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Globex Multinational Underwriting Services. April 2009. Agenda. ♦ Why? ♦ What? ♦ Who? ♦ How does it work? - The 11 Step Process ♦ Results ♦ Recent Developments ♦ Examples. Why. ♦ Market driven approaches by AIG/ACE/Chubb/Zurich etc

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slide2

Agenda

♦Why?

♦What?

♦ Who?

♦How does it work? - The 11 Step Process

♦Results

♦Recent Developments

♦ Examples

slide3
Why

♦Market driven approaches by AIG/ACE/Chubb/Zurich etc

♦ Abundance of alternative capacity who do not have an international

network

♦ Compliance (Sarbanes Oxley)

♦Customers desire to understand and manage their cost of risk

♦Competitive and controlling edge

slide4

What

♦Local and Regulatory Information & Education

♦ Alternative Program Design – Limits, Coverage, Deductibles

♦ Alternative Fronting Arrangements – 100+countries, 260 local

placements

♦ Program Implementation - Reinsurance Agreements, certificates,

claims

♦ Accounting – premium/taxes/fees collection and disbursement

(stateside and/or in foreign jurisdiction)

♦ Program Servicing – centrally managed WW network

slide5

Who

♦Your Proprietary Global Business Unit with 50+ years of combined

International Experience- central office in CT with coordinating

offices in London and Beijing

♦ Design/build that saves up to 50% off traditional market approaches

♦ Property, Liability, Marine, D&O, Health and Benefits

♦ Representation in 100+ countries

♦ Proprietary Software, GlobexWorld.net, that is efficient and cost

effective

slide7

How

The 11-Step Process

  • Inquiry submitted to Globex’s MUS Department.
  • MUS reviews information and develops questions for clarification.
  • MUS reviews additional information and outlines items and issues which Insurer needs to consider regarding set up and administration of the overseas program.
  • Items reviewed include:
    • Confirmation that local policies are fronting programs only with 100% (or as allowed by local law) reinsured back to insurer
    • Claims procedures and details of what local companies need to do if anything
    • A summary of the Insurer’s program
slide8

Local exposure date

    • Role of local broker if any
  • MUS proposes program options to underwriter who confirms terms and conditions.
  • MUS solicits fronting arrangements and obtains front’s agreements to proposed terms.
  • Spreadsheet is developed for underwriter summarizing terms, costs, fees and premiums by country.
  • Insurer agrees to the overall program and provides MUS with all local client contact names and addresses.
  • MUS issues Reinsurance Certificates which are signed by local underwriter and by Insurer.
  • Banking details are shared with Insurer and local front and funds expedited.
  • Globex provides Insurer with final program spreadsheet; program is monitored and maintained.
slide9

Results

♦ Ability to provide primary capacity

♦ Ability to target multinationals and win these accounts against

the traditional global players

♦ Significant reduction in program frictional costs

♦ Enhanced ability to fine-tune premium allocations

♦ Greater flexibility in choice of Program Design

♦ Better control of capacity deployment

♦ High degree of regulatory compliance at lower cost

♦ Cost-effective global capability: Annual Partnership Fees are

equivalent to the cost of an Account Executive

slide10

Recent Globex Developments

♦ New coordinating office in Beijing

♦ Increased Reverse Flow opportunities from

Canadian and European markets

♦ GPS: Global Processing Services facilitates international

premium transactions

♦ GlobexWorld.net: Our proprietary web-based application

simplifies the application and implementation process for foreign

placements

examples
Examples

Traditional Program

Globex Assisted Program

  • AIG led global program
  • Local policies issued by

AIG affiliates

  • Globex Partner Market issues global master policy
  • Globex secures fronting policies
examples1
Examples

Traditional Program

Globex Assisted Program

  • Globex Partner Market issues global master policy
  • Globex secures fronting policies
  • Brazil is placed stand-alone, with

master policy providing DIC

  • Year 2 generates 50% savings
  • Fully non-admitted global

program

  • No local policies
examples2
Examples

Traditional Program

Globex Assisted Program

  • Globex Partner Marketcan write global master program.
  • Globex secures fronting policies where needed
  • Globex Partner Market writes US only
  • Zurich writes the international
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