MAP is one of the largest and broadest property reinsurers at Lloyd's, underwriting proportional, risk excess, and catastrophe excess of loss treaties anywhere in the world. Syndicate 2791Underwriter Richard Trubshaw and catastrophe underwriters Aidan Kong and Andrew Westmore have set a philosophy in which there are no rules about the 'right kind' of reinsurance, provided the terms and conditions are acceptable to all. Thus we will go where others sometimes refuse to tread: catastrophe hot-spots, unbalanced proportional treaties, US pro-rata surplus relief. In short, MAP aims to offer the cover that cedants actually need.
MAP does not believe in the pot-filling approach to reinsurance underwriting. Instead we seek to achieve a balance of exposure across the whole of the Syndicate's portfolio. However, exposure analysis is at the centre of our reinsurance underwriting strategy. Our prices and structures reflect our analysis of underlying exposures, not a reaction to loss records or unrelated market events. This way we achieve stable, long term pricing.
We do not underwrite by committee. Instead each MAP underwriter is a decision-maker who can deliver a lead line with credibility and a following. As individuals they are known for delivering consistent terms and conditions, regardless of market rates. MAP will not blindly follow the roller-coaster of the reinsurance market, but consistency is a two-way street. We seek long-term reinsurance relationships with clients prepared to make a long-term price commitment - at any point in the cycle. Alongside that we pledge flexibility, transparency, and swift responsiveness.
Modelling is an important part of our exposure management - but not the only part. For each contract, we synthesise the best elements of the proprietary models and use that synthesis to guide our pricing. We will not leave unquestioned someone else's opinion of the probable maximum loss or the return period. We strip out what we need, and discard what we don't, to create our own model of risk.