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Alan Gray, Inc. | UK/European Collections Services Overview
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Alan Gray, Inc. has an international presence with an office in the centre of London dealing
primarily with claim collection services from the UK and European markets. The firm works
with American cedants who wish to have their UK/European claim balances collected in a
timely and efficient manner. Alan Gray, Inc.'s experienced team of collection professionals
offer exceptional services that can be tailored to suit each individual cedant. Services
range from managing an entire book of business to collecting from individual reinsurers.
Bespoke services are also available for situations that include one-off claims.
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| Collection Services Include: |
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| Reinsurer Collection |
- Claim presentations from first advice to settlement via the accepted London market methods, providing claim files to reinsurers based in the UK if necessary.
- Personalised broking to reinsurers, including face to face meetings.
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| Commutation Analysis and Support |
- Assisting the cedant in all commutation areas, including assimilation of information and calculation of commutation figures.
- Full face to face negotiations with insurers/reinsurers.
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| Letter of Credit Service |
- Creating new Letters of Credit, drawing, increasing and decreasing Letters of Credit already in place.
- Assisting cedants at year end with having the correct Letters of Credit in place for unauthorized reinsurers so cedants are not penalized on their schedule F lodgings.
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| Sample Engagements: |
- Collecting a portfolio of Asbestos, Pollution and Hazard claims for a US cedant from UK, European and Asian markets, resulting in over $3,000,000 being collected within the past ten months.
- Negotiating on cedant's behalf with reinsurers on various commutations, ranging from small deals to mutli-million dollar transactions.
- Creating and managing Letters of Credit on the behalf of US cedants. The Letters of Credit helped to reduce the
cedant's schedule F penalties at the end of 2009 and during 2010, claims monies were paid up to four weeks faster due
to the established Letters of Credit that could be drawn down immediately as the claims are agreed upon.
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