Our Services
Operating as a Lloyd's Coverholder, Solis Re is a boutique underwriting platform focused on Latin America and the Caribbean. We have 75+ years of experience in Latin America and the Caribbean, with a proven track record of Catastrophe and Non-Catastrophe Underwriting Performance.
Our unparalleled client service is supported by our network of known trading partners and relationships. We use only the best business practices to ensure all our clients are receiving the level of service they deserve. For descriptive purposes, below is a list of terms we use interchangeably when describing our services and who we are.
Facultative Reinsurance
A form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction. The submission, acceptance, and resulting agreement is required on each individual risk that the ceding company seeks to reinsure. That is, the ceding company negotiates an individual reinsurance agreement for every policy it will reinsure. However, the reinsurer is not obliged to accept every or any submission.
General Liability Insurance
Insurance protecting commercial insureds from most liability exposures other than professional liability.
Insurance
A contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils). The term "assurance," commonly used in England, is considered synonymous with "insurance.
Lloyd’s Coverholder
“Coverholder” means a company or partnership authorised by a Managing Agent to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it in accordance with the terms of a Binding Authority.
Managing General Agent (MGA)
A specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer. Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims.
Typically, MGAs are involved with unusual lines of coverage, such as professional liability and surplus lines of insurance, in which specialized expertise is required to underwrite the policies. However, MGAs also write some personal lines business, especially in geographically isolated areas (e.g., western Oklahoma, North Dakota) where insurers do not want to set up a branch office.
MGAs benefit insurers because the expertise they possess is not always available within the insurer's home or regional offices and would be more expensive to develop on an in-house basis.
Marine & Aviation Insurance
A type of insurance designed to provide coverage for the transportation of goods either airborne, on the ocean or by land as well as damage to the airborne or waterborne instrument of conveyance and to the liability for third parties arising out of the process. The two branches of marine insurance are ocean marine (primarily water-based exposures) and inland marine (primarily land-based exposures).
Property Insurance
First-party insurance that indemnifies the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered peril, such as fire or explosion. In this sense, property insurance encompasses inland marine, boiler and machinery (BM), and crime insurance, as well as what was once known as fire insurance, now simply called property insurance: insurance on buildings and their contents.
Reinsurance
A transaction in which one party, the "reinsurer," in consideration of a premium paid to it, agrees to indemnify another party, the "reinsured," for part or all of the liability assumed by the reinsured under a policy of insurance that it has issued. The reinsured may also be referred to as the "original" or "primary" insurer or the "ceding company."
Specialty Insurance
Insurance that can be obtained for items or events that are considered unique or special circumstances. The items that would fall in these categories are rarely covered by standard insurance policies.
Technical Lines Insurance
Fall under the very broad term of property insurance, and provide coverage for construction and engineering risks (e.g. risks to which stationary and mobile machinery, electronic equipment or photovoltaic systems are exposed or structures and edifices are exposed during construction).
Treaty Reinsurance
A form of reinsurance in which the ceding company makes an agreement to cede certain classes of business to a reinsurer. The reinsurer, in turn, agrees to accept all business qualifying under the agreement, known as the "treaty." Under a reinsurance treaty, the ceding company is assured that all of its risks falling within the terms of the treaty will be reinsured in accordance with treaty terms.
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