Reinsurance Program screen

The following table provides descriptions of the fields that appear on the Reinsurance Program screen.

Field

Description

Name

Data type: String

Text description of the program for the user interface.

Effective Date

Data type: Datetime

The date that coverage begins under the program.

The effective dates for all included agreements must exactly match the effective range of the program.

Expiration Date

Data type: Datetime

The date that coverage ends under the program.

For validation, the Expiration Date must be greater than the Effective date.

Status

Data type: Typelist

The status of the program. Values are:

  • Draft – Not yet finalized or ready for use.
  • Active – Finalized and usable.
  • Inactive – Either never made active or removed after making active, but not longer in active use. This status does not indicate that the program is past its expiration date.

Currency

In a multicurrency system, the currency of the program. For more information, see Multicurrency features.

Target Max Retention

Data type: Money

Enter the target retention value for all risks covered under this program. The target retention value is the maximum risk amount you wish to retain.

PolicyCenter creates an underwriting issue if reinsurance coverage is insufficient for a given risk. The coverage is insufficient because the risk retained is greater than the target maximum retention. For more information about the underwriting issue, see Reinsurance net retention underwriting issue type.

Single Risk Maximum

Data type: Money

The maximum risk that the program covers.

Increasing the Single Risk Maximum may require a corresponding increase in the Target Max Retention.

Test Retention

When you click the Test Retention button, PolicyCenter calculates the Implied Retention value for the program.

The system calculates how risk is ceded and how is retained for a notional risk with Total Insured Value = Single Risk Maximum. Click this button to verify that the program actually results in the net retention you expect for a risk whose TIV = Single Risk Maximum.

Implied Retention

Data type: Money

PolicyCenter calculates this value when you click the Test Retention button. The value is the retention for all per risk agreements in the program.

Treaties tab for programs

The Treaties tab displays treaties that the program contains. The Treaties tab has two panels.

The Per Risk pane displays the following types of treaties:

  • Quota Share Treaty
  • Surplus Treaty
  • Excess of Loss Treaty
  • Net Excess of Loss Treaty

The Per Risk pane displays proportional agreements, ordered by their attachment points in increasing order. Quota share treaties always appear first because they have an attachment point of 0. Surplus treaties appear next in increasing attachment point order. After proportional agreements, the Per Risk pane displays non-proportional agreements. The pane displays excess of loss treaties followed by net excess of loss treaties. Both types of treaties are appear in increasing attachment point order.

The Aggregate pane displays the following types of treaties:

  • Per-Event Treaty
  • Annual Aggregate Treaty

The Aggregate pane displays all aggregate agreements, with per-event treaties before annual aggregate treaties. Within each category, treaties are in increasing attachment point order.

The search only returns treaties with the same currency as the program.

Applies To tab for programs

The Applies To tab displays Included Coverage Groups for the current program.

To add a reinsurance coverage group, click Add and select a reinsurance coverage group from the drop-down menu. Select the check box next to one or more reinsurance coverage groups and click Remove to remove reinsurance coverage groups.