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High-level Goals
- EUR 5m capacity
- Vanilla & Distressed Business
- Min 50% reinsurance at 8% over-rider
- Target inception date 1/7
| GWP | TBA |
|---|---|
| Carriers | Fidelis Ireland |
| Leadership |
- Meeting scheduled in 2 weeks time
- 22-23rd May
- Reach out to Dinesh/Antoine
- Triage report
- Pricing memo in progress (AOF, PLA)
- DD on the 17th of June
- Reinsurance (70%) to be finalized - Lucas to be plugged in
- Queries of reinsurers to answer
- Push back Fidelis to take a share - not successful
- Submission to the MGA Committee with Term Sheet and uw memo ; end-April
- Call with Pierre this week
- Call René - VEL/PL/SSE on 9th of July
- Production on hold - no new business until the situation is clear regarding 26 production and Bdx issues
- Fix all bordereaux by end of July
- Consider termsheet extension until year end 26
- Feedback from René on 26 plans and increase share on existing portfolio for Axeria
- Not booked yet - provision for Q3?
- Lucas to inform reinsurers of the issues on Bdx and first premium indication
17.07.2024
We have lines from reinsurance, brokerage fees are high.
27 février, 2024, 12:05
Introduction call
Participants:
- Stefano Simoni (TOA Re)
- René Schickendantz (Co Fonder)
- SSE
2 experienced co-founders with engineer background and UW at Allianz (AGCS)
Start in 2019 with a business model similar to Novacover one with strong focus distressed business with very strict prevention measures.
Diversification in 2023 in vanilla commercial property risk by leveraging their distressed risk support to get low volatile risks.
Main carrier is Fidelis for distressed business and 1 Lloyd’s + 1 Dutch insurer for the vanilla business
Trying to enter Germany very carefully
400 accounts so far and 19M€ portfolio of distressed business
Still “hard market” in property
April 2020 – very successful until today. Outperformance of the market.
1 more capacity provider at end of 22 for vanilla business in order to diversify with Fidelis portfolio
7,5M€ capacity for plain vanilla
Distressed line 20M€ -
Looking for capacity for normal business on a co-insurance basis
Allianz has 50M€ line for 160M€ book
23 : 18,9M€ of distressed and Dutch business 2M€
24 : 20-25M€ of vanilla for 20 to 25M€ capacity
Climbo is doing 99% of the risk engineering
No competition with DUPI
How many people – 10 people now. Talking to a liability expert to come to
Liability is something