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Reinsurance Recoveries

It is a very important part of the broker activity to support the Client with a prompt claim settlement as any difficulty in recovering may adversely affect the insurance company’s cash flow, balance sheet and operations alike. Such a situation involving foreign reinsurers and co-brokers may be aggravated due to them being governed by other business principles and laws, which may result in many difficulties and barriers for an insurer seeking to recover under the reinsurance agreement.

Challenge Group possesses extensive experience and a highly skilled team to successfully settle recovery-related disputes with international reinsurers.

Our approach is based not only on the legal evaluation of loss details, contract terms and conditions, and validity of a refusal to pay, but also on the extensive and long term hands-on experience possessed by our experts who have been presiding in arbitration proceedings related to such cases in the European, Asian markets and have good experience to deal with the Russian reinsurers as well. At the same time, our well-established relations with London and international brokers and reinsurers enable us to hold talks with the most senior officers of debtor companies so as to resolve the situation as quickly and efficiently as possible.

In our work, we try to avoid direct confrontations, the experience and reputation of our team encourage debtors to more ready consider settling a dispute at an early stage following our involvement. Nonetheless, due to the intricacy of cases and great volume of reinsurance recoveries the settlement of a dispute may go beyond the pre-judicial proceedings. In this situation, our experts who are not only intimately familiar with the international reinsurance law, but also know how to apply new regulations and case law, and will be here to protect your rights at any stage of legal proceedings.

When Challenge Group is not supporting the Client with the recovery being a broker we will be happy to offer recovery services individually with respect to the following:

  • Receivables under treaty/facultative reinsurance agreements
  • Reinsurers’ receivables
  • Receivables under Alternative Risk Transfer (ART) programs
  • Receivables available for set-off
  • Uncollectible written-off receivables

Reinsurance is a complex matter, and we realize that each recovery case is unique and depends on many circumstances and details which might affect the outcome.

Challenge Group Presentation
Agricultural Insurance
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