Reinsurance in the simplest of meaning simply means the “insurances” that insurance companies buy to cover their insurance business portfolio. Main reasons are to ensure large event losses and large single losses are also covered, insurer would have a much higher capacity to underwrite large risks, and enhance the risk spreading mechanism…..
Share I have came across assignment of insurance by the Insured party(ies) to the financier where insurance company is required to acknowledge and confirm certain obligations as prescribed in the assignment of the insurance. I have also had the priviledge of reviewing some overseas documents pertaining to assignment of reinsurance (deed of assignment) issued by an insurance company in favour of a number of very large international financiers – which include venture capitalists. This...
Share Our sources told us of an imminent pull-out by Lloyds from Labuan Offshore Financial Services Center and therefore deregistering Lloyds Labuan from the Labuan Offshore Financial and Services Act (LOFSA). Main reason sighted, Lloyds’ members were not accorded the same status as the other companies that are registered under the same Act. When Lord Levene, Lloyds chairman launched Lloyds Labuan on 1 March 2007 that was done with understanding that all members of Lloyds...
Share We have just received some speculative notes from some sources concerning Bank Negara Malaysia (BNM) latest decision on Lofsa registered reinsurers. Where reinsurers are rated by more than one rating agency, the risk charge (RBC framework) would be based on the lowest available rating. For example, BEST Re has rating from both S&P and AM Best with rating of BBB+ and A- respectively, BEST Re would be deemd a BBB+ rated reinsurer and as such is no longer enjoyed an “A”...
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