Collateralised Contracts

Collateralised Contracts

Contracts where the reinsurer is backed by a collateral arrangement provide the insured with the security that in the event of loss to the contract, they are guaranteed to receive payment.

Where the contract is placed with a reinsurer as an insurance-linked security (ILS) or special purpose vehicle (SPV), these will have collateral in place until the terms of the contract state that the funds can be released.

Within your outwards reinsurance system, you need to be able to record the details of the collateral held with a bank or other provider. 

You also need to be able to record the initial funding and any increases to the value, or drawdowns so you can be confident that you are fully protected. Cenata SURE will notify you if the amount of collateral is less than the remaining indemnity in the contract.

Reporting of the collateral details and amounts is mandatory. Therefore it is an important part of any statutory reporting to the appropriate regulatory body. You are required to sign off that all the details are correct.

With Cenata SURE, you can record all details of all the collateral arrangements you have with your reinsurers. The positions are viewable either by reinsurer or outward contract. 

Cenata SURE enables you to analyse details of all increases and drawdowns with the dates these were made. 

In addition, any claims that are protected by collateral funds are quickly and automatically identified in real time. Cenata SURE automatically produces the necessary (electronic) forms facilitating the arrangement of a drawdown to receive payment in a timely fashion.

Come and talk to us. We will be delighted to share and demonstrate our proven expertise.

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