Frequently Asked QuestionsWhat is the relationship between MARP, Munich Re and Great Lakes UK?MARP Munich is a company that underwrites reinsurance business from captives of Fortune 5000 companies in the name and on behalf of Munich Re or arranges insurance covers for Fortune 5000 companies for and on behalf of Great Lakes UK or an acceptable fronting company to be reinsured by Munich Re. MARP London is a division of Great Lakes UK and writes exclusively on Great Lakes UK paper. Great Lakes UK in London is an insurance company, 100% owned by the Munich Re and enjoys the same sound credit rating. Its main objective is to facilitate insurance business on behalf of the Munich Re Group. What insurance licences does Great Lakes UK have?Great Lakes UK is authorised to transact most classes of insurance and reinsurance throughout the European Union on a Freedom of Services basis. They are also licenced as a surplus lines insurer in most US states. As an unlicensed insurer they are able to transact insurance on a non admitted basis in many other countries, provided local regulations and taxes are observed. Will you consider multi-line, multi-year programmes?We will consider multi-year policies, subject to mutually acceptable review clauses. We can also consider multi-line policies, and are able to include traditional lines of business as well as products beyond our core lines of business within these structures. What is your philosophy with regard to broker remuneration?We will always seek to ensure that there is complete transparency as to the level of commission on any placement. What progress has been made with regard to contract certainty?There is an ongoing project on this topic, and we are committed to achieving the targets that have been agreed with the FSA. Do you deal direct with clients or only via brokers?We value the services provided by brokers, therefore whilst we do meet regularly with our clients, the majority of our risks are placed via a broker. (Please refer to "Corporate Structure") |