Reinsurance (also called cession) is the transfer of risks from insurance to reinsurance. Reinsurance is also seen as a contract between insurance companies in which part of the original risks assumed by the primary insurer, or reinsured, is ceded to one or more reinsurers for remuneration.
Understanding Your Risks
From a purely business administration perspective, reinsurance is an input factor of the primary insurer. It purchases reinsurance as a semi-finished product and incorporates it into its final product the “insurance cover”.
The sharing and reduction of underwriting risk is the most important objective of insurance companies when reinsurance is accepted.
Reinsurance goals are:
Providing Tailored Solutions
Due to the complexity of many insurance programs, the interaction of primary insurance and reinsurance is essential. Attention must be paid to a clear separation of the rights and obligations of the broker, as a conflict of interest may appear.
At GrECo we act regularly as a reinsurance broker. In most cases, we provide facultative reinsurance contracts, but also special forms such as facultative obligatory reinsurance or open cover reinsurance are brokered.
As a Reinsurance broker, we prepare contract documentation, collects premiums and pays out losses. We are also responsible for expert fees such as risk engineering, loss adjusting expenses etc.
Creating Added Value
Our experience helps us to identify and understand your needs together with you. Based on this, we design customized risk concepts and coverage models requested in the market: we minimize your costs and cover all existing and possible risks optimally.
We are a long-term insurance partner with industry experience and capacity, as well as a strong presence in the CEE region. While cooperating with seasoned professionals at GrECo you will find a trustful partner for all your reinsurance inquires and demands.
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Zviadi Vardosanidze
General Manager GrECo Specialty
T +43 664 962 39 04