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James Grindley - CEO Istanbul, 28 th March 2011

CertAsig and Marine Underwriting in Turkish Market. James Grindley - CEO Istanbul, 28 th March 2011. Who is CertAsig?. CertAsig is a specialist, non-life insurance company licensed by the Romanian Insurance Supervisory Commission (CSA)

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James Grindley - CEO Istanbul, 28 th March 2011

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  1. CertAsig and Marine Underwriting in Turkish Market James Grindley - CEO Istanbul, 28th March 2011

  2. Who is CertAsig? • CertAsig is a specialist, non-life insurance company licensed by the Romanian Insurance Supervisory Commission (CSA) • Ultimate investors include: European Bank for Reconstruction & Development (EBRD) & European Investment Fund (EIF) • Our business model is to work primarily with insurance brokers and to target corporate SME clients • CertAsig focuses on ‘more technical’ and specialist insurance products • Avoid chasing market share – a common strategy of ‘top 10’ insurers in Romania • Romania is our core market but expansion to other CEE countries will be considered carefully - Turkey is already an important market for marine • CertAsig team includes 45 insurance professionals with 6 offices – the team is dedicated to brokers and clients • CertAsig intends to obtain a rating from a market-respected rating agency

  3. Shareholder structure • Majority owner (92%) of CertAsig is European private equity fund Royalton Capital Investors II (“RCI II”), managed by Royalton Partners • Main investors in RCI II are: • European Bank for Reconstruction & Development (EBRD) • European Investment Fund (EIF) • Various pension funds & other banks • CertAsig Management

  4. Specialist products • Commercial & Industrial Property Insurance (All Risks with optional Business Interruption) • Construction, Plant & Machinery Insurance • Motor CASCO Insurance • Electrical Equipment Insurance • Contractors All Risks (CAR) • Bond Insurance • General Third Party Liability, Employer’s Liability Professional Liabilities • Goods in transit / cargo • Marine Insurance (ships, vessels, hull& machinery, Protection & Indemnity)  • General Aviation Insurance (private jets, helicopters) • Medical mal-practice • Event insurance • Health Insurance • Personal Accident Insurance • Household insurance (buildings, contents & liabilities)

  5. Evolution of portfolio by Gross Written Premium

  6. Marine Insurance is a broker-driven market • Ship-owners and managers generally use specialist brokers to obtain insurance • Marine insurance brokers earn commissions between 15% to 25% of Gross Written Premium • Leading insurers for Turkish market include: • Turkish insurers • Lloyd’s Syndicates & London market • Russian & European insurers

  7. Marine products and underwriting criteria for Turkey Products Underwriting Criteria • All vessels underwritten on a case-by-case basis; underwriting authority is never delegated • Bucharest and Constanta offices are active in selling marine business • Background / experience of operator, skipper (yacht insurance), shipyard, ship repairer, are checked before quoting • Core target business is CEE, Turkey, Black Sea-domiciled managers / operators / owners but all European managed vessels considered • Pre-entry condition survey is required for vessels older than 10 years, rendered by underwriters’ agreed surveyors • Loss record for previous 3-5 years is required and checked; tighter terms and conditions or cover refused for business with high loss record • Terms and conditions used are similar to London wordings • Terms are calculated using benchmark London market indications, facultative reinsurance terms regularly obtained for comparison • Restrictive terms offered for over age vessels , Cl. 280 FPA ucb, Cl. 284 or Cl. 289 at underwriters’ discretion or higher additional machinery deductibles imposed • Fast response to brokers, usually same day – significant differentiator in the market • English law and jurisdiction is preferred; however local jurisdiction of original assured could be accepted • CertAsig is a quoting market with at least 80% of business underwritten 100%. • Hull and Machinery for blue and brown water vessels • Protection and Indemnity for small and medium vessel (big oil tankers excluded) • Builder’s risks • Ship repairers’ liability • Pleasure crafts • Port authority / operator liability • Cargo / fine art • Specie and cash in transit • Cargo liability (CMR) Marine Business

  8. Reinsurance Key points • Security • Marine Reinsurance Programme is underwritten by: • Lloyd’s, Hannover Re, Flagstone Re & other reinsurers with rating of A- or better • Marine Hull, Protection & Indemnity, Cargo & General Aviation • Non-proportional excess of loss treaty • Capacity up to USD 10,000,000 (USD 9,750,000 xs USD 250,000) Reinsurance

  9. THANK YOU FOR YOUR ATTENTION !

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