IAM surety

Surety MGA in Norway

NOK 250m (~EUR 22m) capacity per Group

Broker UIB Nordic manages binder and reinsurance placement.

Envisaged 80% cession, AxaXL lead with 40%

Panel lined up

Reinsurance lined-up with XL as Lead - with Panel, incl. Helvetia, Beazley

• Ask for triangle
• Meeting next week in Lyon
• Letter of Intent for the Broker to market it to R/I
• Send them DD questionnaire
• C&S opinion
• Due Diligence performed on 17.2.2026
• Follow-up info on UW and pricing
• Check commission structure of Dekatria
• Business Plan for other territories (not in scope for 2026)
• UW Memo to be prepared
• Fix commission and 2nd year consider PC
• Special Acceptance on WA QS to Arch Re (notification) - Axeria retention before Arch Re QS is EUR 4m (20% retention) - Arch Re cannot take a direct share on top of WA QS but they could go through the panel (TBC) - different to Trade Credit as there is an external broker involved
• Consider max limits in initial years EUR 10-15m
• 6% min overrider - broker pushed back to 5% on Orrizonte (but it is only 50% cession on that one) - hold firm on min. overrider of 6%
• Bad news from market relationship ; issue with trust and data submitted. Will probably drop. Peter will call Alfonso