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February 1, 2018 MASSACHUSETTS PRIVATE PASSENGER RESIDUAL MARKET AUTOMOBILE INSURANCE MANUAL
MASSACHUSETTS PRIVATE PASSENGER RESIDUAL MARKET AUTOMOBILE INSURANCE MANUAL SECTION I - GENERAL RULES RULE 1. ELIGIBILITY All individually owned vehicles registered under the Massachusetts Compulsory Motor Vehicle Law that are eligible for private passenger motor vehicle insurance under the rules of the Massachusetts Automobile Insurance Plan (MAIP) may be rated in accordance with this manual and written on the Massachusetts Automobile Insurance Policy. RULE 2. COVERAGES AND LIMITS The types of coverages available in the CAR Massachusetts Automobile Insurance Policy are: Compulsory Insurance Coverages Part 1 - Bodily Injury to Others The basic limits are $20,000 each person and $40,000 each accident. Part 2 - Personal Injury Protection The basic limit is $8,000 for each person. Refer to Rule 30 for available deductibles. Part 3 - Bodily Injury Caused By an Uninsured Auto The basic limits are $20,000 each person and $40,000 each accident. Increased limits are available. The limits may not exceed the limits of Part 5, or if Part 5 is not purchased, Part 1 of this policy. This coverage is excess over Personal Injury Protection. Part 4 - Damage to Someone Else’s Property The basic limit is $5,000 each accident. Increased limits are available. Optional Insurance Coverages Part 5 - Optional Bodily Injury to Others The basic limits are $20,000 each person and $40,000 each accident. Increased limits are available. Part 6 - Medical Payments The basic limit is $5,000 each person. Higher limits are available for all motor vehicles rated in this manual. Motorcycle limits are available from $500 to $25,000. This coverage is excess over Personal Injury Protection. -
786-1 Credit for Reinsurance Model Regulation
NAIC Model Laws, Regulations, Guidelines and Other Resources—Summer 2019 CREDIT FOR REINSURANCE MODEL REGULATION Table of Contents Section 1. Authority Section 2. Purpose Section 3. Severability Section 4. Credit for Reinsurance—Reinsurer Licensed in this State Section 5. Credit for Reinsurance—Accredited Reinsurers Section 6. Credit for Reinsurance—Reinsurer Domiciled in Another State Section 7. Credit for Reinsurance—Reinsurers Maintaining Trust Funds Section 8. Credit for Reinsurance––Certified Reinsurers Section 9. Credit for Reinsurance—Reciprocal Jurisdictions Section 10. Credit for Reinsurance Required by Law Section 11. Asset or Reduction from Liability for Reinsurance Ceded to Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 4 Through 10 Section 12. Trust Agreements Qualified Under Section 11 Section 13. Letters of Credit Qualified Under Section 11 Section 14. Other Security Section 15. Reinsurance Contract Section 16. Contracts Affected Form AR-1 Certificate of Assuming Insurer Form CR-1 Certificate of Certified Reinsurer Form RJ-1 Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction Form CR-F Form CR-S Section 1. Authority This regulation is promulgated pursuant to the authority granted by Sections [insert applicable section number] and [insert applicable section number] of the Insurance Code. Section 2. Purpose The purpose of this regulation is to set forth rules and procedural requirements that the commissioner deems necessary to carry out the provisions of the [cite state law equivalent to the Credit for Reinsurance Model Law (#785)] (the Act). The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state. -
Credit for Reinsurance Model Regulation
Model Regulation Service—January 1997 CREDIT FOR REINSURANCE MODEL REGULATION Table of Contents Section 1. Authority Section 2. Purpose Section 3. Severability Section 4. Credit for Reinsurance—Reinsurer Licensed in this State Section 5. Credit for Reinsurance—Accredited Reinsurers Section 6. Credit for Reinsurance—Reinsurer Domiciled and Licensed in Another State Section 7. Credit for Reinsurance—Reinsurers Maintaining Trust Funds Section 8. Credit for Reinsurance Required by Law Section 9. Asset or Reduction from Liability for Reinsurance Ceded to Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 4 Through 8 Section 10. Trust Agreements Qualified Under Section 9 Section 11. Letters of Credit Qualified Under Section 9 Section 12. Other Security Section 13. Reinsurance Contract Section 14. Contracts Affected Form AR-1 Certificate of Assuming Insurer Section 1. Authority This regulation is promulgated pursuant to the authority granted by Sections [insert applicable section number] and [insert applicable section number] of the Insurance Code. Section 2. Purpose The purpose of this regulation is to set forth rules and procedural requirements that the commissioner deems necessary to carry out the provisions of the [cite state law equivalent to the Credit for Reinsurance Model Law] (the Act). The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state. Section 3. Severability If any provision of this regulation, or the application of the provision to any person or circumstance, is held invalid, the remainder of the regulation, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected. -
Stronger Together
Stronger Together 2020 ANNUAL REPORT Stronger Together | 2020 Annual Report OUR VISION To be a great company committed to improving the lives of people in the communities in which we operate. 1 TABLE OF CONTENTS FINANCIAL HIGHLIGHTS 2 SAGICOR GROUP CHAIRMAN’S REVIEW 5 SAGICOR GROUP PRESIDENT & CHIEF EXECUTIVE OFFICER’S MESSAGE 7 BOARD OF DIRECTORS 10 EXECUTIVE MANAGEMENT 16 GROUP ORGANISATIONAL CHART 22 CORPORATE & SOCIAL RESPONSIBILITY 24 HUMAN CAPITAL REPORT 39 INNOVATION & TECHNOLOGY 45 MANAGEMENT DISCUSSION & ANALYSIS 46 INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS 130 SHAREHOLDER INFORMATION 308 OFFICES 310 2 FINANCIAL HIGHLIGHTS SHAREHOLDERS’ RETURNS NET INCOME 1 COMMON DIVIDENDS BOOK VALUE PER SHARE3 7.59 7.81 8.50 8.83 7.66 (4) 87 37 62 60 33 15 15 15 14 2020 20192 2018 2017 2016 2020 20192 2018 2017 2016 2020 2019 2018 2017 2016 1 from continuing operations 2 2020 2019 2018 2017 2016 2 before Alignvest Acquisition II Corporation transaction costs 3 3 Basic earnings per share (2.4¢) 57.5¢ 51.7¢ 88.7¢ 84.4 under the Alignvest transaction, Sagicor Financial Corporation Limited common shares not purchased for cash, were exchanged for common shares of Sagicor Financial Company Ltd on an exchange 1,2 ratio of one Sagicor Financial Company Ltd. common share for 4.328 of Sagicor Financial Corporation Limited common shares (“Exchange Ratio”). This exchange ratio has been used to convert the 2018 Return on shareholder’s equity (0.3%) 10.50% 6.20% 11.30% 12.30 and prior years outstanding shares to the Sagicor Financial Company Ltd equivalent. -
Addressing the Protection Gap for Pandemic Risk: Finding a Way Forward
ADDRESSING THE PROTECTION GAP FOR PANDEMIC RISK: FINDING A WAY FORWARD In collaboration with: Please cite this publication as: OECD (2021), Addressing the Protection Gap for Pandemic Risk: Finding a Way Forward, https://www.oecd.org/finance/insurance/addressing-protection-gap-pandemic-risk.htm This document is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries.This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries, and to the name of any territory, city, or area. © OECD 2021 | 1 KEY TAKEAWAYS • The necessary public health measures to contain the spread of COVID-19 have had devastating impacts for many businesses around the world that have been forced to curtail their activities and/or adapt to changing consumer preferences. • The magnitude of simultaneous losses around the globe and the complexity of predicting government containment decisions and changes in consumer behaviour make this risk impossible for the insurance and reinsurance sector to assume alone. As a result, insurers and reinsurers are ensuring that exclusions of pandemic risk are unambiguous in future contracts across several lines of business with implications for the recovery of many sectors that depend on such coverage. • (Re)insurers and brokers around the world have developed pandemic insurance frameworks and are engaging in discussions about the structure of a potential public-private partnership program for future events. The proposals rely on significant government support, but acknowledge a role for the insurance sector and insurance buyers. -
US/EU/En 1 BILATERAL AGREEMENT BETWEEN
BILATERAL AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE EUROPEAN UNION ON PRUDENTIAL MEASURES REGARDING INSURANCE AND REINSURANCE US/EU/en 1 Preamble The United States of America (United States or U.S.) and the European Union (EU), Parties to this Agreement, Sharing the goal of protecting insurance and reinsurance policyholders and other consumers, while respecting each Party’s system for insurance and reinsurance supervision and regulation; Affirming that for the United States, prudential measures applicable in the European Union, together with the requirements and undertakings provided for in this Agreement, achieve a level of protection for policyholders and other consumers with respect to reinsurance cessions and group supervision consistent with the requirements of the Federal Insurance Office Act of 2010; Acknowledging the growing need for co-operation between EU and U.S. supervisory authorities including the exchange of confidential information, given the increased globalisation of insurance and reinsurance markets; Taking into account that practical arrangements concerning cross-border cooperation are essential for supervision of insurers and reinsurers both during times of stability and during times of crisis; Taking into account information exchanged on each Party’s regulatory frameworks and after careful consideration of these frameworks; Noting the benefits of enhancing regulatory certainty in the application of insurance and reinsurance regulatory frameworks for insurers and reinsurers operating in the territory -
Delivering Value to the Insurance and Reinsurance Industry
Delivering value to the insurance and reinsurance industry Audit and assurance, advisory, actuarial and tax services www.pwc.com/bermudainsurance Contents PwC – The leading provider of services to the insurance and reinsurance industry 4 PwC market focus – Our firm in your sector 5 PwC industry focus – insurance and reinsurance 6 PwC’s commitment to the business community 7 Audit and assurance 8 Advisory 10 Business recovery and insolvency services 12 Tax 13 Actuarial 14 Executive search and selection services & human capital consulting 15 People 16 Global Insurance Leadership Team 18 Creating value with our clients through strong and enduring relationships. We are privileged to be the leading professional services firm and the market leader in the insurance and reinsurance sector both in Bermuda, and globally. We take this position very seriously. Our dedicated team of industry specialists is proud to deliver lasting value to our clients, markets, and our business community. This overview of our insurance and reinsurance capabilities demonstrates our strength in your industry. We look forward to exploring further with you the value our firm can and will deliver. Arthur Wightman Insurance Leader ( +1 (441) 299-7127 * arthur.wightman @bm.pwc.com Delivering value to the insurance and reinsurance industry 3 PwC as these, specialised, timely upon an international, multi- business advice from skilled disciplinary network of PwC - The leading professionals has never been insurance and reinsurance more crucial – or hard to find. accounting, assurance, tax provider of services and advisory professionals to PwC in Bermuda, as well bring a global industry scope to the insurance and as globally, is the market and experience as well as leader in the insurance and comprehensive knowledge reinsurance industry reinsurance sector – no one of Bermuda issues and serves more insurance and regulations. -
Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company)
SAUDI RE FOR COOPERATIVE REINSURANCE COMPANY (A SAUDI JOINT STOCK COMPANY) UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED 30 JUNE 2020 Public Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company) UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT For the three month And six month periods ended 30 June 2020 INDEX PAGES INDEPENDENT AUDITORS’ REVIEW REPORT INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION 1 INTERIM CONDENSED STATEMENT OF INCOME 2 INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME 3 INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY 4 INTERIM CONDENSED STATEMENT OF CASH FLOWS 5 NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 6 - 40 Public Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company) NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (UNAUDITED) For the three month and six month periods ended 30 June 2020 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Saudi Re for Cooperative Reinsurance Company (the “Company”) is a Saudi Joint Stock Company registered in the Kingdom of Saudi Arabia under commercial registration number 1010250125 dated 12 Jumada Al-Awal 1429H (corresponding to 17 May 2008) with a branch in the Federal Territory of Labuan, Malaysia with license number IS2014146. The address of the Company’s registered office is at 4130 Northern Ring Road Al Wadi, Unit number 1, Riyadh 13313-6684, Kingdom of Saudi Arabia. The objective -
Tax Planning for the Alternative Fund Manager
By Anthony J. Tuths, JD, LLM, Partner, [email protected] TAX PLANNING FOR THE ALTERNATIVE FUND MANAGER Being an advisor to the alternative investment industry allows me to observe recurring issues that leaders take into account, such as governmental regulation, investor preferences and idiosyncratic asset problems. There is a constant issue which fund managers are always eager to discuss, and that is the taxation of their own compensation. Within the asset management arena there are several strategies OFF-SHORE REINSURANCE COMPANY that managers employ to limit their global tax burden. In this Many large U.S. based fund managers have created off-shore article I will briefly describe several accepted methods managers reinsurance companies, converting ordinary income into long can employ to legally reduce their U.S. tax costs including: term capital gain in order to gain a tax rate advantage. In order to achieve this, the fund manager will work in tandem with a non-U.S. 1. Affirmatively using the PFIC rules partner, typically a reinsurance company. The non-U.S. party owns 2. Off-shore reinsurance companies a portion of the reinsurance company to ensure it is not treated as 3. Private placement life insurance a controlled foreign corporation (a “CFC”) for U.S. tax purposes. 4. Expatriation The new reinsurance company then begins writing reinsurance policies and collecting premiums. The initial share capital of the AFFIRMATIVE USE OF PFIC RULES company plus the insurance premiums collected are invested into U.S. investors, including U.S taxable fund managers, in alternative the manager’s fund(s). The fact that the company takes on real investment funds, almost universally, invest into a U.S. -
Visio-2010 December 31 Sagicor Corporate Chart.Vsd
Sagicor Financial SAGICOR GROUP OF COMPANIES Corporation (publicly traded) Corporate Structure Barbados as at December 31, 2010 showing percentage ownership & country of incorporation Sagicor USA, Inc Sagicor Finance Ltd Sagicor Life Inc LTE Ltd Sagicor Europe Ltd 100% 100% 100% 100% 85% Delaware, USA Cayman Islands Barbados Barbados Cayman Islands Laurel Life Barbados Sagicor General Various Joint Sagicor Syndicate Sagicor Cayman Sagicor Corporate Sagicor Corporate Globe Finance Inc Insurance Co Farms Ltd Insurance Inc Ventures Holdings Ltd Reinsurance Co, Ltd Capital Ltd Capital Two Ltd 60% Barbados 100% Texas, USA 77% 53% Barbados & Partnerships 100% UK 100% Cayman Islands 100% UK 100% UK (publicly traded) Barbados Nationwide RGM Ltd Sagicor Allnation Insurance Co Ltd Sagicor Life 33% Insurance Co Sagicor at Sagicor Syndicate Lloyd’s Syndicate Lloyd’s Syndicate 100% Insurance Co Sagicor Funds Inc Trinidad & Tobago 100% DE, USA Lloyd’s Ltd Services Ltd 1206 44 Trinidad & Tobago 100% Texas, USA 100% 100% UK 100% UK 100% UK 100% UK Barbados Sagicor The Mutual Sagicor Capital Life Asset Management Financial Services Insurance Co Ltd Sagicor Claims Sagicor Sagicor Asset (Trinidad and 73% Barbados 100% Bahamas Management Inc Underwriting Ltd Management Inc Tobago) Ltd 100% CA, USA 100% UK 100% Barbados 100% Sagicor T’dad & Tobago Capital Life Insce International Mgt LOJ Holdings Ltd Co Bahamas Ltd Services, Inc 100% 100% Bahamas Sagicor Finance Inc 100% Florida, USA Jamaica 70% St Lucia Sagicor Life Sagicor Panama Sagicor Life Aruba NV S -
A Brief History of Reinsurance by David M
Article from: Reinsurance News February 2009 – Issue 65 A BRIEF HISTORY OF REINSURANCE by David M. Holland, FSA, MAAA goods over a number of ships in order to reduce the risk from any one boat sinking.2 • In 1601, during the reign of Queen Elizabeth I, the English Parliament enacted “AN ACTE CONCERNINGE MATTERS OF ASSURANCES, AMONGSTE MARCHANTES,” which states: “… by meanes of whiche Policies of Assurance it comethe to passe, upon the losse or perishinge of any Shippe there followethe not the undoinge of any Man, but the losse lightethe rather easilie upon many, then heavilie upon fewe. …”3 • Edwin Kopf, FCAS, in his 1929 paper “Notes on Origin and Development of Reinsurance”4 translates from a German text by Ehrenberg as follows: einsurance is basically insurance for insur- ance companies. Park, writing in 1799, “Reinsurance achieves to the utmost more colorfully stated: extent the technical ideal of every branch R of insurance, which is actually to effect (1) “RE-ASSURANCE, as understood by the law of the atomization, (2) the distribution and England, may be said to be a contract, which the (3) the homogeneity of risk. Reinsurance first insurer enters into, in order to relieve himself is becoming more and more the essential from those risks which he has incautiously under- element of each of the related insurance taken, by throwing them upon other underwriters, branches. It spreads risks so widely and who are called re-assurers.”1 effectively that even the largest risk can be accommodated without unduly burden- 5 In order for commerce to flourish, there has to be a ing any individual.” way to deal with large financial risks. -
Discontinuance of Per Passenger Seat Surcharge Effective Date: January 1, 2015
733 Third Avenue New York, New York 10017 Tel: (212) 697-3535 www.nycirb.org B U L L E T I N August 7, 2014 Contact: Mr. Debbie Rojan Manager, Underwriting Services Ext. 169, [email protected] R.C. 2368 To: The Members of the Board RE: New York Workers Compensation & Employers Liability Manual New York Retrospective Rating Plan Manual New York Experience Rating Plan Manual ********************** Countrywide Policy Forms & Discontinuance of Per Passenger Seat Surcharge Effective Date: January 1, 2015 In accordance with the authorization of the Underwriting Committee and approval by the New York State Department of Financial Services, amendments to Rating Board manuals are being implemented regarding countrywide updates filed by the National Council on Compensation Insurance (NCCI). These changes include the adoption, by the Board, of modified language regarding the Federal Mine Safety and Health Act references and the discontinuation of the Per Passenger Seat Surcharge. The changes are being implemented with an effective date of January 1, 2015. For additional background on these changes, attached are exhibits which summarize the NCCI Item Filings. The first exhibit explains the updates necessary for the endorsements and policy forms. The second exhibit provides the reasoning and justification for the Per Passenger Seat Surcharge discontinuation. To accommodate these changes, a number of pages in the New York Workers Compensation and Employers Liability Manual, the New York Retrospective Rating Plan Manual and the New York Experience Rating Plan Manual have been updated. The following is a listing of the modified manual pages, as provided below, in the order in which they would appear in the manual: New York Workers Compensation and Employers Liability Manual • Manual Pages .