This course is designed to provide an introduction to the practice and principles of reinsurance for trainee and other lawyers who wish to familiarise themselves with the subject. The programme relies on close analysis of sample reinsurance wordings to demonstrate the principles and operation of different types of reinsurance contract, but also includes brief explanations and discussions of rating, loss reserving, IBNR and related matters. The course does not attempt to teach reinsurance law, although reference is made to major cases as they affect practice. The approach is grounded in current market practice, and the course structure provides frequent opportunities for practical exercises and discussion.
· Module 1
+ History and purpose of reinsurance
+ Types and Methods of reinsurance
+ London market; role of broker
+ Proportional Reinsurance; types, operation, accounting
+ Excess of Loss Reinsurance; types, operation, rating
+ Worked Exercises; allocation, loss & premium calculation
· Module 2
+Claims: “follow” clauses, event/loss/occurrence, adjusting, reserving, IBNR, commutations
+ Wordings; analysis of typical wordings with examination of key clauses
+ Illustrative Reinsurance Programme
On completion of the course delegates will have an understanding of the purpose and function of different types and methods of reinsurance and the technical principles and practice of reinsurance.
The course will be appropriate for trainee and other lawyers new to reinsurance legal practice and seeking an industry-based appreciation of the purpose, functions and workings of reinsurance to provide the market context for their legal analysis and understanding.
An interactive presentation including lectures and group exercises including analysis of sample reinsurance wordings and worked premium and claim calculations, with
frequent opportunities for feedback and discussion.
One or two days, depending on the level of detail required, and the size of the group.