11 Step Process

Multinational Underwriting Services


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11 Step Process

Inquiry submitted to Globex’s MUS Department.
MUS reviews information and develops questions for clarification.
MUS reviews additional information and outlines items and issues which Insurer needs to consider regarding set up and administration of the overseas program.
Items reviewed include:
1. Confirmation that local policies are fronting programs only with 100% (or as allowed by local law) reinsured back to Insurer
2. Claims procedures and details of what local companies need to do if anything
3. A summary of the Insurer’s program
4. Local exposure date
5. Role of local broker if any
MUS proposes program options to underwriter who confirms terms and conditions.
MUS solicits fronting arrangements and obtains front’s agreements to proposed terms.
Spreadsheet is developed for underwriter summarizing terms, costs, fees and premiums by country.
Insurer agrees to the overall program and provides MUS with all local client contact names and addresses.
MUS issues Reinsurance Certificates which are signed by local underwriter and by Insurer.
Banking details are shared with Insurer and local front and funds expedited,
Globex provides Insurer with final program spreadsheet; program is monitored and maintained