Reinsurens

 

Consecutive fulfillment of its obligations to partners and clients assured the Company a solid reputation on the world’s reinsurance market.

 

SOGLASSYE Insurance Co. Ltd. successfully passed the tests of financial control departments of such international brokers as AON Group Ltd. and Willis Ltd. Tests passed by SOGLASSYE Insurance Co. Ltd. allowed to take risks in the Central and Eastern Europe and CIS countries.

 

In 2010 Company’s specialists concluded more than 1750 contracts of inward and outward reinsurance. The Company’s employees’ activity is aimed at creation of efficient reinsurance protection of SOGLASSYE Insurance Co. Ltd.

 

In 2010 SOGLASSYE Insurance Co. Ltd. took part in large reinsurance projects on the markets of Russian Federation and CIS.

 

SOGLASSYE Insurance Co. Ltd. partners in 2010 were Russian as well as foreign companies, among which: OJSIC «Ingosstrakh», OJSC «ROSNO», OJSC «Capital Strakhovanie», OJSC «AlfaStrakhovanie», LLC «Group Renessance Strakhovanie», OJSC «MSK», OJSC «Russian Insurance Center», OJSC «RESO-Garantia», OJSC «Russkoe perestrakhovochnoe obschestvo», AIG, Hannover Re, Swiss Re, Munich Re, Gen Re, Allianz, syndicates Lloyd`s, Partner Re, Sovag, SCOR and other well-known insurance and reinsurance companies.

 

SOGLASSYE Insurance Co. Ltd. concluded the following obligatory treaty for 2011:

 

Marine & Cargo Risks

Type of treaty: non-proportional, on excess of loss basis

 

Period: covers losses, occurring during the 12 month period, effective from 01.07.2010

Coverage:

-               Marine hull including but not limited to sea or river-going vessels of all types, small-size vessels and yachts

-               Loss of Hire

-               P&I liability within the scope of ITC Clauses

-               Building risks, including submarines and military vessels in construction, renovation or repair

-               Cargo, including cash in transit, fine art, specie and exhibition risks

-               Carriers, forwarders and expediters liability

-               Container insurance

-               Port operators’ and stevedores’ liability

-               Floating production, storage and offloading (F.P.S.O.) installations and non-fixed offshore energy risks

-               War and Strikes

-               Terrorism

Exclusions:

-               XL business other than on a facultative or reporting basis

-               Ex-gratia payments

-               Sanction Limitation and Exclusion Clause

-               Institute Cl. 370 10/11/2003 (Radioactive Contamination, Chem, Bio, Bio-Chem and Electromagnetic weapon exclusion)

-               Institute Cl. 380 10/11/2003 (Cyber Attack Exclusion)

Capacity:

EUR 30 000 000

Sublimits:

EUR 10 000 000     HULL

EUR 30 000 000     Building risks

EUR 30 000 000     Cargo

EUR 20 000 000     P&I

Self Retention: EUR 350 000

Leading Reinsurer: Hannover Re

 

Non-marine: Property and construction risks

Type of treaty: non-proportional, on excess of loss basis

Period: covers losses, occurring during the 12 month period, effective from 01.01.2011

Coverage:

-               Construction and engineering risks, including third party liability section, loss of profits and delay in start-up insurance

-               Contractor's plant and machinery insurance

-               Electronic equipment insurance including business interruption

-               Machinery breakdown insurance including business interruption

-               Commercial and industrial risks considered to be insurable under property (including personal belongings) insurance including fire, lightning, explosion, damage caused by the falling of piloted aircraft or of a part or cargo thereof; extended coverage of damage from acts of God and business interruptions caused by them (only if based on property insurance)

-               Commercial and industrial policies insurance on an “all risks” basis and business interruption insurance against losses caused by the event insured from “all risks”;

-               Insurance against theft with breaking in, robbery and burglary (based on property insurance)

-               Insurance against malicious acts of the third parties (based on property insurance)

-               Debris removal expenses (up to 15% of the sum insured)

Capacity: EUR 60 000 000

Self Retention: EUR 500 000

Leading Reinsurer: Swiss RE Germany AG

 

Besides the pointed above programs SOGLASSYE Insurance Co. Ltd. writes and assigns to facultative reinsurance the risks on quota as well as excess base