Peter is registered with Lloyd’s as an Independent/ External Expert Reviewer.
Lloyd’s and the Financial Conduct Authority (FCA)/ Prudential Regulation Authority (PRA) are placing increasing emphasis on stringent independent review of the underwriting process and underwriters’ adherence to their syndicate’s approved plans. Their objective is to establish that managing agents have effective systems and controls over each managed syndicate’s underwriting. These controls encompass adherence to:
- The syndicate’s annual business plan and underwriting policy
- The underwriters’ Terms of Reference and authorities
- Pricing policy
- Exposure management information requirements
- The syndicate’s reinsurance arrangements
- Requirements to achieve Pre-Bind Quality Assurance (PBQA), including Contract Certainty.
- External regulatory requirements
The processes should ensure that:
- The managing agent keeps (or has the right to access) all relevant information in respect of each risk underwritten by the syndicate including the slip and the placing documentation.
- A representative range of risks underwritten by the syndicate is reviewed and assessed regularly by an appropriately qualified individual who is independent of the underwriter of those risks.
- Underwriting decisions are the subject of an appropriate peer review process.
- They require the referral of risks or underwriting decisions which are outside an underwriter’s agreed levels of authority.
Recent Independent Reviewers’ Conferences hosted by Lloyd’s have reinforced Lloyd’s and the FSA’s commitment to strengthening relationships with Independent Expert Reviewers, and increasing the value of their input.
Some Lloyd’s Managing Agencies have the resources and desire to establish independent review units internally, but many do not and therefore look to external expertise and experience.
PG Butler is recognised by Lloyd’s as an Independent Expert Reviewer and currently reviews or has recently reviewed the following lines of business:
- Accident and Health
- Crop Hail
- Fidelity Treaty
- Film Financing
- International Liability Treaty
- International Motor Treaty
- International Property Treaty
- Property Catastrophe Retrocession
- Surety Bond Treaty
- Trade Credit
- UK Specialty Package Policies
‘I have worked with Peter for many years on independent expert underwriting reviews. He is the consummate professional, with the reports provided accurate and thorough with astute observations and action points that add value across the business.”
Rosie Cowie: Head of Underwriting Governance and Controls for a major Lloyd’s and International insurance giant. (This testimonial is a personal one based on her own experience.)
“It has been excellent working with you [Peter], and thank you again for all your insights. I’ve always appreciated your frankness and commercialism when helping us [to] come to practical actions which can move the dial here.”
Helen Donegan: Head of Operations EMEA for Argo Global Syndicate 1200