – Providing the capital
Syndicates – Writing the insurance
Managing Agents – Managing the syndicates
Coverholders and Brokers – Local access to Lloyd’s
The Corporation of Lloyd’s (the Corporation) oversees
and supports the market. The Corporation reviews
and approves business plans, monitors compliance
against Lloyd’s minimum standards and evaluates
the syndicates’ performance against their plans.
Syndicates can only underwrite in accordance
with their agreed business plans. The Corporation
also manages the Central Fund and Lloyd’s network
of international licences.
* Source: Lloyd’s (as at December 31, 2013).
LLOYD’S MARKET STATISTICS 2013
Source: Lloyd’s (as at December 31, 2013).
–2,146 total members
– 56 managing agents managing 91 syndicates
– Total market underwriting capacity
of £24,998m ($38,977m)
– Gross written premium of £26,106m ($40,725m)
– Operating profit of £3,205m ($5,320m)
– Combined ratio of 86.8%
– Return on capital 16.2%
LLOYD’S TOTAL UNDERWRITING CAPACITY
(GBP in millions)
26
24
22
20
18
16
14
12
10
2013
2012
2011
2010
2009
LLOYD’S CLASS BREAKDOWN
Reinsurance37%
Property23%
Casualty19%
Marine8%
Energy6%
Motor5%
Aviation2%
THE LLOYD’S CHAIN OF SECURITY
Lloyd’s has a structure in place to ensure it is able
to pay all valid claims. This structure has developed over
many years to ensure that a policy holder is never failed
in their hour of need.
There are three links to the chain of security*:
Several
Assets
Mutual
Assets
First Link
Syndicate Level Assets
£41,990m
Second Link
Members’ Funds at Lloyd’s
£15,088m
Third Link
Central Fund £1,513m
Corporation £150m
Subordinated Debt/
Securities £721m
* Source: Lloyd’s (as at December 31, 2013).
Syndicate Level Assets
These are the premium funds of each syndicate from
which it pays claims. These are held in trust separate
from balance sheets.
Members’ Fund at Lloyd’s
This is members’ capital that must be held in trust
by Lloyd’s, in proportion to Syndicate capacity, before
underwriting can begin. Investment of this capital,
however, is at the discretion of the member.
Central Assets
These are held by the Corporation of Lloyd’s as a fund
of last resort. The Central Fund is funded by members’
annual contributions and subordinated debt issued
by Lloyd’s, and can be supplemented by the members
through a further ‘callable layer’. Callable
Layer
£788m
KEY CONTACTS
RenaissanceRe
Syndicate 1458
RenaissanceRe Syndicate
1458 Claims
Bryan Dalton
Peter McLoughlin
Senior Vice President
and Active Underwriter
[email protected]
Tel: +44 (0)20 7074 3795
Mobile: +44 (0)78 8003 2270
Ian Oakley
Senior Casualty
Treaty Underwriter
[email protected]
Tel: +44 (0)20 7074 3708
Mobile: +44 (0)77 7625 5209
Head of Claims
[email protected]
Tel: +44 (0)20 7074 3737
Mobile: +44 (0)77 8561 6185
Sam Drysdale
Claims Adjuster
[email protected]
Tel: +44 (0)20 7074 3715
Mobile: +44 (0)75 5703 8572
Julian Goldberg
Casualty Treaty Underwriter
[email protected]
Tel: +44 (0)20 7074 3763
Mobile: +44 (0)75 8596 8635
Charles Teale
Assistant Casualty
Treaty Underwriter
[email protected]
Tel: +44 (0)20 7074 3772
Mobile: +44 (0)75 5743 0225
RenaissanceRe Syndicate 1458 at Lloyd’s is managed by RenaissanceRe Syndicate Management Limited, company
number 1120384, incorporated in England and Wales, whose registered office and principal place of business is
18th Floor, 125 Old Broad Street, London, EC2N 1AR. RenaissanceRe Syndicate Management Limited is authorised
by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority.
RENAISSANCERE SYNDICATE 1458
RenaissanceRe Syndicate 1458:
125 Old Broad Street
London, EC2N 1AR
U.K.
Tel: +44 (0)20 7283 2646
Lloyd’s Address:
Box 282
Lloyd’s of London
One Lime Street
London, EC3M 7HA
U.K.
www.renre.com/lloyds

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