System Contract Types

Assumed Ceding Contracts. The SurSITE^® system uses a combination contract that takes the role of both the ceded and assumed contracts when configuring the reinsurance contract workflow. We refer to this combination contract as the Assumed Ceding Contract, which enables configuration and process automation of extensive treaty and facultative contract combinations and reinsurance programs. Assumed ceding contracts are defined by cedant, underwriting year, business type (direct or indirect), and technical accounting method. These assumed ceding contracts can then be mapped to one or more retention or book-of-business treaties. All business transactions are processed through the assumed ceding contracts, with the exception of any manual transactions (which, as mentioned, can be entered into the reinsurance contracts at any point in the reinsurance workflow).

Book-of-Business Contracts. Book-of-Business treaty contracts are defined by underwriting year, line-of business, exposure and/or geographic area. Hence, the Book-of-Business contracts are the primary data repositories for an organization’s assumed, ceded and retroceded business where technical net results before and after applied reinsurance can be retrieved in real time.

Retrocession Contracts. Retrocession contracts are defined by underwriting year, business type, and technical accounting method. These retrocession contracts can then be mapped to one or more retentions or book-of-business treaties to provide the desired level of protection. Retrocession contracts also allow the user to set a cash loss limit and claim notification limit for a contract. These are used for claim recovery notices and claim notifications respectively.