finance committee presentation may 20 2019 fmtac overview
play

Finance Committee Presentation May 20, 2019 FMTAC Overview The - PowerPoint PPT Presentation

Aug 17, 2022 •168 likes •279 views

First Mutual Transportation Assurance Company Finance Committee Presentation May 20, 2019 FMTAC Overview The First Mutual Transportation Assurance Company (FMTAC), an insurance subsidiary of MTA, was the first Captive in New York, licensed on

  1. First Mutual Transportation Assurance Company Finance Committee Presentation May 20, 2019

  2. FMTAC Overview The First Mutual Transportation Assurance Company (FMTAC), an insurance subsidiary of MTA, was the first Captive in New York, licensed on December 5, 1997 FMTAC is a pure captive designed as a vehicle to maximize risk-financing techniques and improve efficiencies to the MTA’s overall cost of risk management FMTAC continues to successfully strengthen the MTA’s ability to broaden insurance coverages through a combination of risk retention and risk transfer strategies by managing various programs on an insured and reinsured basis The following are FMTAC insurance programs: • All Agency Property Insurance • All Agency Excess Liability • MTA Premises Liability • Station Liability • Force Account • Automobile Liability • All Agency Protective Liability (AAPL) 1

  3. FMTAC Program Structure Each Agency has its own Self-Insured Retention (SIR): • For Property Insurance: The Agencies are responsible for the first $25 Million per occurrence • For Liability Insurance: LIRR, NYCT, MNR & MTA Bus each have an SIR of $11 Million; SIRTOA, TBTA and MTA each have an SIR of $3.2 Million FMTAC provides insurance to the Agencies above their retention layer: • FMTAC’s liquid assets of $810 Million as of 12/31/2018 are used almost exclusively to directly administer various liability coverage programs and to pay outstanding claims • FMTAC provides property insurance on an indirect basis by placing reinsurance in the global insurance marketplace 2

  4. FMTAC Excess Liability Program Excess Liability Program Schematic The overall cost of the 2018 program was $23.68 Million as compared to the expiring cost of $28.06 Million which resulted in an approximate decrease of 15% By placing the primary $50 Million layer in FMTAC, we were able to offset a 20% increase in the $350 Million excess layers 3

  5. FMTAC Property Program • Property Insurance is the largest insurance program covered by FMTAC • MTA is one of the biggest purchasers of property insurance in the transportation sector • FMTAC purchases $700 Million of property reinsurance limits on behalf of the MTA, including all-risk and catastrophe coverage in 2019 as compared to $800 Million in 2018 • Challenges to the placement of this program:  Higher than average attritional losses over the past three years  Market correction due to global losses in 2017 and 2018  Constriction of available capacity due to continued carrier consolidation and market withdrawals 4

  6. FMTAC $700M Property Traditional Reinsurance Capital Markets ($575M) Markets ($125M) All‐Risk Coverage backed by Insurance Catastrophic Coverage backed by Company’s Balance Sheet Collateral Insurance Linked Securities Asia (ILS) / Catastrophe Bonds (Cat Bonds) Investors Zurich Global Investors London Bermuda Domestic • FMTAC employs a strategy of maximizing tension/competition inside each market, as well as between the traditional reinsurance and capital markets • Insurance marketplace is cyclical; due to significant global losses in 2017 and 2018, we are currently in a hard pricing phase of the cycle 5

  7. $700 Million 2019 – 2020 Property Reinsurance Program $125M x/s$575M $700M Metro CAT $25M x/s $550M $575M Hannover Re - Sompo *Chubb Option can be CV Starr - Kinsale AXIS E&S Everest Re Swiss Re Fac Mitsui XL Re Arch Re Transatlantic Re China Life Swiss Re Fac CSAM CPIC International Bermuda comined with 3 Option 1 and 4 3.33% 2.78% 1.11% 2.00% 13.00% 4.50% 21.11% 0.67% 6.67% 1.00% 2.00% 13.00% 18% 2.50% 5.00% 3.00% $50M x/s $500M $550M Hannover Re - Sompo *Chubb Option can be CV Starr - Kinsale AXIS E&S Everest Re Swiss Re Fac Mitsui XL Re Arch Re Transatlantic Re China Life Swiss Re Fac CSAM CPIC International Bermuda comined with 3 Option 1 and 4 3.33% 2.78% 1.11% 2.00% 13.00% 4.50% 21.11% 0.67% 6.67% 1.00% 2.00% 13.00% 18.33% 2.50% 5.00% 3.00% $150M x/s $350M $500M *Chubb Hannover Re - *Hamilton Bermuda Sompo *Chubb Option can be CV Starr - Re Option AXIS E&S Everest Re Swiss Re Fac Mitsui XL Re CSAM Transatlantic Re China Life Lloyds - MapFre Ironshore Insurance Services, LLC Swiss Re Fac Lloyds ASC Lloyds MMX LGT CPIC (Munich Re) International Bermuda comined with 3 Option 1 2 Option 1 and 4 3.50% 6.000% 2.78% 1.11% 2.00% 13.00% 4.50% 21.11% 0.67% 4.54% 1.00% 2.00% 4.44% 3.33% 13.00% 1.11% 0.74% 4.67% 2.50% 5.00% 3.00% $50M x/s $300M $350M *Liberty Agency RSUI Option Sompo HDI - Option CV Starr - (formerly *Markel *AWAC Markel Canopius Colony XL Re Lloyds - ASC Third Point Re Lloyds - MapFre Transatlantic Re Everest Re Lloyds - AUW Lloyds - HDU LGT Partner RE CPIC 2 International 4 Option 1 Ironshore) - Option 3 2.00% 3.00% 3.57% 2.86% 3.57% 2.00% 1.00% 3.33% 2.50% 15.76% 2.84% 2.00% 4.44% 1.00% 2.00% 5.26% 8.44% 21.43% 5.00% 5.00% 3.00% Liberty $50M x/s $250M $300M RSUI Option Agency Sompo Sompo HDI - Option Lloyds - Lloyds - CV Starr - *Markel *AWAC Markel Canopius Colony XL Re Lloyds - ASC Third Point Re Lloyds - MapFre Transatlantic Re Everest Re Lloyds - AUW Lloyds - AML Lloyds - HCC Partner RE CPIC 2 (formerly International International 4 HDU ASC Option 1 Ironshore) 2.00% 3.00% 3.57% 2.86% 3.57% 2.00% 1.00% 2.00% 3.33% 2.50% 15.76% 2.84% 2.00% 4.44% 1.00% 2.00% 5.26% 8.44% 2.22% 3.37% 13.83% 5.00% 5.00% 3.00% $50M x/s $200M $250M *Liberty Agency RSUI Option Sompo Sompo HDI - Option Lloyds - Lloyds - Lloyds - Lloyds - CV Starr - (formerly *Markel *AWAC Markel Canopius Colony XL Re Lloyds - ASC Third Point Re Lloyds - MapFre Transatlantic Re Everest Re Lloyds - AUW Hannover Re Lloyds - HCC Lloyds - HCC Partner RE CPIC 2 International International 4 HDU ASC AML AML Option 1 Ironshore) - Option 3 2.00% 3.00% 3.57% 2.86% 3.57% 2.00% 1.00% 2.00% 3.33% 2.50% 15.76% 2.84% 2.00% 4.44% 1.00% 2.00% 5.26% 8.44% 2.22% 3.37% 3.06% 3.50% 5.61% 1.67% 5.00% 5.00% 3.00% $50M x/s $150M $200M Liberty Agency RSUI Option Sompo HDI - Option Lloyds - Chubb Lloyds - Lloyds - Lloyds - CV Starr - (formerly *Markel *AWAC Markel Canopius Everest Re Chubb Lloyds - ASC Third Point Re Kemah Commonwealth Lloyds - AUW Lloyds BRIT HSIC - Option 2 HSIC - Option 2 Lloyds - HCC Partner RE CPIC 2 International 4 (AGM) ASC AML AML Option 1 Ironshore) - Option 3 2.00% 3.00% 3.57% 2.86% 3.57% 2.00% 1.00% 0.50% 5.00% 15.76% 2.84% 2.00% 2.50% 1.50% 7.78% 5.26% 5.00% 2.22% 3.37% 3.06% 5.56% 5.00% 1.67% 5.00% 5.00% 3.00% $50M x/s $100M $150M Liberty Agency RSUI Option Sompo HDI - Option Lloyds - Chubb Lloyds - Lloyds - Lloyds - CV Starr - (formerly *Markel *AWAC Markel Canopius Everest Re Chubb Lloyds - ASC Third Point Re Kemah Commonwealth Lloyds - AUW Lloyds BRIT HSIC - Option 2 HSIC - Option 2 Lloyds - HCC Partner RE CPIC 2 International 4 (AGM) ASC AML AML Option 1 Ironshore) - Option 3 2.00% 3.00% 3.57% 2.86% 3.57% 2.00% 1.00% 0.50% 5.00% 15.76% 2.84% 2.00% 2.50% 1.50% 7.78% 5.26% 5.00% 2.22% 3.37% 3.06% 5.56% 5.00% 1.67% 5.00% 5.00% 3.00% $50M x/s $50M $100M *Liberty Agency RSUI Option Sompo HDI - Option Lloyds - Chubb Lloyds - Lloyds - Lloyds - CV Starr - (formerly *Markel *AWAC Markel Canopius Everest Re Chubb Lloyds - ASC Third Point Re Kemah Commonwealth Lloyds - AUW Lloyds BRIT HSIC - Option 2 HSIC - Option 2 Lloyds - HCC Partner RE CPIC 2 International 4 (AGM) ASC AML AML Option 1 Ironshore) - Option 3 2.00% 3.00% 3.57% 2.86% 3.57% 2.00% 1.00% 0.50% 5.00% 15.76% 2.84% 2.00% 2.50% 1.50% 7.78% 5.26% 5.00% 2.22% 3.37% 3.06% 5.56% 5.00% 1.67% 5.00% 5.00% 3.00% Primary $50M $50M *Liberty Agency RSUI Option Sompo Lloyds - Chubb Lloyds - Lloyds - Lloyds - CV Starr - (formerly *Markel *AWAC Markel Canopius Everest Re Chubb Swiss RE Fac HDI Option 4 Third Point Re Kemah Commonwealth Lloyds - AUW Lloyds BRIT HSIC - Option 2 HSIC - Option 2 Lloyds - HCC Partner RE CPIC 2 International (AGM) ASC AML AML Option 1 Ironshore) - Option 3 2.00% 3.00% 3.57% 2.86% 3.57% 2.00% 1.00% 0.50% 5.00% 15.00% 3.60% 2.00% 2.500% 1.500% 7.78% 5.26% 5.00% 2.22% 3.37% 3.06% 5.56% 5.00% 1.67% 5.00% 5.00% 3.00% BERMUDA CAPITAL MKT LONDON ZURICH Domestic ASIA CAT BOND • The risk of each layer increases towards the bottom of the schematic and theoretically, so should the premium • Each participating reinsurer has their own risk tolerance profile which can change over time; Demand for risk in various parts of the structure may result in price swings  Reaching out to the capital markets gives us the ability to increase competition and achieve best pricing  Some reinsurers want to buy risk throughout the structure, and some only have an appetite for 6 specific layers

Download Presentation
Download Policy: The content available on the website is offered to you 'AS IS' for your personal information and use only. It cannot be commercialized, licensed, or distributed on other websites without prior consent from the author. To download a presentation, simply click this link. If you encounter any difficulties during the download process, it's possible that the publisher has removed the file from their server.

Recommend

May 22, 2017 FMTAC Overview FMTAC is a captive insurer whose only purpose is to provide

May 22, 2017 FMTAC Overview FMTAC is a captive insurer whose only purpose is to provide

First Mutual Transportation Assurance Company Finance Committee Presentation May 22, 2017 FMTAC Overview FMTAC is a captive insurer whose only purpose is to provide insurance to the MTA agencies Each agency has its own Self-Insured

306 views • 6 slides
Finance Committee Presentation May 21, 2018 0 FMTAC Overview The First Mutual Transportation

Finance Committee Presentation May 21, 2018 0 FMTAC Overview The First Mutual Transportation

First Mutual Transportation Assurance Company Finance Committee Presentation May 21, 2018 0 FMTAC Overview The First Mutual Transportation Assurance Company (FMTAC), an insurance subsidiary of MTA, was the first Captive in New York, licensed on

333 views • 11 slides
Committee on Finance (SCoF) and Select Committee on Finance (SECoF) on the Response to the 2019

Committee on Finance (SCoF) and Select Committee on Finance (SECoF) on the Response to the 2019

Revised Joint presentation to the Standing Committee on Finance (SCoF) and Select Committee on Finance (SECoF) on the Response to the 2019 Tax Bills 2019 Medium term budget policy statement 30 October 2019 2019 MTBPS| 30 October 2019 2019

854 views • 84 slides
Finance Committee Report Carol Strametz Finance Committe Chair 2017-2019 Finance Committee

Finance Committee Report Carol Strametz Finance Committe Chair 2017-2019 Finance Committee

Finance Committee Report Carol Strametz Finance Committe Chair 2017-2019 Finance Committee Carol Strametz, Chair (AWC Hamburg) Alisa Cook-Roehs, FAWCO Treasurer (AWC Dsseldorf) Frauke Heidemann-Rademacher (AWC Hamburg) Johanna Dishongh

168 views • 15 slides
FY20 TUITION AND BUDGET OVERVIEW FINANCE AND ADMINISTRATION COMMITTEE MARCH 13, 2019 TUITION

FY20 TUITION AND BUDGET OVERVIEW FINANCE AND ADMINISTRATION COMMITTEE MARCH 13, 2019 TUITION

FY20 TUITION AND BUDGET OVERVIEW FINANCE AND ADMINISTRATION COMMITTEE MARCH 13, 2019 TUITION SETTING PROCESS TIMELINE Tuition Advisory Committee (TAC) kickoff meeting November TAC discusses GRB and Tuition Scenarios January

430 views • 26 slides
Business & Commerce Committee Criminal Justice Committee Education Committee Finance

Business & Commerce Committee Criminal Justice Committee Education Committee Finance

Dan Patrick Lieutenant Governor of Texas President of the Senate 2019 Interim Legislative Charges: Business & Commerce Committee Criminal Justice Committee Education Committee Finance Committee Health and Human Services Committee Higher

322 views • 20 slides
Joint Health Overview and Scrutiny Committee DATE : January 24 th 2019 24Date Finance Update

Joint Health Overview and Scrutiny Committee DATE : January 24 th 2019 24Date Finance Update

Joint Health Overview and Scrutiny Committee DATE : January 24 th 2019 24Date Finance Update Current Position On track to deliver against the control total of 6.4 million deficit by year end Received 1.5m funding via NHS Digital

357 views • 14 slides
RECOMMENDED FY 2019-20 BUDGET FINANCE & ADMINISTRATION COMMITTEE September 3, 2019 1 Item

RECOMMENDED FY 2019-20 BUDGET FINANCE & ADMINISTRATION COMMITTEE September 3, 2019 1 Item

Item 4 PRESENTATION SILICON VALLEY CLEAN ENERGY RECOMMENDED FY 2019-20 BUDGET FINANCE & ADMINISTRATION COMMITTEE September 3, 2019 1 Item 4 PRESENTATION Strategic Plan Jun Finance adopted Aug Committee Review Board Reviews Aug

593 views • 12 slides
August 19, 2019 Finance & Insurance Committee Item 9-3 Slide 1 August 19, 2019 In April

August 19, 2019 Finance & Insurance Committee Item 9-3 Slide 1 August 19, 2019 In April

Finance & Insurance Committee Item 9-3 August 19, 2019 Finance & Insurance Committee Item 9-3 Slide 1 August 19, 2019 In April 2018 the Board directed staff to undertake a demand management cost allocation study Phase 1 Determine

168 views • 6 slides
PROPOSED FY 2019-20 BUDGET FINANCE & ADMINISTRATION COMMITTEE August 6, 2019 1 Item 2

PROPOSED FY 2019-20 BUDGET FINANCE & ADMINISTRATION COMMITTEE August 6, 2019 1 Item 2

Item 2 PRESENTATION PROPOSED FY 2019-20 BUDGET FINANCE & ADMINISTRATION COMMITTEE August 6, 2019 1 Item 2 PRESENTATION Strategic Jun Department Plan Jul Budgets approved developed Finance & Admin Aug Committee Review

416 views • 23 slides
Budget, Finance and Facilities Committee Meeting December 4, 2019 PRESENTED BY Finance and

Budget, Finance and Facilities Committee Meeting December 4, 2019 PRESENTED BY Finance and

Budget, Finance and Facilities Committee Meeting December 4, 2019 PRESENTED BY Finance and Administration Florida Agricultural and Mechanical University 1 ACTION ITEM: Approval of SGA Carryforward Funds PRESENTED BY Interim VP Richard

685 views • 31 slides
Budget, Finance and Facilities Committee Meeting September 18, 2019 PRESENTED BY Finance and

Budget, Finance and Facilities Committee Meeting September 18, 2019 PRESENTED BY Finance and

Budget, Finance and Facilities Committee Meeting September 18, 2019 PRESENTED BY Finance and Administration Florida Agricultural and Mechanical University 1 ACTION ITEM: Approval of Universitys Carryforward Spending Plan PRESENTED BY

556 views • 54 slides
Budget, Finance and Facilities Committee Meeting September 18, 2019 PRESENTED BY Finance and

Budget, Finance and Facilities Committee Meeting September 18, 2019 PRESENTED BY Finance and

Budget, Finance and Facilities Committee Meeting September 18, 2019 PRESENTED BY Finance and Administration Florida Agricultural and Mechanical University 1 ACTION ITEM: Approval of Universitys Carryforward Spending Plan PRESENTED BY

818 views • 53 slides
Legislative Finance Committee Cloudcroft July ly 10, 10, 2019 2019 Permian Basin Housing

Legislative Finance Committee Cloudcroft July ly 10, 10, 2019 2019 Permian Basin Housing

Legislative Finance Committee Cloudcroft July ly 10, 10, 2019 2019 Permian Basin Housing Briefing New Mexico Mortgage Finance Authority Jay Czar, Executive Director MFA Annual Production Highlights 2018 Tota tal P Producti tion:

446 views • 15 slides
2020 Proposed Budget Finance and Audit Committee 12/19/2019 Why we are here Request that the

2020 Proposed Budget Finance and Audit Committee 12/19/2019 Why we are here Request that the

2020 Proposed Budget Finance and Audit Committee 12/19/2019 Why we are here Request that the Finance and Audit Committee: Advance Resolution No. R2019-30 to the Board of Directors with the Committees recommendation. 2 Agency remains

365 views • 7 slides
House Finance Committee Financial Overview January 18, 2017 Capitol Investments House Finance

House Finance Committee Financial Overview January 18, 2017 Capitol Investments House Finance

House Finance Committee Financial Overview January 18, 2017 Capitol Investments House Finance Committee Budget Table of Contents FINANCIAL OVERVIEW Mission and Purpose

582 views • 30 slides
Staff Pa S per 2 2012 Contact t(s) Martin n Friedhoff mfriedho off@ifrs.org +44 (0 )20

Staff Pa S per 2 2012 Contact t(s) Martin n Friedhoff mfriedho off@ifrs.org +44 (0 )20

I FRS Inter rpretations s 14 Agenda a reference Committee C e Meeting Septem mber Date Staff Pa S per 2 2012 Contact t(s) Martin n Friedhoff mfriedho off@ifrs.org +44 (0 )20 7246 6410 0 IAS 3 39 Financia al Instrume ents:

686 views • 15 slides
Q1 2020 Analyst & investor presentation 21 January 2020 Q1 performance momentum continues

Q1 2020 Analyst & investor presentation 21 January 2020 Q1 performance momentum continues

Q1 2020 Analyst & investor presentation 21 January 2020 Q1 performance momentum continues 1. Strong revenue trend Revenue initiatives delivering Robust demand across Europe, low competitor capacity growth in the market

321 views • 13 slides
BU Institute for Sustainable Energy A study of carbon offsets and RECs to meet Bostons mandate

BU Institute for Sustainable Energy A study of carbon offsets and RECs to meet Bostons mandate

BU Institute for Sustainable Energy A study of carbon offsets and RECs to meet Bostons mandate for carbon neutrality by 2050 Prepared as part of MIT Sloans Sustainability Lab Spring 2018 Vanessa Barreto, Alexandra Gonzalez, Rosie Mate,

787 views • 17 slides
Information on the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)

Information on the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)

Information on the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) under the UN International Civil Aviation Organization (ICAO) Brad Schallert Deputy Director, International Climate Cooperation WWF Agenda What

119 views • 11 slides
SENATE COMMITTEE ON FINANCE HEARING H7171 Article 8, Section 2 Hotel Tax H7171 Article 8,

SENATE COMMITTEE ON FINANCE HEARING H7171 Article 8, Section 2 Hotel Tax H7171 Article 8,

SENATE COMMITTEE ON FINANCE HEARING H7171 Article 8, Section 2 Hotel Tax H7171 Article 8, Section 3 US Treasury State Reciprocal Tax Offset Program July 7, 2020 H7171 Article 8, Section 2- Hotel Tax State Hotel Rate Increase to 6%

405 views • 5 slides
carbon offset sales programs Gregory Latta University of Idaho glatta@uidaho.edu presented

carbon offset sales programs Gregory Latta University of Idaho glatta@uidaho.edu presented

Estimating contribution of carbon offset sales programs Gregory Latta University of Idaho glatta@uidaho.edu presented for: SB1070 Clean Energy Jobs Work Group on Ag, Forests, Fisheries, Rural Communities, and Tribes October 16, 2017

545 views • 19 slides
NAVIGATING THE RISKS IN ENVIRONMENTAL COMMODITY MARKETS NAPCO 2017 Shereen Lewis, Capital Power

NAVIGATING THE RISKS IN ENVIRONMENTAL COMMODITY MARKETS NAPCO 2017 Shereen Lewis, Capital Power

NAVIGATING THE RISKS IN ENVIRONMENTAL COMMODITY MARKETS NAPCO 2017 Shereen Lewis, Capital Power Corporation Carl Fink, Blue Planet Energy Law Types of Environmental Commodities RPS Renewable Energy Certificates Carbon Cap & Trade

489 views • 19 slides
STRESS OFFSET DISH FOR 1296 EME By Al - K2UYH OUTLINE HOW STARTED WHY A STRESS DISH

STRESS OFFSET DISH FOR 1296 EME By Al - K2UYH OUTLINE HOW STARTED WHY A STRESS DISH

STRESS OFFSET DISH FOR 1296 EME By Al - K2UYH OUTLINE HOW STARTED WHY A STRESS DISH WHY A OFFSET DISH CONSTRUCTION MOUNTING PERFORMANCE BECAME INTERESTED IN EME IN HIGH SCHOOL EVERYONE SEEMED TO BE USING DISH FOR

258 views • 25 slides

More recommend