Reinsurance is insurance for carriers to transfer risk to a reinsurer in the event of a large loss. In BriteCore, you can add reinsurance contracts for the following reinsurance types:
- Per Risk Excess of Loss (Per Risk XL) – With the Per Risk XL, each individual risk is reinsured to a limit after the retention amount is met.
- Aggregate Excess of Loss (Aggregate XL) – With the Aggregate XL, an aggregate group of risks is reinsured to a limit after the retention amount is met.
- Catastrophic Excess of Loss (CAT XL) – With the CAT XL reinsurance, an aggregate group of losses identified in a CAT that occurs within a specific timeframe and exceeds the retention amount is covered by reinsurance.
- Quota Share – With the Quota Share, each risk is distributed between the carrier and reinsurer in predetermined fixed percentages.
- Surplus Share – With the Surplus Share, each risk is distributed between the carrier and reinsurer in predetermined fixed amounts.
You can manage reinsurance contracts in the Reinsurance screen of the Claims module. To access the Reinsurance screen, Select Components from the Claims menu, and then select Reinsurance from the Components dropdown list.
Reinsurance screen fields
- Add a Contract + – The Add a Contract + button opens a new, blank reinsurance contract.
- Reinsurance contract – The most recent reinsurance contract will display at the top of the screen when you enter the Reinsurance screen.
- Red X – The red X allows you to remove the reinsurance contract.
Reinsurance screen actions
In the Reinsurance screen, you can: