Overview

As a reinsurer, you sometimes purchase reinsurance protections for individual agreements or on a more global, corporate basis for certain classes of business(for example, worker’s compensation) or exposures (such as windstorms). SICS lets you register those protections at detailed levels.

After you define the classification of all the protected businesses in a protection program (SICS’s term for a retrocession), you can establish the Outward Cedent’s Contract (OCC). The OCC can also be established independently in SICS, and can be made up of the placements with retrocessionaires either on a direct basis, or through an intermediary.

Classifications and conditions registered for the OCC are inherited by the retrocessionaires, but can vary for some conditions. A facultative contract is linked directly to the business it is protecting, and the retrocessionaires will inherit the terms and conditions in the protected business.

Based on detailed registration of the conditions, SICS provides automatic calculation of both facultative and treaty retrocession.

This chapter gives you an overview of how to record your protections and explains structure and navigation possibilities.