AboutKristen Mulcahy, CIC Expertise My specialty is commercial insurance for business owners. I can answer questions regarding
liability, property, auto, workers compensation, directors and officers, umbrellas and
risk management for all types of businesses. Risk management or loss control, is taking
measures to reduce the chances of a loss in the first place or, helping you prevent it
from happening again. Insurance can be complicated and confusing and there are no stupid
questions! I own a Risk Management company in New England that provides insurance consultations
to business owners and sight inspections for insurance companies.
I read your answers to some of the questions regarding starting an insurance broker/agency and thought they were great. My question is on setting up a reinsurance broker. For someone who understands the business and has the technical know-how, do I need broker-market reinsurers to formally/contractully agree on me representing them in the reinsurance market? If so what are the best ways to do that? Thanks very much for your help.
Asia
Answer Asia;
First off let me apologize profusely for the delayed response! My computer crashed last week, took it in to be fixed, was told it had a virus but after a week of trying, they simply couldn't fix it and there was actually no virus! So needless to say, I've been out of touch and unable to respond for a week.
As for your question, I'm not sure I'm the best person to answer it for you. Bill Wilson who's also a volunteer here might be the best. I would assume you would have to be formally contracted with the reinsurer's just like you would a standard insurer because standard carriers do reinsurance as well. Like The Hartford might offer Travelers reinsurance on a book of business they have, etc... although unlikely, it's possible so my guess is yes. I'm so sorry you had to wait so long for an answer and I couldn't give you a better one. I would really suggest posing the same question to Bill Wilson on this site.
