AUDIENCE

Underwriters, claims and wordings staff and brokers with an interest in facultative reinsurance used for global programmes.

Facultative Reinsurance Certificates (Fac Certs) are increasingly being used not just for placing ‘spot’ Facultative Reinsurance, but also as ‘fronting paper’ for global clients.

During this masterclass, the speakers will outline some of the more onerous terms and conditions generally contained within many carriers’ ‘standard’ (and non negotiable) Fac Certs and the impact these can have on contract certainty and the risk reinsured, including:

• entire agreement clauses
• claims issues, including follow the settlements/fortunes and claims control
• cancellation/termination and insolvency
• ECO/XPL, DJEs, costs in addition and uncapped expenses.

In addition, they will provide an overview of potential collateralization requirements in loss reserving and special termination provisions introduced by ‘collateralization’ and ‘funding’ clauses, with specific reference to use of the Lloyd’s Trust Funds and how/where these funding mechanisms operate.

SPEAKERS

Andrew Schütte, Partner, Hill Dickinson

Sarah Naylor, Partner, Keoghs

Steve Yates, Senior Manager, International Reporting, Lloyd’s International Regulatory Affairs

CPD

This masterclass qualifies for 1.5 CII CPD hours.