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.
The reinsurance process comes with significant complexities and new risks. GrECo is here to provide you with an experienced team of professionals who will dedicate their time and expertise and help you navigate the reinsurance programme you need.
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”.
Reinsurance goals are:
- Cumulative and catastrophe risk protection;
- Stabilization of the business flow;
- Capital relief;
- Optimization of profit and loss accounts;
- Increase of the underwriting capacity;
- Underwriting and technical support.
The sharing and reduction of underwriting risk is the most important objective of insurance companies when reinsurance is accepted.
Our expertise enables us to help you achieve your reinsurance goals more quickly, safely, and cost-effectively. With a deep understanding of industry-specific risks and company needs, we can secure the most optimal insurance coverage and minimize risk.
Given the complexity of many insurance programmes, the interaction between primary insurance and reinsurance is crucial. It’s essential to clearly delineate the rights and obligations of the broker to avoid potential conflicts of interest.
At GrECo we frequently serve as a reinsurance broker, primarily providing facultative reinsurance contracts. However, we also handle special forms such as facultative obligatory reinsurance and open cover reinsurance. As reinsurance brokers, we prepare contract documentation, collect premiums, and pay out losses. Additionally, we manage expert fees, including risk engineering and loss adjusting expenses. This allows us to offer flexible, customised solutions tailored to our clients’ specific needs and preferences, as well as to market conditions and regulatory requirements.
Our experience enables us to collaborate with you in identifying and understanding your needs. Based on this insight, we develop customised risk concepts and coverage models that are in demand in the market. We strive to minimise your costs while providing optimal coverage for all existing and potential risks.
We are a long-term insurance partner with extensive industry experience and a strong presence in the CEE region. By collaborating with the seasoned professionals at GrECo, you will find a reliable partner for all your reinsurance inquiries and needs.
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