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Evolving risks and technology advancement

Insights

The future of binding authority: How Munich Re Specialty is tackling trends and opportunities

Binding Authorities

Leaders in connecting wholesalers and MGAs with insurance solutions

Business Units

Thought Leadership

Munich Re Specialty - North America, Binding Authorities is a leader in connecting wholesalers and MGAs to flexible and innovative insurance solutions.

Our experts enable us to respond to our customers’ needs and pair them quickly with the best solutions. We combine in-house ability, third party capacity, surplus lines cover, and are a largely non-admitted business.

As Munich Re Specialty, we are one of the most-innovative names in the insurance market with decades of industry experience.

Locations:

Partners:

Capacity:

Our office headquarters are located in London, but we also have an office in Virginia in the US.

We work with US Wholesale Brokers, London Brokers and Managing General Agents.

We manage capacity and underwrite for Munich Re Group, Great Lakes Insurance SE, Lloyds and other Company markets.

What we stand for in the marketplace

Innovation

Capability

Expertise

Technology is integral to what we do every day and our dedication to digital is part of our innovative approach to working with our partners

Our experts work tirelessly to respond   to difficult, wide ranging, and complex situations and scenarios to help our customers grow and be successful. We have access to European paper, the Lloyds Market, and companies across the continent.

We pride ourselves on our long standing and trusted relationships with the coverholders and brokers we serve, helping them achieve in the markets they support. Our market expertise and the depth of talent in our staff gives us a deep knowledge of the risks we service.

Explore what we have to offer

Delegated Underwriting In-house Underwriting

Delegated Business

As a leader in delegated binding authority insurance, we use market-leading technology to support underwriting decisions, optimize capacity and help customers find solutions for their business needs.

We continue to develop by providing Excess & Surplus lines contracts in this area on behalf of Great Lakes, Lloyd’s, and Company markets.

Great Lakes Insurance S.E.

Lloyd's & Company Markets

Our Underwriting teams are responsible for providing our US wholesale broker and managing general agent customers with Excess and Surplus (E&S) lines binding authorities on behalf of Great Lakes Insurance SE (a wholly owned subsidiary of Munich Re).

Our experienced broking department has been placing binding authority business through Lloyd’s and Company markets for over 30 years.

Learn more about Delegated Underwriting

In-House Underwriting

We have worked with some of the world’s best underwriters for the last thirty years. And when it comes to individual, facultative and brokerage risks, our In-house Underwriting division has all the experience and expertise you need.

With delegated authority from Great Lakes, all our underwriting decisions are made internally.

We take a tailored approach to risk, ensuring that whatever we provide meets the specialized needs of every client. We consider all classes on an individual basis. Whatever the risk, we always try to find a solution.

See more about our In-house Underwriting

Technology & Innovation

Wherever possible, we use technology to help customers mitigate risk. Devoted to digital, we constantly look for newer, more-efficient, and productive methods to help our clients achieve their goals.

We work with the market’s best technology providers to streamline our ability to trade with you and help you achieve the most-frictionless business in the shortest space of time.

How we make the most of technology

We integrate seamlessly with our US Coverholders and vendor systems to transfer data as policies are bound or claims adjusted which provides advanced premium and loss analytics in real-time. Our in-house engineered analytical engine and progressive analytic techniques provide insights to improve underwriting, pricing and claims management

What sets us apart

We were early adopters of technology in our markets (we have been collecting real time data since 2002) and we have always leveraged technology to simplify inefficient processes providing our partners with a more accurate view of risk

Data Analytics

We have invested significant amounts into the development of our in-house data warehouse and data discovery tools which allows us to monitor business performance across multidimensional metrics. By using advanced data analytics and catastrophe modelled analysis, we are able to secure enriched business insights and make better decisions for ourselves and for our clients

Team & Support

Our international in-house Technology team is dedicated to building, delivering and supporting every tech solution we provide. We have teams focused on software engineering and data analytics, who have huge amounts of experience and in-depth knowledge of major US vendor systems and building bespoke software.

The Bridge - Our Innovative Web Portal

One of our flagship offerings is The Bridge, our web-based data management portal that collects standardised data and processes it into analytics in real time.

The portal includes

Underwrting Tools
Forms libraries and underwriting guidelines
Production and underwriting reports
Claims reports
Real-time data management
Online generation of premium and claim account currents

Our Claims Philosophy

Our dedicated and expert claims team provide the same level of experience and expertise in our claims service as we do in our underwriting.

Claims

We support clients all the way through, whatever happens.

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Our responsibility to you doesn’t stop at placement. That’s just the start.
Wherever you engage with our claims team, they have the necessary technical expertise and local market knowledge to ensure that your client’s claim is treated fairly, efficiently and accurately.
Our claims team works closely with their underwriting and broking peers to ensure that when a claim is made, they have all the information and insight they need to get the claim off to the right start and keep it moving to conclusion.
We access global expertise across the claims supply chain to ensure you have the right people at the right time at your disposal be they adjusters or surveyors, lawyers or third-party administrators.