Products and services

Just as every insurance company is unique, so is the reinsurance solution to its risk management and financial needs. FMRE Life & Health provides a variety of reinsurance products to suit the unique nature of risk profiles of its clients. FMRE Life & Health underwrites Treaty, Facultative and Program reinsurance business, each serving distinct requirements of its clients.

Our philosophy

As an “insurer of insurers” FMRE Life & Health is committed to providing clients with superior service through:

• Provision of adequate reinsurance capacity and security
• Cost effective provision and access for our clients to actuarial advice and services on a variety of matters
• Provision of professional knowledge and expertise on Life and Health reinsurance
• Continual product and process improvement, both internally and with cedant partners
• Creation of strong client relationships

FMRE Life & Health service promise:

• FMRE client dealings and information will always be kept confidential
• We will always act in the best interests of our clients
• Each client will receive personalized service and commitment from our staff
• Fast and efficient communication of underwriting decisions

Products and Services

1. Treaty Reinsurance

Treaty insurance is the transfer of liability from an insurer to a reinsurer, on a portfolio of policies.

FMRE Life & Health treaties are structured and competitively priced for each client. Additionally, each treaty is reviewed over time to address the changing needs of the clients. To provide you with the most effective reinsurance risk transfer solution, we carry out a thorough assessment of your needs and financial capabilities. In doing this, we consider four critical aspects of your business i.e.

Rating approach.
We will ensure that the treaty rating approach is in line with your pricing policy.

Underwriting strategy
We understand that a client’s risk appetite is unique and crucial to any reinsurance protection. We will assess your expected frequency and severity of losses, and then structure an appropriate reinsurance program for you.

Claims operation
Since the way you manage your claims operations determines the frequency and severity of claims, we will ensure that information on your claims management policy, operations and claims history is considered in structuring a reinsurance treaty.

Business Planning and Management
Since treaties are usually priced and reviewed annually, the treaty structure and rates are designed in anticipation of the expected business to be written. Regular updates on business operation is therefore critical for purposes of determining the appropriateness or otherwise of a treaty program to your business.

2. Facultative Reinsurance

Facultative reinsurance (also known as individual risk reinsurance) is the transfer of liability from an insurer to a reinsurer, on a single policy of insurance.

Facultative reinsurance will provide additional capacity by offering protection in excess of that provided for in a treaty. It provides for reinsurance needs of our clients for risks that would have been excluded in a reinsurance treaty.

3. Program Reinsurance

Program reinsurance is a hybrid reinsurance product that combines elements of both Treaty and Facultative disciplines. Programs deliver a blend of consultative risk analysis with portfolio management benefit.

Products are provided based on the following:

a) Non-Proportional
Provides relief from loss severity by applying reinsurance above a certain amount retained by the client. We have competitive rates for catastrophe covers for your portfolio and company.

b) Proportional
Indemnifies a client for an agreed proportion or share of losses

Reinsurance support to the target market will be provided in respect of:

• Individual Life Business - Whole Life, Term assurance, disability and accident benefits
• Group Life Business - Group Life assurance, disability, funeral and other riders
• Funeral Assurance - Individual and Group funeral benefits
• Credit Life - term assurance and any other riders
• Medical Insurance - Excess of loss, quota share
• Impaired lives pool - Specially designed and actuarially determined rates for those clients who would normally not qualify for some life covers and other life risk products. This product is available for individual life, group life, funeral assurance and other benefits e.g. disability and accident benefits

Financial Security and Capacity

FMRE Life & Health’s capital base and that of its major shareholder offer sizeable capacity. The shareholders are committed and prepared to increase the capital base should the business require additional capital.

Additionally, a solid reassurance security (retrocession) through reputable reinsurance companies is in place for any business over and above our retention limit.