Ceded/ Retroceded Accounting and Claims

Typically, one of the most difficult aspects of managing a discontinued operation is properly handling the ceded business. As the manager, Chiltington works with our client to identify all available retrocessional covers and to determine which covers protect which of the various segments of the portfolio. This process would be accomplished through the following steps:

• Chiltington will prepare a matrix of all available covers showing layers, limits and type of business covered.
• Chiltington will review and evaluate each contract to determine the remaining available limits.
• Chiltington will analyze reinsurance security to determine if reinsurance is collectible for all remaining available limits.
• All retrocessionaires are put on notice. In conjunction with this, Chiltington sets-up a billing system to ensure that all reinsurers are billed on a timely basis.
• Due and owing balances would be dunned on a regular basis until collected.