Liberty International Underwriters University of Houston Energy Panel Steven P. Weiss, CPCU, AMIM, NAMS-CMS Vice President – Marine Risk Engineering and.

Slides:

Advertisements

Similar presentations

Sara-Insurance Management System Multi Environment Solutions.

Advertisements

Demonstrate knowledge and insight into the Short Term Insurance Act (No 53 of 1998) and the accompanying Regulations. Short-Term Insurance: History of.

Presenter :  Fahim ullah khan  Abdul waheed  BSc economics  Group A 6 th semester.

Proprietary and Confidential University of Houston Energy Case Study Steven P. Weiss, CPCU, AMIM, NAMS-CMS Vice President, Marine Engineering, Latin America.

“This workforce solution was funded by a grant awarded under Workforce Innovation in Regional Economic Development (WIRED) as implemented by the U.S. Department.

Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Chapter 7 Financial Operations of Insurers.

1 CINCINNATI FINANCIAL CORPORATION Credit Suisse First Boston 2005 Annual Insurance Conference November 2005.

Copyright © 2011 Pearson Prentice Hall. All rights reserved. Chapter 8 Types of Insurers and Marketing Systems.

1 Math 479/568 Casualty Actuarial Mathematics Fall 2014 University of Illinois at Urbana-Champaign Professor Rick Gorvett Session 12: Reinsurance I October.

An Introduction to Captives Galen Buisson, BancorpSouth Insurance Services Marc LaPointe, USA Risk Group.

1.08 Describe the nature of the insurance industry Acquire knowledge of the insurance industry to obtain a foundation for employment in insurance.

Ross/Capacity Alternative Risk Transfer Presentation.

Chapter 25 TYPES OF INSURERS AND MARKETING SYSTEMS

8-1 Statutory Accounting 1.NAIC Annual Statement Blank 2.Differences between Statutory Accounting and GAAP admitted and non-admitted assets valuation of.

AMF Risk Management Solutions (AMF)

Chapter 4: Insurance Company Operations

+ IC-DISC – U.S. Tax Incentives for the Export of Lumber Overview of Captive Insurance Appalachian Hardwood Manufacturers, Inc Annual Meeting February.

Chapter Outline 10.1Tax Benefits Defined 10.2Progressivity in Corporate Income Tax Rates Overview Numerical Example and Additional Insights Progressivity.

3-1 Chapter 3 Financial Intermediaries. 3-2 Deficit Sectors Financial Intermediaries Claims Surplus Sectors $ Claims $$

Real Estate Brokerage. The Real Estate Sales Process  Listing agreement  Marketing the property and qualifying buyers  Presentation and negotiations.

Reinsurance By Roar Rasten Gard AS

1 Alternative Risk Transfer/ (fronting) Process by which a primary insurer cedes a portion of the risk it has underwritten to a reinsurer, such as a captive.

Econ – Chapter 13 – Outline #1. I. Savings and Financial System = An economic system must be able to produce capital if it is to satisfy the wants and.

Reinsurance Financial Concerns Frank J. Maffa, CFE, CIE Vice President American Re-Insurance Company.

Presenter: Amara Gondal General Insurance Balance Sheet October 28, 2010.

Commercial Insurance Underwriting University of Illinois Urbana – Champaign Finance 230.

Instructor’s Manual with Transparency Masters to accompany Introduction to Risk Management and Insurance, 7E - Dorfman © 2002 by Prentice Hall, Inc. A.

5th International Istanbul Insurance Conference

Types of Insurers and Marketing Systems Lecture No. 9.

Chapter Outline 4.1CONTRACTING COSTS OF RISK POOLING ARRANGEMENTS Types of Contracting Costs Ex Ante Premium Payments vs. Ex Post Assessments 4.2Insurer.

Brown & Brown Plants Its Flag in the United Kingdom.

4-1 CHAPTER 2 The Financial Environment: Outlines Financial Markets Financial Institutions.

Insurance Company: Functions Chapter 7. Insurance related functions Ratemaking Production Underwriting Loss adjustment Investment Reinsurance Accounting,

R L Captive Solutions Cost Control Presentation by Travis Lantis R L Consulting, LLC.

CHAPTER 19 INVESTMENT BANKING. Copyright© 2003 John Wiley and Sons, Inc. Investment Banking Investment Banks (IB) are the most important participant in.

2004 Houston Marine Insurance Seminar Price or Service? A London Broker’s View by Alan Brooks Willis Energy, London.

1 Practical ERM Midwestern Actuarial Forum Fall 2005 Meeting Chris Suchar, FCAS.

Chapter 8: An Introduction to Insurance and Risk Management Chapter 8 An Introduction to Insurance and Risk Management.

Sample GEN 1A Questions. Insurance operates by paying the claims of the few from the premiums of many. This is known as : This is known as : A actuarial.

Liberty International Underwriters University of Houston Energy Case Study Steven P. Weiss, CPCU, AMIM, NAMS-CMS Vice President, Marine Engineering and.

Indiana University Corporate Accounting POOP Session September 19, 2000.

1. 2 Learning Outcomes Chapter 3 Describe the role that financial markets play in improving the standard of living in an economy. Describe how various.

Cincinnati Financial Corporation Credit Suisse Insurance and Asset Management Conference November 2007.

Smith Barney Citigroup Small & Mid-Cap Conference May 6, 2004 Allmerica Financial Corporation Ed Parry Executive Vice President Chief Financial Officer.

Liberty International Underwriters University of Houston Energy Case Study Steven P. Weiss, CPCU, AMIM, NAMS-CMS Vice President, Marine Engineering and.

2003 FINANCIAL REVIEW Samuel M. Garvin, Jr. Vice President and Chief Financial Officer.

Matt Foushee University of Tulsa Tulsa, Oklahoma Cyber Insurance Matt Foushee University of Tulsa Tulsa, Oklahoma.

How to Attract and Retain Good Agents Agency Compensation Trending & Methodology Kurt Eaves, CPCU, ARM Vice President, Direct Division.

By: Aakash Mishra, General Manager Island Life Assurance Co Ltd Mauritius at OESAI LIFE INSURANCE TECHNICAL TRAINING, TANZANIA - 11 th Nov 2015 Pricing.

CHAPTER 16 BONDING, CRIME INSURANCE, REINSURANCE.

Copyright © 2008 Pearson Addison-Wesley. All rights reserved. Insurance Company Operations.

Finance 431: Property-Liability Insurance Lecture 8: Reinsurance.

Chapter 7 Financial Operations of Insurers. Copyright ©2014 Pearson Education, Inc. All rights reserved.7-2 Agenda Property and Casualty Insurers Life.

HEALTH INSURANCE PROGRAM. Health Insurance Team Members  Favorite City Manager  Human Resources  Finance  Contracts  Purchasing  Utility  Fire.

T4.1 H&N, Ch. 4 Chapter Outline 4.1CONTRACTING COSTS OF RISK POOLING ARRANGEMENTS Types of Contracting Costs Ex Ante Premium Payments vs. Ex Post Assessments.

Finance 431 Risk Management and Insurance – Property Casualty Insurance Brokerage.

Risk Management and Insurance Finance 431 Property Casualty Insurance Marketing and Distribution.

Re Reinsurance – Not for the Faint of Heart Re High Finance Large Premiums Large Losses High Exposure Decision making process lies with senior management.

Risk Management and Insurance Marketing and Distribution.

Module #4: Insurance. Risks O Risks come with every decision made in life. O Risks can be preventable, avoidable or completely unforeseeable. O Risks.

Endurance Insurance Operations Michael P. Fujii President & CEO Worldwide Insurance Operations Bermuda in Boston Conference September 18, 2007.

REINSURANCE AND THE FLORIDA INSURANCE MARKET Presented by John Auer President & CEO American Strategic Insurance Group.

Role of Financial Markets and Institutions

Basic Principles of Insurance Finance Investment Income (Income) Intt-Shareholders Fund (Income) Intt-PolicyholdersFund (Income) Underwriting Profits.

Mutual Insurance Company Industry Statistics

Indiana University Corporate Accounting POOP Session

CSUN Risk and Insurance

Insurance Companies Life Insurance Companies 1. Regulated by states

Dr.S.S.Jadhav Head, Dept of Commerce mrs.k.s.k. college beed

Indiana University Corporate Accounting POOP Session

Presentation transcript:

Liberty International Underwriters University of Houston Energy Panel Steven P. Weiss, CPCU, AMIM, NAMS-CMS Vice President – Marine Risk Engineering and Project Cargo

Liberty International Underwriters A little humor

Liberty International Underwriters Energy Case Study Discussion of how the pieces fit together –Assured –Agent/Broker/Wholesale Broker –Insurance Company –Reinsurance Company Liberty Mutual Willis Loss Data base

Liberty International Underwriters Insurance Flow Assured Broker/ Agent Wholesale Broker Underwriter Reinsurer Reinsurance Broker

Liberty International Underwriters Assured The Assured is the purchaser of the insurance Normally through Broker or Agent Pays Commission or fee for services to Broker Pays premium to Underwriter

Liberty International Underwriters Broker/Agent One who for commission or fee, brings parties together and assists in negotiating contracts between them Representative of the Assured Receives Fee for service from Assured or commission from Underwriter Many are very well trained and knowledgeable Also know as the Retail Broker/Agent

Liberty International Underwriters Wholesale Broker Intermediary between retail Broker/Agent and Underwriters if the B/A does not have the proper market Normally commission paid by Underwriter Represents the Insured sort of as well as the retail broker

Liberty International Underwriters Underwriter Reviews the risk as presented by the broker If the risk is within appetite then assumes the risk for the loss of life, property or finances of another Pays commission to the Broker if agreed up front

Liberty International Underwriters Reinsurance Broker One who for commission or fee, brings parties together and assists in negotiating contracts between them Places insurance for insurance companies Normally commission paid by reinsurer

Liberty International Underwriters Reinsurer Insures who insure other Insurance companies Pay commission to Reinsurance Broker Often pay override to the ceding insurer

Liberty International Underwriters Liberty Mutual Agency Markets LM SuretySafeco Regional Companies Commercial Markets Personal Markets Liberty International Underwriters

Liberty International Underwriters LM by the Numbers Actual Commercial Markets$6,489,000,000 Personal Markets5,829,000,000 Agency Markets5,569,000,000 Liberty International6,148,000,000 Other1,926,000,000 Total$25,961,000,000

Liberty International Underwriters Financial Highlights LIU LIU 2007 Premium – over $2.5B Liberty Mutual 2007 Worldwide Revenue of $25.5 Billion up from $23.5 Billion in 2006 Statutory Surplus - $14.0B (7.0% increase) Total Assets – Over US$85 billion World-class Fortune 100 (# 94) financial standing 1.AM Best – A (Excellent) 2.Moody’s – A2 (Good) 3.Standard & Poor’s – A- (Strong)

Liberty International Underwriters Willis Data base Collection of losses in excess of USD 1,000,000 at time of loss since 1972 May or may not have been insured Does not account for sublimits 8,011 losses since plus billion in dollars

Liberty International Underwriters Willis Loss Database - uses Project comparing premium vs losses to see how tight margins actuall are Can specify OEE – operators extra expense –Blow outs and well control costs –Operational What insurance is rated on –Can also compare CAT to operational

Liberty International Underwriters Examples Willis losses.pdf LViewer.aspxhttps://online1.willis.com/sites/EL/W_E LViewer.aspx

Liberty International Underwriters Other Resources

Liberty International Underwriters Summary A bit on Insurance operations A bit on Liberty Mutual A bit of the Willis loss data base What questions do you have for me?