Reinsurance - M97（Dip级30学分，选修）-《再保险》
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（前述章节【Dip系列课程】M97-第九章-再保险市场E6）
F Mergers, acquisitions and reinsurer failure（合并、收购和再保险公司破产）
Merger and acquisition activity has been a key feature of most reinsurance markets for a number of years and this will continue. Reinsurance treaty contracts include a section in the special termination clause that allows either party to cancel the treaty with immediate effect in the event of a change of ownership or control or a significant reduction in capital.
合并和收购活动多年来一直是大多数再保险市场的主要特征，并且这种情况将继续下去。再保险合同中包含特殊终止条款，允许任何一方在所有权或控制权发生变化或资本大幅减少的情况下立即取消合同。
Mergers（合并）
When a reinsurer that participates in a specific reinsurance treaty or programme merges with another reinsurer, the reinsured must give full consideration to a number of implications. These are the:
• financial security of the new merged entity: in most instances the capital structure and premium income base will be much higher;
• underwriting philosophy of the new entity; and
• reinsurer’s participation in the treaty or programme.
当参与特定再保险合同或计划的再保险公司与另一家再保险公司合并时，再保险人必须充分考虑一系列影响。这些影响包括：
• 新合并实体的财务安全：在大多数情况下，资本结构和保费收入基础将高得多；
• 新实体的承保理念；以及
• 再保险公司对合同或计划的参与。
To expand on this last point, if, for example two reinsurers merge that participate in the same reinsurance programme with shares of 20% each, the combined participation of the merged reinsurer would become 40%. The reinsured may decide that is too high a share for any one reinsurer. In practice, in these situations the reinsured usually adjusts the participations at the next renewal date rather than at mid-term.
进一步阐述最后一点，例如，如果两家再保险公司合并，各自以 20% 的份额参与同一个再保险计划，合并后的再保险公司的份额将变为 40%。再保险人可能会认为，对于任何一家再保险公司来说，这个份额都太高了。实际上，在这种情况下，再保险人通常会在下一个续保日期而不是中期调整参与度。
Acquisitions（收购）
The implications where a reinsurer has been acquired by another reinsurer could be more serious. The financial security would usually be stronger, but the key questions would be will the:
• reinsurer continue in the same name as a separate company or will be it closed, with all the business being transferred into the new owning company; or
• new owning reinsurer be writing the same classes and business in the same territories?
如果一家再保险公司被另一家再保险公司收购，其影响可能更为严重。财务安全性通常会更强，但关键问题是：
• 再保险公司是否会继续以相同的名称作为一家独立公司，还是会关闭，所有业务都将转移到新的所有者公司；或者
• 新的所有者再保险公司是否会在相同的地区开展相同的类别和业务？
Quite often the acquiring reinsurer will wish to discontinue certain classes or territories, or write the same classes at different prices and conditions. From the reinsured’s perspective that could mean they would need to replace that reinsurer’s share at the next renewal.
收购方再保险公司经常希望停止某些类别或地区的保险，或者以不同的价格和条件承保相同的类别。从分保人的角度来看，这可能意味着他们需要在下次续保时替换该再保险公司的份额。
Failures（失败）
The implications of a reinsurer failing could be very serious. If a reinsurer goes into liquidation, the reinsured will either not be able to recover any claims, or at best only recover a small proportion of the claims due, depending on what the liquidator or statutory successor can obtain from what is left of the company’s assets.
再保险公司失败的影响可能非常严重。如果再保险公司破产，再保险人要么无法收回任何索赔，要么最多只能收回一小部分索赔，这取决于清算人或法定继承人可以从公司剩余的资产中获得多少。
By invoking the special termination clause, the reinsured can at least stop ceding any further risks or paying any further premium instalments to that reinsurer.
通过援引特殊终止条款，再保险人至少可以停止向该再保险公司转让任何进一步的风险或支付任何进一步的保费分期付款。
G Terrorism（恐怖主义）
Following 9/11 and its profound impact on the insurance and reinsurance market, the following clause was introduced in the London Market to exclude terrorism in reinsurance policies:
Notwithstanding any provision to the contrary within this agreement or any endorsement thereto, this reinsurance agreement does not cover any loss, damage or expense of whatsoever nature directly or indirectly caused by, resulting from, happening through or in connection with any act of terrorism, regardless of any other cause contributing concurrently or in any other sequence to the loss, damage or expense. For the purpose of this exclusion, terrorism means an act of violence or an act dangerous to human life, tangible or intangible property or infrastructure with the intention or effect to influence any government or to put the public or any section of the public in fear. In any action suit or other proceedings where the reinsurer alleges that by reason of this definition a loss, damage or expense is not covered by this reinsurance agreement, the burden of proving that such loss, damage or expense is covered shall be upon the reinsured.
9/11 事件发生后，保险和再保险市场受到深远影响，伦敦市场引入了以下条款，以排除再保险单中的恐怖主义：
尽管本协议或任何背书中的任何相反规定，本再保险协议不承保直接或间接由恐怖主义行为造成、导致、通过或与恐怖主义行为有关的任何性质的损失、损害或费用，无论同时或以任何其他顺序导致损失、损害或费用的任何其他原因。就本排除条款而言，恐怖主义是指暴力行为或危害人类生命、有形或无形财产或基础设施的行为，其意图或效果是影响任何政府或使公众或任何一部分公众陷入恐惧。在任何诉讼或其他程序中，如果再保险人声称根据此定义，损失、损害或费用不在本再保险协议的承保范围内，则证明此类损失、损害或费用已获承保的责任应由再保险人承担。
This reflects a similar clause that was also added to direct insurance policies. In the past, terrorism was also recognised as part of a risk and included in the underwriting considerations in the various insurance and reinsurance lines of business. This was mainly related to cases in which terrorists were deemed responsible for arson, explosions or murder of individuals or several persons.
这反映了直接保险单中也增加的类似条款。过去，恐怖主义也被视为风险的一部分，并被纳入各种保险和再保险业务的承保考虑范围。这主要与恐怖分子被认为对个人或多人的纵火、爆炸或谋杀负责的案件有关。
Following 9/11, much higher figures have been put on possible loss impacts from terrorist attacks. The potential for greater loss frequency of such major losses has also increased. New criteria regarding safety obligations and contributory negligence apply in connection with the liability of owners of means of transport, production plants and buildings. Of particular importance to underwriting are loss potentials for very large losses, with the possibility of line of business clashes and policy accumulations.
9/11 之后，恐怖袭击可能造成的损失数字大幅增加。此类重大损失发生频率增加的可能性也增加了。有关安全义务和共同过失的新标准适用于运输工具、生产工厂和建筑物所有者的责任。对于承保来说，特别重要的是巨额损失的可能性，以及业务线冲突和保单累积的可能性。
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