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[[File:Logo of Insurer Brain.svg|frameless|center|link=]] |
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| text = A good CEO is not a micromanager but a 'Chief Excitement Officer' or 'Engagement Officer' |
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| author = {{Thomas Buberl/attribution }} |
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| }} |
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| image = thomas-buberl.jpg |
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}}{{section separator}} |
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== AXA fundamentals == |
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<div class="main-page-menu"> |
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{{Row header|people ▸}} {{Inline expand |❘ leading figures ▸|{{read|[[Claude Bébéar]]}} {{read|[[Henri de Castrie]]}} {{read|[[Thomas Buberl]]}} }} {{Inline expand |❘ board of directors ▸|{{read|[[Antoine Gosset-Grainville]]}} {{read|[[Guillaume Faury]]}} {{read|[[Angelien Kemna]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ management committee ▸|{{read|[[George Stansfield]]}} {{read|[[Guillaume Borie]]}} {{read|[[Patrick Cohen]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ partners group ▸|{{read|[[Etienne Bouas Laurent]]}} {{read|[[Renaud Guidée]]}} {{read|[[Tara Foley]]}} {{read|[[see all ▸]]|type=gray}} }} |
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{{Row header|regions ▸}} {{Inline expand |❘ Europe ▸|{{read|[[France]]}} {{read|[[Germany]]}} {{read|[[Switzerland]]}} {{read|[[Luxembourg]]}} {{read|[[Italy]]}} {{read|[[Spain]]}} {{read|[[UK]]}} {{read|[[Ireland]]}} {{read|[[Turkey]]}} }} {{Inline expand |❘ AXA XL ▸|{{read|[[XL Bermuda]]}} {{read|[[XL Reinsurance]]}} {{read|[[XL America]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ Asia ▸|{{read|[[Japan]]}} {{read|[[Hong Kong]]}} {{read|[[China]]}} {{read|[[Indonesia]]}} {{read|[[Thailand]]}} {{read|[[Philippines]]}} {{read|[[South Korea]]}} }} {{Inline expand |❘ Latin America ▸|{{read|[[Brazil]]}} {{read|[[Colombia]]}} {{read|[[Mexico]]}} }} {{Inline expand |❘ transversals ▸|{{read|[[AXA Partners]]}} {{read|[[AXA GO]]}} }} |
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{{Row header|results ▸}} {{Inline expand |❘ press release ▸|{{read|[[2025]]}} {{read|[[2024]]}} {{read|[[2023]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ analyst presentation ▸|{{read|[[2025]]}} {{read|[[2024]]}} {{read|[[2023]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ financial supplement ▸|{{read|[[2025]]}} {{read|[[2024]]}} {{read|[[2023]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ activity report ▸|{{read|[[2025]]}} {{read|[[2024]]}} {{read|[[2023]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ annual report ▸|{{read|[[2025]]}} {{read|[[2024]]}} {{read|[[2023]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ SFCR ▸|{{read|[[2025]]}} {{read|[[2024]]}} {{read|[[2023]]}} {{read|[[see all ▸]]|type=gray}} }} |
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</div> |
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{{Row header|documents ▸}} {{Inline expand |❘ group standards ▸|{{read|[[Communication, Brand, Reputation standard]]}} {{read|[[Sustainability standard]]}} {{read|[[Price Sensitive or Inside Information standard]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ group S2 policies ▸|{{read|[[Group Internal Audit policy]]}} {{read|[[Group Compliance policy]]}} {{read|[[Group P&C Underwriting Pricing and Clams policy]]}} {{read|[[see all ▸]]|type=gray}} }} {{Inline expand |❘ others ▸|{{read|[[Group AI policy]]}} {{read|[[Group Sanctions Policy]]}} {{read|[[Group Anti-Money Laundering Policy]]}} {{read|[[see all ▸]]|type=gray}} }} |
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{{section separator}} |
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== Insurance fundamentals == |
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<div class="main-page-menu"> |
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{{Row header|fundamentals ▸}} {{Inline expand |❘ risk basics ▸|{{read|[[Frequency vs severity]]}} {{read|[[Hazard, exposure, peril]]}} {{read|[[Correlation & aggregation]]}} }} {{Inline expand |❘ how insurance works ▸|{{read|[[Pooling & risk transfer]]}} {{read|[[Indemnity vs benefits]]}} {{read|[[Premium now, claims later]]}} }} {{Inline expand |❘ incentives & frictions ▸|{{read|[[Adverse selection]]}} {{read|[[Moral hazard]]}} {{read|[[Information asymmetry]]}} }} {{Inline expand |❘ industry structure ▸|{{read|[[Insurers, mutuals, captives]]}} {{read|[[Brokers, MGAs, TPAs]]}} {{read|[[Reinsurers & retro]]}} }} {{Inline expand |❘ policy essentials ▸|{{read|[[Insurable interest, good faith]]}} {{read|[[Coverage, exclusions]]}} {{read|[[Limits & deductibles]]}} }} {{Inline expand |❘ core metrics ▸|{{read|[[Loss, expense, combined]]}} {{read|[[Persistency & lapse]]}} {{read|[[Acquisition economics]]}} }} {{Inline expand |❘ time value ▸|{{read|[[Discounting]]}} {{read|[[Trend & social inflation]]}} {{read|[[Duration risk]]}} }} {{Inline expand |❘ Cat & systemic ▸|{{read|[[Nat Cat accumulation]]}} {{read|[[Pandemic risk]]}} {{read|[[Cyber contagion]]}} }} {{Inline expand |❘ role & trust ▸|{{read|[[Protection & resilience]]}} {{read|[[Fairness & inclusion]]}} {{read|[[Conduct & transparency]]}} }} |
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{{Row header|products ▸}} {{Inline expand |❘ life ▸|{{read|[[Term, whole, UL]]}} {{read|[[Mortality & lapse]]}} {{read|[[Riders]]}} }} {{Inline expand |❘ health ▸|{{read|[[Medical vs income protection]]}} {{read|[[Group vs individual]]}} {{read|[[Utilization levers]]}} }} {{Inline expand |❘ annuities ▸|{{read|[[Immediate vs deferred]]}} {{read|[[Guarantees]]}} {{read|[[Longevity risk]]}} }} {{Inline expand |❘ group benefits ▸|{{read|[[Plan design]]}} {{read|[[Experience rating]]}} {{read|[[Renewals]]}} }} {{Inline expand |❘ personal lines ▸|{{read|[[Motor & home]]}} {{read|[[Rating factors]]}} {{read|[[Claims inflation]]}} }} {{Inline expand |❘ commercial lines ▸|{{read|[[Property & liability]]}} {{read|[[Limits & towers]]}} {{read|[[Risk engineering]]}} }} {{Inline expand |❘ specialty ▸|{{read|[[Marine, aviation, energy]]}} {{read|[[Financial lines]]}} {{read|[[Parametric]]}} }} {{Inline expand |❘ Underwriting gov ▸|{{read|[[Appetite & authority]]}} {{read|[[Quote to bind]]}} {{read|[[Portfolio steering]]}} }} {{Inline expand |❘ lifecycle ▸|{{read|[[Design & pricing]]}} {{read|[[Wording & filings]]}} {{read|[[Monitoring & remediation]]}} }} {{Inline expand |❘ policy admin ▸|{{read|[[Issuance & endorsements]]}} {{read|[[Billing]]}} {{read|[[Retention]]}} }} |
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{{Row header|distribution & ops ▸}} {{Inline expand |❘ channels ▸|{{read|[[Agent/broker/bank]]}} {{read|[[Direct & digital]]}} {{read|[[Embedded & partners]]}} }} {{Inline expand |❘ sales & advice ▸|{{read|[[Needs & suitability]]}} {{read|[[Tools & disclosures]]}} {{read|[[Conversion levers]]}} }} {{Inline expand |❘ intermediary econ ▸|{{read|[[Commissions & clawbacks]]}} {{read|[[Conflicts control]]}} {{read|[[Delegated authority]]}} }} {{Inline expand |❘ onboarding ▸|{{read|[[KYC/AML basics]]}} {{read|[[Fraud screening]]}} {{read|[[Consent & privacy]]}} }} {{Inline expand |❘ Underwriting ops ▸|{{read|[[STP vs manual]]}} {{read|[[Evidence mgmt]]}} {{read|[[QA & audits]]}} }} {{Inline expand |❘ claims ops ▸|{{read|[[FNOL & triage]]}} {{read|[[Settlement & leakage]]}} {{read|[[Litigation & recovery]]}} }} {{Inline expand |❘ fraud mgmt ▸|{{read|[[Detection & SIU]]}} {{read|[[Provider fraud]]}} {{read|[[Recoveries]]}} }} {{Inline expand |❘ service model ▸|{{read|[[Shared services]]}} {{read|[[Outsourcing risk]]}} {{read|[[SLAs & outcomes]]}} }} {{Inline expand |❘ tech & data ▸|{{read|[[PAS, claims, billing]]}} {{read|[[CRM & omni-channel]]}} {{read|[[Platforms & APIs]]}} }} {{Inline expand |❘ productivity ▸|{{read|[[Cost-to-serve]]}} {{read|[[Automation]]}} {{read|[[Ops KPIs]]}} }} |
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{{Row header|finance & actuarial ▸}} {{Inline expand |❘ pricing ▸|{{read|[[Expected loss & margin]]}} {{read|[[Credibility]]}} {{read|[[Price adequacy]]}} }} {{Inline expand |❘ reserving ▸|{{read|[[Case vs IBNR]]}} {{read|[[Triangles & diagnostics]]}} {{read|[[Reserve risk]]}} }} {{Inline expand |❘ life liabilities ▸|{{read|[[Assumptions & margins]]}} {{read|[[Options & behavior]]}} {{read|[[New business strain]]}} }} {{Inline expand |❘ reinsurance ▸|{{read|[[Proportional vs non-prop]]}} {{read|[[Retentions & limits]]}} {{read|[[Credit & collateral]]}} }} {{Inline expand |❘ ALM ▸|{{read|[[Portfolio basics]]}} {{read|[[Duration & liquidity]]}} {{read|[[Credit risk]]}} }} {{Inline expand |❘ performance ▸|{{read|[[Underwriting result]]}} {{read|[[Operating vs net income]]}} {{read|[[Key ratios]]}} }} {{Inline expand |❘ accounting ▸|{{read|[[IFRS 17]]}} {{read|[[IFRS 9]]}} {{read|[[Statutory bases]]}} }} {{Inline expand |❘ solvency ▸|{{read|[[Available vs required]]}} {{read|[[Economic capital]]}} {{read|[[Stress tests]]}} }} {{Inline expand |❘ steering ▸|{{read|[[Growth vs value]]}} {{read|[[Re-pricing actions]]}} {{read|[[Scenario planning]]}} }} {{Inline expand |❘ model gov ▸|{{read|[[Assumption control]]}} {{read|[[Validation]]}} {{read|[[Data governance]]}} }} |
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{{Row header|regulation & gov ▸}} {{Inline expand |❘ purpose ▸|{{read|[[Protection]]}} {{read|[[Stability]]}} {{read|[[Integrity]]}} }} {{Inline expand |❘ prudential ▸|{{read|[[Solvency II & RBC]]}} {{read|[[ORSA]]}} {{read|[[Supervisory reporting]]}} }} {{Inline expand |❘ conduct ▸|{{read|[[Product governance]]}} {{read|[[Claims standards]]}} {{read|[[Fair value]]}} }} {{Inline expand |❘ supervision ▸|{{read|[[Entity structures]]}} {{read|[[Intra-group flows]]}} {{read|[[Recovery & resolution]]}} }} {{Inline expand |❘ gov model ▸|{{read|[[Board oversight]]}} {{read|[[Three lines]]}} {{read|[[Internal audit]]}} }} {{Inline expand |❘ compliance ▸|{{read|[[AML/CTF]]}} {{read|[[Sanctions]]}} {{read|[[Third-party risk]]}} }} {{Inline expand |❘ tax ▸|{{read|[[Premium taxes]]}} {{read|[[Deferred tax]]}} {{read|[[Cross-border issues]]}} }} {{Inline expand |❘ ESG ▸|{{read|[[Underwriting & investment]]}} {{read|[[Disclosures]]}} {{read|[[Transition risk]]}} }} {{Inline expand |❘ resilience ▸|{{read|[[Cyber security]]}} {{read|[[Operational resilience]]}} {{read|[[Data privacy]]}} }} {{Inline expand |❘ emerging ▸|{{read|[[Cyber & systemic]]}} {{read|[[Insurtech & embedded]]}} {{read|[[Alternative capital]]}} }} |
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</div> |
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{{section separator}} |
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== Competitors & targets == |
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<div class="main-page-menu"> |
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{{Row header|europe ▸}} {{Inline expand |❘ France ▸|{{read|[[Crédit Agricole Assurances]]}} {{read|[[CNP Assurances]]}} {{read|[[Groupama]]}} {{read|[[Crédit Mutuel Alliance Fédérale (GACM)]]}} {{read|[[BNP Paribas Cardif]]}} }} {{Inline expand |❘ Germany ▸|{{read|[[Allianz]]}} {{read|[[Munich Re (ERGO Group)]]}} {{read|[[Talanx (HDI)]]}} {{read|[[R+V Versicherung]]}} {{read|[[Generali Deutschland]]}} }} {{Inline expand |❘ Switzerland ▸|{{read|[[Schweizerische Mobiliar]]}} {{read|[[Zürich Versicherung (Zurich)]]}} {{read|[[Allianz Suisse]]}} {{read|[[Helvetia]]}} {{read|[[Bâloise (Basler)]]}} }} {{Inline expand |❘ Luxembourg ▸|{{read|[[Foyer Assurances]]}} {{read|[[LALUX (La Luxembourgeoise)]]}} {{read|[[Bâloise Assurances Luxembourg]]}} {{read|[[Allianz]]}} {{read|[[AIG]]}} }} {{Inline expand |❘ Italy ▸|{{read|[[Generali]]}} {{read|[[Intesa Sanpaolo Vita]]}} {{read|[[Poste Vita]]}} {{read|[[Allianz]]}} {{read|[[Unipol]]}} }} {{Inline expand |❘ Spain ▸|{{read|[[MAPFRE]]}} {{read|[[VidaCaixa (CaixaBank Group)]]}} {{read|[[Mutua Madrileña]]}} {{read|[[Allianz Seguros]]}} {{read|[[Grupo Catalana Occidente (GCO)]]}} }} {{Inline expand |❘ UK ▸|{{read|[[Aviva]]}} {{read|[[Legal & General]]}} {{read|[[Prudential]]}} {{read|[[Zurich Insurance UK]]}} {{read|[[Allianz Insurance]]}} }} {{Inline expand |❘ Ireland ▸|{{read|[[Irish Life Group]]}} {{read|[[Zurich Insurance plc (Ireland)]]}} {{read|[[Aviva Life & Pensions Ireland]]}} {{read|[[New Ireland Assurance]]}} {{read|[[Royal London Ireland]]}} }} {{Inline expand |❘ Turkey ▸|{{read|[[Türkiye Sigorta]]}} {{read|[[Allianz Sigorta]]}} {{read|[[Anadolu Sigorta]]}} {{read|[[Sompo Sigorta]]}} {{read|[[Aksigorta]]}} }} |
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{{Row header|reinsurance & bermuda ▸}} {{Inline expand |❘ Bermuda market ▸|{{read|[[AXA XL]]}} {{read|[[XL Bermuda]]}} {{read|[[Everest Re]]}} {{read|[[RenaissanceRe]]}} {{read|[[Arch Capital (Arch Re)]]}} {{read|[[PartnerRe]]}} {{read|[[Aspen]]}} }} {{Inline expand |❘ Global Re ▸|{{read|[[XL Reinsurance]]}} {{read|[[Munich Re]]}} {{read|[[Swiss Re]]}} {{read|[[Hannover Re]]}} {{read|[[Berkshire Hathaway (reinsurance)]]}} {{read|[[SCOR]]}} }} |
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{{Row header|north america ▸}} {{Inline expand |❘ United States ▸|{{read|[[XL America]]}} {{read|[[Travelers]]}} {{read|[[Chubb]]}} {{read|[[Liberty Mutual]]}} {{read|[[Berkshire Hathaway]]}} {{read|[[Zurich]]}} }} |
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{{Row header|asia ▸}} {{Inline expand |❘ Japan ▸|{{read|[[Nippon Life]]}} {{read|[[Dai-ichi Life]]}} {{read|[[Tokio Marine]]}} {{read|[[Sompo]]}} {{read|[[MS&AD (Mitsui Sumitomo)]]}} }} {{Inline expand |❘ Hong Kong ▸|{{read|[[HSBC Life (International)]]}} {{read|[[AIA International]]}} {{read|[[Prudential (HK) Life]]}} {{read|[[BOC Life]]}} {{read|[[Manulife (International)]]}} }} {{Inline expand |❘ China ▸|{{read|[[China Life]]}} {{read|[[Ping An]]}} {{read|[[PICC (People’s Insurance Company of China)]]}} {{read|[[CPIC (China Pacific Insurance)]]}} {{read|[[New China Life]]}} }} {{Inline expand |❘ Indonesia ▸|{{read|[[Prudential Indonesia]]}} {{read|[[AIA Financial]]}} {{read|[[Manulife Indonesia]]}} {{read|[[Allianz Life Indonesia]]}} {{read|[[Sun Life Indonesia]]}} }} {{Inline expand |❘ Thailand ▸|{{read|[[AIA Thailand]]}} {{read|[[FWD Life Thailand]]}} {{read|[[Thai Life Insurance]]}} {{read|[[Muang Thai Life Assurance]]}} {{read|[[Allianz Ayudhya]]}} }} {{Inline expand |❘ Philippines ▸|{{read|[[Sun Life]]}} {{read|[[Pru Life U.K.]]}} {{read|[[Manulife]]}} {{read|[[AIA Philippines]]}} {{read|[[FWD]]}} }} {{Inline expand |❘ South Korea ▸|{{read|[[Samsung Fire & Marine]]}} {{read|[[Hyundai Marine & Fire]]}} {{read|[[DB Insurance]]}} {{read|[[Meritz Fire & Marine]]}} {{read|[[KB Insurance]]}} }} |
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{{Row header|latin america ▸}} {{Inline expand |❘ Brazil ▸|{{read|[[BrasilSeg]]}} {{read|[[Bradesco Seguros]]}} {{read|[[SulAmérica]]}} {{read|[[Porto Seguro]]}} {{read|[[Caixa Seguridade]]}} }} {{Inline expand |❘ Colombia ▸|{{read|[[Grupo Sura]]}} {{read|[[Seguros Alfa]]}} {{read|[[Seguros Bolívar]]}} {{read|[[Allianz]]}} {{read|[[MAPFRE]]}} }} {{Inline expand |❘ Mexico ▸|{{read|[[GNP Seguros]]}} {{read|[[MetLife México]]}} {{read|[[BBVA Seguros]]}} {{read|[[Banorte Seguros]]}} {{read|[[Quálitas]]}} }} |
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</div> |
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{{section separator}} |
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== Case studies == |
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<div class="main-page-menu"> |
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{{Row header|capital ▸}} {{Inline expand |❘ M&A ▸|{{read|[[Generali–Cattolica (2022)]]}} {{read|[[Allianz–Aviva Poland (2021)]]}} {{read|[[Chubb–Cigna A&H APAC (2022)]]}} }} {{Inline expand |❘ carve-outs ▸|{{read|[[AIG → Corebridge IPO (2022)]]}} {{read|[[Prudential → Jackson demerger (2021)]]}} {{read|[[Allianz sells UniCredit Allianz Vita stake (2025)]]}} }} {{Inline expand |❘ buybacks ▸|{{read|[[Allianz €1.5bn buybacks (2024)]]}} {{read|[[Zurich CHF 1.1bn buyback (2024)]]}} {{read|[[Travelers $5.04bn repurchase capacity (end-2024)]]}} }} |
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{{Row header|risk ▸}} {{Inline expand |❘ cyber ▸|{{read|[[Zurich–Mondelez NotPetya settlement (2022)]]}} {{read|[[Merck vs Ace (war exclusion rejected, 2023)]]}} {{read|[[Lloyd’s “state-backed” cyber exclusions (from 2023)]]}} }} {{Inline expand |❘ Cat & ILS ▸|{{read|[[Allianz €250m windstorm cat bond (2023)]]}} {{read|[[Munich Re retro + sidecars ($1.55bn, 2025)]]}} {{read|[[Hannover Re cloud-outage cat bond (2024)]]}} }} {{Inline expand |❘ BI disputes ▸|{{read|[[FCA BI test case (UKSC, 2021)]]}} {{read|[[ExCel Centre appeal win (UK CA, 2024)]]}} {{read|[[UK CA on furlough set-offs (2025)]]}} }} |
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{{Row header|tech ▸}} {{Inline expand |❘ claims AI ▸|{{read|[[Allianz “Insurance Copilot” (auto claims, 2024)]]}} {{read|[[Zurich AI claims escalation prediction (2024)]]}} {{read|[[Chubb + Cytora claims doc automation (2024)]]}} }} {{Inline expand |❘ GenAI assistants ▸|{{read|[[AllianzGPT (internal, 2025)]]}} {{read|[[Generali KAssis (claims knowledge, 2025)]]}} {{read|[[Generali “Chatty” (customer chatbot, 2023–24)]]}} }} {{Inline expand |❘ telematics ▸|{{read|[[Progressive Snapshot (UBI, 2011)]]}} {{read|[[Generali–Telepass “Next” (2022)]]}} {{read|[[Allianz–Ticker pay-per-mile (2025)]]}} }} |
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{{Row header|distribution ▸}} {{Inline expand |❘ bancassurance ▸|{{read|[[Allianz–UniCredit framework (2022)]]}} {{read|[[Zurich–Santander LatAm JV + 25-year tie-up (2011)]]}} {{read|[[BNP Paribas ↔ Ageas / AG Insurance reshuffle (2025)]]}} }} {{Inline expand |❘ embedded platforms ▸|{{read|[[Chubb Studio AI embedded engine (2025)]]}} {{read|[[Zurich buys AIG Travel + merges with Cover-More (2024)]]}} {{read|[[Munich Re buys relayr (2018)]]}} }} |
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{{Row header|climate ▸}} {{Inline expand |❘ coal & fossil rules ▸|{{read|[[Allianz coal phase-out thresholds (2025)]]}} {{read|[[Generali coal phase-out (2030/2040)]]}} {{read|[[Zurich “no new fossil” positioning]]}} }} {{Inline expand |❘ transition & resilience ▸|{{read|[[Zurich + Aon hydrogen insurance platform (2024)]]}} {{read|[[Generali expands oil/gas exclusions (2024)]]}} {{read|[[Swiss Re nat-cat loss benchmark (sigma 1/2024)]]}} }} |
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</div> |
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{{section separator}} |
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== Skill development books == |
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{{Row header|communication & presence ▸}} {{Inline expand |❘ conversations & feedback ▸|{{read|[[Crucial Conversations]]}} {{read|[[Difficult Conversations]]}} {{read|[[Thanks for the Feedback]]}} {{read|[[Radical Candor]]}} }} {{Inline expand |❘ storytelling & thinking ▸|{{read|[[The Pyramid Principle]]}} {{read|[[Made to Stick]]}} {{read|[[Storytelling with Data]]}} {{read|[[Talk Like TED]]}} }} {{Inline expand |❘ writing & clarity ▸|{{read|[[HBR Guide to Better Business Writing]]}} {{read|[[Smart Brevity]]}} {{read|[[On Writing Well]]}} {{read|[[The Elements of Style]]}} }} |
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{{Row header|influence & stakeholders ▸}} {{Inline expand |❘ persuasion ▸|{{read|[[Influence]]}} {{read|[[Pre-Suasion]]}} {{read|[[Influence Without Authority]]}} {{read|[[The Art of Woo]]}} }} {{Inline expand |❘ negotiation ▸|{{read|[[Getting to Yes]]}} {{read|[[Never Split the Difference]]}} {{read|[[Bargaining for Advantage]]}} {{read|[[The Power of a Positive No]]}} }} {{Inline expand |❘ conflict & alignment ▸|{{read|[[Crucial Confrontations]]}} {{read|[[The Conflict Code]]}} {{read|[[The Anatomy of Peace]]}} {{read|[[The Catalyst]]}} }} |
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{{Row header|leadership & people ▸}} {{Inline expand |❘ coaching & dev ▸|{{read|[[The Coaching Habit]]}} {{read|[[Multipliers]]}} {{read|[[The Making of a Manager]]}} {{read|[[Turn the Ship Around!]]}} }} {{Inline expand |❘ teams ▸|{{read|[[The Five Dysfunctions of a Team]]}} {{read|[[Team of Teams]]}} {{read|[[Drive]]}} {{read|[[The Culture Code]]}} }} {{Inline expand |❘ change & execution ▸|{{read|[[Leading Change]]}} {{read|[[Switch]]}} {{read|[[The First 90 Days]]}} {{read|[[Accelerate]]}} }} |
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{{Row header|collaboration & culture ▸}} {{Inline expand |❘ cross-cultural ▸|{{read|[[The Culture Map]]}} {{read|[[Leading with Cultural Intelligence]]}} {{read|[[When Cultures Collide]]}} {{read|[[Riding the Waves of Culture]]}} }} {{Inline expand |❘ inclusion & safety ▸|{{read|[[The Fearless Organization]]}} {{read|[[The Person You Mean to Be]]}} {{read|[[Blindspot]]}} {{read|[[Inclusify]]}} }} {{Inline expand |❘ remote & hybrid ▸|{{read|[[Remote]]}} {{read|[[The Long-Distance Leader]]}} {{read|[[Digital Body Language]]}} {{read|[[Suddenly Virtual]]}} }} |
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{{Row header|effectiveness & resilience ▸}} {{Inline expand |❘ time & focus ▸|{{read|[[Getting Things Done]]}} {{read|[[Deep Work]]}} {{read|[[Essentialism]]}} {{read|[[Atomic Habits]]}} }} {{Inline expand |❘ decision making ▸|{{read|[[Thinking, Fast and Slow]]}} {{read|[[Decisive]]}} {{read|[[Superforecasting]]}} {{read|[[The Scout Mindset]]}} }} {{Inline expand |❘ resilience & stress ▸|{{read|[[Mindset]]}} {{read|[[The Upside of Stress]]}} {{read|[[Resilient]]}} {{read|[[Search Inside Yourself]]}} }} |
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{{Row header|customer & trust ▸}} {{Inline expand |❘ empathy & service ▸|{{read|[[The Effortless Experience]]}} {{read|[[Outside In]]}} {{read|[[Hug Your Haters]]}} {{read|[[Unreasonable Hospitality]]}} }} {{Inline expand |❘ trust & relationships ▸|{{read|[[The Speed of Trust]]}} {{read|[[The Trusted Advisor]]}} {{read|[[Give and Take]]}} {{read|[[Dare to Lead]]}} }} |
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--> |
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'''Did you know?''' |
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__NOCACHE__ |
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{{#switch: {{#expr: {{CURRENTTIMESTAMP}} mod 100}} |
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| 0 = {{:Definition:Bordereaux}} |
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| 1 = {{:Definition:Burning cost}} |
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| 2 = {{:Definition:Commutation (reinsurance)}} |
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| 3 = {{:Definition:Finite reinsurance}} |
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| 4 = {{:Definition:Fronting}} |
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| 5 = {{:Definition:Follow-the-fortunes}} |
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| 6 = {{:Definition:Cut-through clause}} |
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| 7 = {{:Definition:Binding authority}} |
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| 8 = {{:Definition:Clash cover}} |
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| 9 = {{:Definition:Attachment point}} |
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| 10 = {{:Definition:Exhaustion point}} |
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| 11 = {{:Definition:Reinstatement premium}} |
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| 12 = {{:Definition:Sliding-scale commission}} |
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| 13 = {{:Definition:Profit commission}} |
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| 14 = {{:Definition:Loss portfolio transfer}} |
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| 15 = {{:Definition:Adverse development cover (ADC)}} |
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| 16 = {{:Definition:Aggregate excess-of-loss reinsurance}} |
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| 17 = {{:Definition:Catastrophe excess-of-loss reinsurance}} |
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| 18 = {{:Definition:Per-risk excess of loss reinsurance}} |
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| 19 = {{:Definition:Risks-attaching basis}} |
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| 20 = {{:Definition:Losses-occurring basis}} |
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| 21 = {{:Definition:Claims-made trigger}} |
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| 22 = {{:Definition:Signing down}} |
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| 23 = {{:Definition:Sunset clause}} |
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| 24 = {{:Definition:Utmost good faith}} |
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| 25 = {{:Definition:Contra proferentem}} |
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| 26 = {{:Definition:Incurred but not reported (IBNR)}} |
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| 27 = {{:Definition:Bornhuetter-Ferguson method}} |
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| 28 = {{:Definition:Chain-ladder method}} |
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| 29 = {{:Definition:Stochastic reserving}} |
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| 30 = {{:Definition:Loss development triangle}} |
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| 31 = {{:Definition:Credibility factor}} |
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| 32 = {{:Definition:Allocated loss adjustment expense (ALAE)}} |
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| 33 = {{:Definition:Unallocated loss adjustment expense (ULAE)}} |
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| 34 = {{:Definition:Experience modification factor}} |
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| 35 = {{:Definition:Industry loss warranty (ILW)}} |
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| 36 = {{:Definition:Sidecar (reinsurance)}} |
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| 37 = {{:Definition:Collateralized reinsurance}} |
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| 38 = {{:Definition:Catastrophe bond (CAT bond)}} |
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| 39 = {{:Definition:Retrocession}} |
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| 40 = {{:Definition:Surplus share reinsurance}} |
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| 41 = {{:Definition:Surplus strain}} |
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| 42 = {{:Definition:Surplus relief}} |
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| 43 = {{:Definition:Funds withheld reinsurance}} |
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| 44 = {{:Definition:Modified coinsurance}} |
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| 45 = {{:Definition:Coinsurance penalty}} |
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| 46 = {{:Definition:Anti-concurrent causation clause}} |
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| 47 = {{:Definition:Continuous trigger}} |
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| 48 = {{:Definition:Efficient proximate cause}} |
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| 49 = {{:Definition:Horizontal exhaustion}} |
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| 50 = {{:Definition:Vertical exhaustion}} |
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| 51 = {{:Definition:Sue and labor clause}} |
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| 52 = {{:Definition:Honorable engagement clause}} |
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| 53 = {{:Definition:Hours clause}} |
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| 54 = {{:Definition:Batch clause}} |
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| 55 = {{:Definition:Aggregation clause}} |
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| 56 = {{:Definition:Omnibus clause}} |
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| 57 = {{:Definition:Running down clause}} |
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| 58 = {{:Definition:Warehouse-to-warehouse clause}} |
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| 59 = {{:Definition:General average}} |
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| 60 = {{:Definition:Particular average}} |
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| 61 = {{:Definition:Constructive total loss}} |
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| 62 = {{:Definition:York-Antwerp Rules}} |
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| 63 = {{:Definition:Protection and indemnity (P&I)}} |
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| 64 = {{:Definition:Demand surge}} |
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| 65 = {{:Definition:Social inflation}} |
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| 66 = {{:Definition:Nuclear verdict}} |
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| 67 = {{:Definition:Silent cyber}} |
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| 68 = {{:Definition:Affirmative cyber coverage}} |
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| 69 = {{:Definition:Parametric insurance}} |
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| 70 = {{:Definition:Embedded insurance}} |
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| 71 = {{:Definition:Takaful}} |
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| 72 = {{:Definition:Bancassurance}} |
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| 73 = {{:Definition:Microinsurance}} |
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| 74 = {{:Definition:Captive insurance company}} |
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| 75 = {{:Definition:Cell captive}} |
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| 76 = {{:Definition:Protected cell company (PCC)}} |
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| 77 = {{:Definition:Reciprocal insurance exchange}} |
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| 78 = {{:Definition:Risk retention group (RRG)}} |
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| 79 = {{:Definition:Lloyd's syndicate}} |
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| 80 = {{:Definition:Reinsurance to close (RITC)}} |
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| 81 = {{:Definition:Equitas}} |
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| 82 = {{:Definition:Funds at Lloyd's (FAL)}} |
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| 83 = {{:Definition:Syndicate-in-a-box (SIAB)}} |
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| 84 = {{:Definition:Part VII transfer}} |
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| 85 = {{:Definition:Solvent scheme of arrangement}} |
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| 86 = {{:Definition:Run-off (insurance)}} |
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| 87 = {{:Definition:Demutualization}} |
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| 88 = {{:Definition:Depopulation program}} |
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| 89 = {{:Definition:Probable maximum loss (PML)}} |
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| 90 = {{:Definition:Exceedance probability curve (EP curve)}} |
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| 91 = {{:Definition:Realistic disaster scenario (RDS)}} |
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| 92 = {{:Definition:Monte Carlo simulation}} |
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| 93 = {{:Definition:Copula}} |
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| 94 = {{:Definition:Bühlmann model}} |
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| 95 = {{:Definition:Cape Cod method}} |
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| 96 = {{:Definition:Extra-contractual obligation (ECO)}} |
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| 97 = {{:Definition:Loss in excess of policy limits (XPL)}} |
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| 98 = {{:Definition:Doctrine of reasonable expectations}} |
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| 99 = {{:Definition:Longevity swap}} |
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}} |
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Latest revision as of 22:46, 12 March 2026
Did you know?
📋 Cut-through clause is a provision in a reinsurance contract that grants the original policyholder or ceding insurer's policyholder a direct right to collect from the reinsurer in the event the ceding insurer becomes insolvent or fails to pay a covered claim. Under the standard doctrine of privity, a policyholder has no contractual relationship with the reinsurer — the reinsurance contract exists solely between the ceding company and the reinsurer. A cut-through clause pierces that separation, creating an enforceable third-party right that elevates the policyholder's claim above those of the insolvent insurer's general creditors.
⚙️ In practice, cut-through clauses appear most often in facultative reinsurance placements and large-account treaty arrangements where a sophisticated insured — a multinational corporation or a public entity — negotiates the protection as a condition of purchasing coverage. The clause typically specifies a triggering event, usually the ceding insurer's insolvency or its failure to pay a claim within a defined period, and directs the reinsurer to pay the policyholder (or a designated payee) directly. During M&A transactions and due diligence reviews, buyers pay close attention to cut-through clauses because they alter the expected flow of reinsurance recoverables — money that would otherwise enter the ceding company's estate may instead bypass it entirely, affecting reserve valuations and solvency projections.
🛡️ The significance of a cut-through clause lies in the additional security it provides when the financial stability of the primary insurer is uncertain. For policyholders, it transforms reinsurance from an invisible backstop into a tangible safety net. For reinsurers, agreeing to a cut-through clause means accepting a direct obligation to a party outside the reinsurance contract, which carries underwriting, legal, and accounting implications — some jurisdictions even restrict or impose conditions on such clauses. In the context of change-of-control scenarios, a cut-through clause can complicate deal structuring because the reinsurer's direct exposure to policyholders may survive the transaction regardless of the new owner's intentions, creating obligations that must be carefully mapped and managed.
Related concepts: