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E3A-E5）
E6 Significance（意义）
The importance of financial strength ratings cannot be underestimated. A new company would not usually receive a rating because it has no trading history. Rating agencies would probably prefer to wait for three years of annual reports and accounts to be published before they would consider assigning a rating. This is especially true for reinsurance companies writing long-tail business. Some companies in the market might be of insufficient size for rating agencies to consider them.
财务实力评级的重要性不容小觑。一家新公司通常不会获得评级，因为它没有交易历史。评级机构可能更愿意等待三年的年度报告和账目发布后才考虑给予评级。对于从事长尾业务的再保险公司来说尤其如此。市场上的一些公司可能规模不足以让评级机构考虑它们。
Without a rating, a reinsurer will sometimes have difficulty in attracting brokers and reinsureds to place business with it. This is especially true if the start-up capital is considered to be inadequate, irrespective of the perceived qualities of the individual managers and other staff of that company. This applies both to new entrants to the market and to smaller existing reinsurers.
如果没有评级，再保险公司有时会难以吸引经纪人和分保人与其开展业务。如果启动资金被认为不足，情况尤其如此，无论该公司个别经理和其他员工的素质如何。这既适用于新进入市场的公司，也适用于规模较小的现有再保险公司。
Certain insurance companies will not place business with a reinsurance company unless it has some form of ‘A’ rating, and they are perfectly within their rights to make such stipulations. It therefore follows that, reinsurers with some form of ‘B’ rating, would not have the opportunity of writing that insurer’s business.
某些保险公司不会与再保险公司开展业务，除非该公司有某种形式的“A”级评级，而且他们完全有权做出这样的规定。因此，具有某种“B”级评级的再保险公司将没有机会承保该保险公司的业务。
The poorer the reinsurer’s rating, the more the reinsurer might be selected against. This means that the reinsurer tends to be offered poorer-quality business that is proving hard to place with reinsurers enjoying stronger financial security.
再保险公司的评级越差，再保险公司就越有可能被（差业务）选中。这意味着，再保险公司往往会获得质量较差的业务，而这些业务很难被财务保障较强的再保险公司承保。
It follows that companies are very sensitive to movements in their ratings, a downward rating inevitably raises concerns, potentially putting the downgraded reinsurer in the position of having to justify itself to its clients. In effect, ratings can become self-fulfilling prophecies, strengthening the position of strong companies and further weakening the position of companies experiencing difficulties. Indeed, it has become common for reinsurance treaties to contain a special termination provision, enabling reinsureds to terminate the contract if the reinsurer fails to maintain a stipulated rating.
因此，公司对其评级的变动非常敏感，评级下调不可避免地会引起担忧，可能会使被降级的再保险公司不得不向客户证明自己的立场。实际上，评级可以成为自我实现的预言，加强实力雄厚的公司的地位，进一步削弱陷入困境的公司的地位。事实上，再保险合同包含特殊终止条款已变得很常见，如果再保险公司未能保持规定的评级，分保人可以终止合同。
Unsolicited ratings can also create some irritation. Occasionally, rating agencies will give a rating in advance of being asked to do so, when obviously they can only base their assessment on published information. In such an event, the rating agency concerned will clearly identify that any rating is based solely on information in the public domain. As at December 2022, Lloyd’s Corporation holds an A+ rating with Standard and Poor’s and an A from AM Best. Lloyd’s syndicates must now identify their potential loss involvements arising from RDS, an example of which follows.
未经请求的评级也会引起一些不满。有时，评级机构会在被要求之前给出评级，而显然他们只能根据已发布的信息进行评估。在这种情况下，相关评级机构将明确指出，任何评级都完全基于公共领域的信息。截至 2022 年 12 月，劳合社集团在标准普尔的评级为 A+，在 AM Best 的评级为 A。劳合社集团现在必须确定其因 RDS 而产生的潜在损失，以下是一个例子。
One of the disaster scenarios is a hurricane, which cuts directly across offshore oil platforms in the Gulf of Mexico, before making landfall in Texas and moving over the densely populated Houston area. This test was introduced in recognition of, and to examine, the significant correlation between onshore and offshore risks to hurricane events. The scenario and guidance draws on a wealth of underwriting experience and is used by energy underwriters worldwide as an industry standard approach to offshore energy risk management. This kind of active exposure management helped mitigate losses from Hurricanes Katrina and Rita. Through its ongoing work on RDS, the Lloyd’s Corporation is helping the market to prepare for each new storm season.
灾难场景之一是飓风，它直接横穿墨西哥湾的海上石油平台，然后登陆德克萨斯州并移至人口稠密的休斯顿地区。引入该测试是为了认识到并检查飓风事件的陆上和海上风险之间的显著相关性。该场景和指南借鉴了丰富的承保经验，并被全球能源承保人用作海上能源风险管理的行业标准方法。这种主动的风险管理有助于减轻卡特里娜飓风和丽塔飓风造成的损失。劳合社通过持续开展 RDS 工作，帮助市场为每个新的风暴季节做好准备。
This form of ‘testing’ has been imposed by Lloyd’s but rating agencies will consider these important disciplines to be only an adjunct to their own assessments.
劳合社已经实施了这种形式的“测试”，但评级机构会将这些重要原则视为其自身评估的补充。
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