Services Commutation / Collection Services

Identification and Processing of Reinsurance Recoveries

Whether a company is still active or in run-off, the prompt and accurate identification and processing of reinsurance recoveries is of critical importance and should be a cornerstone of the management of any portfolio. Reinsurance recoveries are likely to be the major asset of any insurance or reinsurance company. Given the multidisciplinary backgrounds of Chiltington personnel, we are able to assist clients relative to all major classes of business in developing, implementing, and, where appropriate, administering this function.

The skills required include:

• Technical reinsurance
• Claims
• Accounting
• Credit control
• Market knowledge
• Systems

Chiltington can add value in this area through a thorough and professional approach to any assignment to:

• Review procedures for loss identification and accumulation for reinsurance recovery and analysis of coverage provided by reinsurance program;
• Review losses that have not been recovered, but where the potential for recovery exists;
• Analyze security for future collectibility and providing recommendations to deal with potential problem situations;
• Setting up systems to automate the calculation of recoveries, either on an outsourcing basis or by providing proven software systems for the client to operate;
• Setting up systems to control reinsurance balances by age, broker, and reinsurer.

Where required, this service can be extended to include the actual collection of reinsurance recoveries and specialist claims broking negotiation. Where London collections are involved, this includes access to all the London market central settlement facilities.