LLOYD S IN ÖSTERREICH Workshop mit Mitgliedern des ÖVM 27. November 2013
Agenda Lloyd s in Europa Lloyd s und Wolf theiss in der Region Der Markt / Kapitalgeber / Rating Coverholder Modell < Picture to go here > Aufgaben der lokalen Lloyd s Niederlassung Zugangswege zu Lloyd s Produktbeispiele Lloyd s
< Picture to go here > Lloyd s In Europe Presentation to ÖVM Benno Reischel, Head of Europe, Lloyd s Vienna, 27 November 2013 Lloyd s 2012
< Picture to go here > LLOYD S FACTS & FIGURES < Picture to go here > Lloyd s 2012
Strong underwriting results Return on capital of 12% over five years 2008 2009 2010 2011 2012 Pre-tax result bn 1.9 3.9 2.2 (0.5) 2.8 Combined ratio (%) 91.3 86.1 93.3 106.8 91.1 Investment return (%) 2.5 3.9 2.6 1.9 2.6 Gross written premiums bn 18.0 22.0 22.6 23.5 25.5 Net resources 1 bn 15.3 19.1 19.1 19.1 20.2 Pre-tax ROC (%) 13.7 23.9 12.1 (2.8) 14.8 < Picture to go here > Pre-tax ROC 5 year average (%) 12.1 Source: Lloyd s pro forma financial statements, 31 Dec 2012 1 Capital, reserves & subordinated loan notes and securities Lloyd s 2012
Encouraging underwriting results for 2013 to date m June 2011 June 2012 June 2013 % Change Dec 2012 Gross written premium 13,534 14,768 15,496 5 25,500 Combined ratio % 113.3 88.7 86.9 91.1 Investment return 1 548 619 247 (60) 1,311 Profit/(loss) before tax (697) 1,530 1,379 (10) 2,771 < Picture to go here > Annualised Return on capital % (8.1) 16.4 14.0 14.8 Source: Lloyd s pro forma basis, 1 Return on syndicates assets, members funds at Lloyd s and central assets 6 Lloyd s 2012
European Context < Picture to go here > Lloyd s 2012
European context Lloyd s in Europe Continental Europe Contributes 15% of lloyd s worldwide Portfolio UK 18% Europe 15% US (including Canada) 41% Other Americas 8% Rest of the World 5% Central Asia & Asia Pacific 13% Source: Lloyd s Annual Report 2008-2012 8 Lloyd s
European context Lloyd s Authorisations in Europe MAP: 2013 Europe EEA Authorisations (excluding Ireland) Lloyd s in Europe LEGEND FOE & FOS - 17 FOS - 14 Non EEA Licensed - 1 N/A NOTE: FOE = Freedom of Establishment FOS = Freedom of Services NOTE: Ireland excluded Lloyd s Source: International Regulatory Affairs
USD Millions European context Lloyd s in Europe Lloyd s is well represented in the European region. We are on the ground in all our main European Insurance Markets We approach Europe by trade regions to optimise business development opportunities Lloyd s Presence in Key European Markets in 2012 800 European Trade Regions 700 600 Trade Region Country 500 400 300 200 100 - Source: Lloyd s Compare Countries Lloyd s 2012
European context Lloyd s in Europe Lloyd s has seen an absolute growth of 22% from 2007-2012 This demonstrates a Compound Annual Growth rate of 4% for the period. Direct premiums from Europe have grown by 16% since 2007 whilst reinsurance business has grown by 26%. Lloyd s 2012 Split of Business A&H 7% Aviation 8% Marine 32% Energy 12% 2012 Total GSP: USD 5 Billion Casualty 12 % Property D&F 13% Property Treaty 15% Casualty Treaty And overseas motor account for 1% of business each Lloyd s 2012
European context A tale of Regions Lloyd s in Europe Lloyd s has been growing strongly in both developed and emerging blocks Lloyd s growth in developed markets has been driven by Switzerland, Spain, Norway and Sweden. Lloyd s has grown particularly well in emerging markets with an absolute growth of 67% since 2007. This has been driven by Russia and Poland European Regional Growth: 2007-2012 Block GDP Growth Non-Life Growth Lloyd s Growth Absolute Growth CAGR Absolute Growth CAGR Absolute Growth CAGR Developed 8% 1.5% 10% 1.9% 17% 3.1% Emerging 20% 3.7% 55% 9.2% 67% 10.7% All 11% 2.1% 13% 2.5% 20% 3.8% Developed Economies- Austria, Belgium, Cyprus, Czech Rep., Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Italy, Luxembourg, Malta, Netherlands, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland Emerging Economies- Bulgaria, Croatia, Hungary, Latvia, Lithuania, Poland, Romania, Russia, Turkey Lloyd s 2012
European context Lloyd s in Europe But it has its challenges Weak economies in the South Portugal, Italy, Spain, Greece Regulatory control is increasing Consumer protection Broker access remains key Local awareness of Lloyd s is high but knowledge is low Growing our distribution network for SME business Coverholder model can provide local policies in local language Lloyd s 2012
Distribution Channels < Picture to go here > Lloyd s 2012
Distribution Channels Lloyd s in Europe European Non-Life Distribution Channels, % Distribution Channels Matter While brokers play an important role in continental Europe, especially in commercial and industrial lines, They are far less dominant than in the UK UK Poland Italy Therefore, Reaching into Europe through the Coverholder network, is a key part of our strategy to access local SME business Germany France 0% 20% 40% 60% 80% 100% Other Direct Agent Broker Source: CEA, 2010 Lloyd s 2012
Distribution channels Continental Europe's geography of coverholders and service companies Lloyd s in Europe Iceland 1 0 Portugal 3 1 Spain 21 4 Belgium 15 4 France 41 11 Norway 18 3 Netherlands 23 4 Switzerland 36 7 Italy 111 3 Sweden 15 Germany 29 9 2 Denmark 9 4 Austria 3 1 Finland 1 0 Poland 7 0 Czech Rep. 2 0 Greece 8 0 Total Europe 371 Coverholders 53 Service Companies Total= 424 Key: Territorial Nordic= 52 Benelux= 46 16 Key Countries Italy= 114 France= 52 Germany= 38 Switzerland= 43 Country Coverholders Service Companies Lloyd s Source As at November 2013
Strategy for Europe Lloyd s in Europe Eastern Europe and the CEE context Cruising speed is starting to change in some markets with double digit economic and insurance growth rates. Russia is one of Lloyd s largest markets in Eastern Europe Insurance penetration still low at 1.3% Poland is a growing economy in its own right - our premium has doubled since 2007 Insurance penetration of 3.9% slowly growing There are other smaller and attractive markets in eastern Europe to explore with a regional CEE approach Austria s traditional links to the CEE countries Lithuania is a important business link to the Baltic States Lloyd s 2012
Strategy for Europe Lloyd s in Europe Austria s trade links to the CEE CEE has had strong cultural, historical and economical links to Austria for many centuries 16,000 joint ventures between Austrian and other companies in the region 350 US corporations have set up regional CEE headquarters in Vienna 308 non-us regional headquarters e.g. Nestle, Volvo, Siemens, Bosch, DHL 28 from Fortune 500 list 40 CEE/ SEE related international organisations Lloyd s 2012
Lloyd s solutions for emerging risks < Picture to go here > Lloyd s 2012
Research & Reports Lloyd s 2012
Emerging Risks reports Digital risks/cyber risk Supply chain risk Space weather and its impact on earth Nanotechnology EMF Pandemic impacts Climate change Shale gas drilling Food Risk Others < Picture to go here > Lloyd s 2012
Emerging Risks reports Digital risks/cyber risk Supply chain risk Space weather and its impact on earth Nanotechnology EMF Pandemic impacts Climate change Shale gas drilling Food Risk Others < Picture to go here > Lloyd s 2012
Climate Change Lloyd s reports Arctic Opening: Opportunity and Risk in the High North (2012) Hurricanes and Long-term Climate Variability (2012) Different impacts Forecasting Risk: the Value of Long-Range Forecasting for the Insurance Industry (2011) East London Extreme Rainfall (2010) Climate Change Liability (2010) Climate Change and Security: Risks and Opportunities for Business (2009) Coastal Communities and Climate Change (2008) Rapid Climate Change (2006) Climate Change: Adapt or Bust (2006) Partner with other organisations eg London Climate Change Partnership Geneva Association ClimateWise UK Government departments Lloyd s 2012
Lloyd s 2012
WOLF THEISS- AUF EINEN BLICK Anwesenheit direkt vor Ort: 14 Büros in 13 Ländern der CEE/SEE Region davon 9 in EU-Mitgliedstaaten und 4 in Non-EU-Mitgliedstaaten Lokales Know-How und internationale Kompetenz Eines der größten und erfahrensten Teams in Mittel-, Ost- und Südosteuropa mit über 340 Juristen Umfassende Rechtsberatung Law Firm of the Year: Eastern Europe & The Balkans 2009 & 2012 Law Firm of the Year: Central Europe 2010 Bank- und Finanzrecht Wettbewerbs- & Kartellrecht Gesellschaftsrecht / M&A Prozessführung & Schiedsrecht Austrian Law Firm of the Year 2009, 2012 & 2013 Austrian Client Service Law Firm of the Year 2011 Steuerrecht Arbeitsrecht Austrian Law Firm of the Year 2011 & 2012 Czech Republic Law Firm of the Year 2010 Öffentliches Recht & Vergabewesen Immobilien- & Baurecht Energie- & Infrastrukturprojekte IP & IT Hungarian Law Firm of the Year 2009
VERSICHERUNGSEXPERTISE WOLF THEISS Als führende Anwaltskanzlei in der CEE/SEE - Region hat Wolf Theiss besondere Expertise im Finanzbereich. Neben Versicherungs- und Versicherungsaufsichtsrecht umfasst die Tätigkeit in diesem Bereich auch (Investment-) Banken, Broker, Investmentfondsmanager, Private Equity Gesellschaften, Finanzintermediäre und Finanzkonglomerate. Zu unserer Versicherungspraxis gehören Mitglieder der Praxisgruppen Dispute Resolution, Banking & Finance, Tax und Regulatory, die über eine tiefgehende Erfahrung in der Versicherungsindustrie, Kenntnisse der lokalen Märkte und gute Kontakte zu den Behörden in den jeweiligen Ländern, in denen Wolf Theiss tätig ist, verfügen. Unsere Versicherungsexpertise umfasst: Corporate / M&A Lizenzrechtliche und regulatorische Fragen Risikomanagement & Compliance Versicherungsbedingungen / Wordings Evaluierung von Versicherungsansprüchen Prozessführung und Schiedsgerichtsbarkeit RA Dr. Ralph Hofmann-Credner Schubertring 6 1010 Wien Tel. +43 1 51510 5630 ralph.hofmann-credner@wolftheiss.com Mehr als 12 Jahre Erfahrung in Zusammenarbeit mit der Vericherungsindustrie Seit 2002 bei Wolf Theiss; seit 2007 eingetragener Rechtsanwalt in Österreich Mitglied der Praxisgruppe Dispute Resolution Seit 2012 Lloyd s Haupt- und Steuerbevollmächtigter in Österreich Betreut unter anderem Mandanten aus der Versicherungsindustrie, sowohl außergerichtlich als auch gerichtlich, in der gesamten CEE/SEE Region, insbesondere bei der Geltendmachung oder Abwehr von Deckungs- und Regressansprüchen
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Lloyd s
Wie der Markt funktioniert Getting covered Corporation of Lloyd s The policyholder The brokers The coverholders 87 Syndicates 57 Managing agents Members: - Corporate - Individual 9 Lloyd s
Lloyd s Marktstruktur Corporation of Lloyd s Management Policyholders Direct Reinsurance 200 Lloyd s Brokers 2798 Coverholders 57 Managing Agents 87 Syndicates Underwriting Members Corporate Individual BUSINESS FLOW CAPITAL PROVISION Lloyd s
Lloyd s im Überblick 57 Managing Agents, die 87 kaanagen Lloyd s
100% Struktur der Kapitalgeber 90% 22% 80% 70% 10% 60% 17% 50% 40% 30% 39% 20% 10% 0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 32 100% 90% 80% 70% 60% 50% 40% 30% Worldwide Insurance Industry 20% 10% Bermudian Insurance Industry 0% US Insurance Industry 1993 UK insurance industry and other corporate Individual members - Limited liability Worldwide Insurance Industry Bermudian Insurance Industry US Insurance Industry UK insurance industry and other corporate Individual members - Limited liability Individual members - Unlimited liability Lloyd s 9% 3%
Lloyd s chain of security gesonderte Vermögenswerte erstes Binde- Glied First link VermögensrÜcklagen auf Syndikatsebene 41.126 Mio. Alle von einem Syndikat eingenommenen Prämien werden in dessen Prämientreuhandfonds verwaltet und sind erste Bezugsquelle für die Anspruchsregulierung durch dieses Syndikat. Zweites Binde- Glied Second link MITGLIEDERFONDS BEI Lloyd s 15.660 Mio. Jedes Mitglied stellt zusätzlich Kapital bereit, um die Deckung seiner Zeichnungsrisiken bei Lloyd s abzusichern. < Picture to go here > VERMÖGENS- WERTE AUF GEGEN- SEITIGKEIt Drittes Binde- Glied Third link Central fund: Gesamt 3.230 m Callable layer ( 3%) 861 m Der Central Fund steht nach Ermessen des Council of Lloyd s zur Verfügung, um jeden gültigen Anspruch zu befriedigen, der nicht durch die Mittel eines Mitglieds gedeckt werden kann. Quelle: Lloyd s Annual Report 2012 Lloyd s
Lloyd s Market ratings A Excellent Affirmed August 2012 Stable outlook A+ Strong Affirmed July 2012 Stable outlook A+ Strong Affirmed September 2012 Stable outlook upgraded to Positive outlook Lloyd s Market Ratings gelten für alle Syndikate und für alle Lloyd s Policen Lloyd s
Das Geschäft Nach Sparten /business Lines wo es herkommt ROW Central Asia & Asia 5% Pacific 13% US & Canada 41% Europe 15% UK 18% Other Americas 8% Source: Lloyd s Annual Report 2012 Lloyd s
Das Coverholder Modell/ Lloyd s in Österreich und Deutschland < Picture to go here > Lloyd s
Was ist ein Lloyd s Coverholder? Zeichnungsstelle für Lloyd s Syndikate in Österreich und / oder Deutschland Makler oder Assekuradeur mit Zeichnungsvollmacht eines oder mehrerer Syndikate. Service Companies sind Tochtergesellschaften von Lloyd s Syndikaten (Beazley, Catlin, Hiscox, Kiln, Liberty und Torus) Basis ist die sogenannte Binding Authority, häufig kombiniert mit einer Regulierungsvollmacht. 37 Lloyd s
Zugang zu Lloyd s? Service Company Österreich/ Deutschland MANAGING AGENT UK Versicherter Lokaler Makler Coverholder Österreich/ Deutschland Lloyd s Broker UK Lloyd s broker Österreich/ Deutschland Lloyd s broker UK Managing Agents Syndicates 38 Binder Open Market Placement Lloyd s Source: Lloyd s Annual Report 2011
Lloyd s >Business Profile: Austria 2 2008 2012 Premiums by type (in million EUR) 2012 Premiums by Class (in million EUR) 40 UK Motor Property Treaty 30 Property (D&F) Overseas Motor 20 Marine Energy 10 Casualty Treaty Casualty 0 2008 2009 2010 2011 2012 Direct Reinsurance Aviation Accident & Health 0 5 10 15 2012 GROSS SIGNED PREMIUMS* Total EUR 27.5m Reinsurance EUR 14.2m Direct EUR 13.3m *COUNTRY OF ORIGIN PREMIUMS Policyholders are based or headquartered in this territory; Premiums may be written outside this territory; X Not necessarily where risks are located X May differ to what is reported to local regulator (dependent on local requirements). Type 1 Office A Type 1 office is defined as a third party representative, retained by Lloyd s (not employed) that satisfies the minimum requirements for licence in the territory only Quelle: http://www.lloyds.com/lloyds/offices/europe/osterreich-auf-deutsch/dasneueste-aus-osterreich/lloyds-oesterreich-und-deutschland-besuchen-london Lloyd s General Representative Dr Ralph Hofmann-Credner General Representative Schubertring 6 1010 Vienna Austria TELEPHONE: +43 1 515 10 5630 EMAIL: ralph.hofmann-credner@lloyds.com Lloyd s
Lloyd s Service companies und Coverholder in Deutschland COVERHOLDER NACH BUNDESLÄNDERN SERVICE COMPANIES Hamburg Hamburg Bremen Berlin Hannover Köln Köln Düsseldorf Frankfurt Frankfurt Anzahl der Coverholder 0 4 8 Stuttgart München München Source: Market intelligence based on Lloyd s Directory: www.lloyds.com/directories (March 2011) Lloyd s
Lloyd s Coverholder (Stand 1.9.2013) Affinion International GmbH, Hamburg KA Köln Assekuranz Agentur GmbH, Köln Anglo Underwriting GmbH, München Manager Assecuranz Compagnie, AssPro managerline AG, Frechen und Wien München Mira Insurance Broker and Consulting Barta & Partner, Wien GmbH, Köln Dieter Prestin Sportversicherungsmakler GmbH, Pulheim und Burggen Dual Deutschland GmbH, Köln und Wien Equinox, Hamburg FIDES CONSULT GmbH, München Heiko Doll Versicherungsmakler, Zweibrücken Höher Insurance Services GmbH, Wien IAS, Bremen Mund & Fester GmbH & Co KG, Hamburg Pantaenius GmbH & Co, Hamburg und Wien SPB Deutschland GmbH, Langenzenn Versicherungsmakler ProSecura GmbH, Zellingen VFS Heinz Grümmer GmbH, Dortmund Zeller Associates Management Services GmbH, Hamburg Lloyd s
Lloyd s in Österreich Dr. Ralph Hofmann-Credner Hauptbevollmächtigter für Lloyd s in Österreich Jan Blumenthal Country Manager für Österreich und gleichzeitig Hauptbevollmächtigter für Lloyd s in Deutschland Volker Eutebach Business Development Manager Germany & Austria Lloyd s
Lloyd s in Deutschland und Österreich das Team in Frankfurt Jan Blumenthal Hauptbevollmächtigter für Deutschland und Country Manager Germany & Austria Volker Eutebach Business Development Manager Germany & Austria Carolin Kesselring Übersetzerin, Customer Relations Paula Mindt Executive Assistant & Help Desk Christine Stutzer Office Managerin, Finanzen & Buchhaltung, Verwaltung, Personal Lloyd s
Zugang zu Lloyd s? Service Company Österreich/ Deutschland MANAGING AGENT UK Versicherter Lokaler Makler Coverholder Österreich/ Deutschland Lloyd s Broker UK Lloyd s broker Österreich/ Deutschland Lloyd s broker UK Managing Agents Syndicates 44 Binder Open Market Placement Lloyd s Source: Lloyd s Annual Report 2011
Wege zu Lloyd s 1. Der klassische Weg Der Makler platziert über Lloyd s Broker bei Managing Agent / Syndikat 2. Der einfache Weg Der Makler platziert bei Service Company (Catlin, Hiscox, Kiln oder Torus) bzw. Coverholder( z.b. Asspro Managerline AG oder DUAL) in Österreich (Vorteil dt. Wording, österr. Gerichtsstand und lokales Claims Handling) 3. Der elegante Weg Der Makler wird selber Coverholder (Vorteile siehe oben + Effizienzgewinn durch Zeichnungs- und Regulierungsvollmacht) 4. Der alternative Weg o Der Makler wird akkreditiert bei einzelnen Managing Agent/ Syndikaten Lloyd s
Produkte < Picture to go here > Lloyd s
Lloyd s Produkte: Cyber Montage / Renewable Energy Credit and Political Risks Nat Cat Lösungen, ggf. Layer Haftpflicht / D&O / PI Specialities / Sport & Entertainment W&I / Contingency Deckungen generell Medical Malpractice / Krankenhausdeckungen Property generell Marine Hull and Cargo Lloyd s
Beispiele für Spezialversicherungen von Lloyd s Lloyd s
Einige der ungewöhnlichen, durch Lloyd s versicherten Risiken Lloyd s
Lloyd s