As most brokers naturally focus on securing new business, the establishment of systems and controls to manage reinsurance recoveries relating to legacy business in a timely manner can often take a back seat.
As such, turning to a third party to provide this service is becoming increasingly popular with cedants, as Shane May of Helix, explains to Intelligent Insurer.
Such is the complexity of the London Market, with its mixture of traditional relationships and complex interdependences between companies and markets, that one important component of doing business in the market can easily be overlooked: the challenge of smoothly collecting reinsurance assets.
This can easily slip down the list of priorities for businesses, whose priorities will often be their ongoing underwriting commitments and maintaining strong relationship with their clients. That is why outsourcing reinsurance collections to a third party can work so well.
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Reinsurance collectables, Helix UK