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Workers’ Compensation Reinsurance

Willis Re has one of the largest workers’ compensation segments in the industry, comprising more than 35 individuals with a variety of skill sets and a deep working knowledge of the nuances of this long-tailed business.

Your team will be able to help you with challenges ranging from rating agency and capital management to managing earnings volatility and catastrophe management. Our services include:

  1. Market perspective

    • Monitoring reinsurance market trends to assist your risk management planning
    • Identifying and accessing key market resources that meet your needs and bring the greatest value
    • Market cycle analysis that is highly predictive of cycle changes in the primary market
  2. Financial Advisory

    • Forecasting management's strategic and tactical decisions on key financial statements, BCAR (Best Capital Adequacy Ratio) and Risk Based Capital scoring
    • Operating metrics and financial stability analysis
    • Rating agency advisory support including A.M. Best rating position analysis and relationship management
    • Peer benchmarking for financial, reinsurance, investment, expense, and accounting metrics
  3. Actuarial

    • Willis Re's credibility analysis that produces a tailored frequency/severity loss model
    • Simulation analysis to evaluate risk-return characteristics of various risk transfer strategies (reinsurance optimization)
    • Actuarial assistance in assessing the potential profitability of growth plans
  4. Catastrophe Analytics

    • Assessment of exposure to earthquake, terrorism and industrial accident using major catastrophe models
    • Assistance with rating agency questionnaires
    • Access to the SpatialKey geospatial platform for informative pictorial mapping of risk exposures, aggregate concentrations, producer footprint, and more
  5. Reinsurance contracts

    • Workers' compensation segment reviews for commercial viability and coverage enhancement opportunities
    • Workers' compensation contract writing reviews for regulatory compliance and contract wordings
  6. Capital Markets

    • Execution of the only major workers' compensation catastrophe bonds in the industry (four bonds placed to date)
  7. Enterprise Risk Management (ERM)

    • Formulation and implementation of ERM programs
    • Enhancement of existing ERM programs
    • Workshops/webinars for management/board
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Related web site

National Council on Compensation Insurance (NCCI)

The National Council on Compensation Insurance (NCCI) has released a research brief on “Mega Claims” in workers’ compensation. These claims account for a very small portion of total claims but rack up major loss costs, mostly due to medical service costs.