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Archived stories from Jan 2007

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Insurer probably achieves 100% contract certainty

Hapless Insurance Holdings PLC has confirmed that, as measured by the Market Reform Group's (MRG) strict definition, it achieved more or less 100% contract certainty by December 31, 2006 on its January 1, 2007 inwards non-proportional reinsurance out-placements. This probably significantly exceeds the MRG?s target of at least 85% certainty, by the end of 2006, on business transacted. An undisclosed number of core programmes may or may not have been placed, comprising plenty of layers, using countless broking houses and even more reinsurers.

The MRG?s definition of contract certainty is ?the complete and final agreement of all terms (including signed down lines) between the insured and insurers, ideally before inception or at least before the end of the decade?. Hapless chairman, Herbert Bumpstead, commented: ?The market is making great strides in tackling the critical issue of, what?s it called again, contract certainty? Absolutely. We couldn?t have done whatever it is we?ve done without much hard work by our own chaps, the broker chaps, our reinsurer pals and those other clever coves in charge of the interweb.?

Bumpstead said that he hopes that Hapless will soon be invited to join the G6 group of influential Lloyd?s managing agents. ?Look here, we?re standing with one leg on the Lloyd?s platform, one leg on the Bermuda platform and a third leg on the company platform and if we don?t look after this contract uncertainty thing we?ll end up running into the buffers. What? Will that do, old boy??


Other news from Jan 2007
Travelating the Wave of Insurability
the serious stuff
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