Business Scope
Strategy
Naxos Insurance Company will utilize infrastructure and an internal control environment that has been deployed by Delos Insurance Company in support of its complementary business profile. Above all, Naxos will maintain an aggressive management and oversight regimen for all accounts.
The following are the key operating strategies Naxos will employ:
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A.M. Best group rating of A- (stable)*.
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Producer and Claim administrators handle “back office” processing such as marketing, policy issuance, underwriting, billing, collections, claim adjusting and claim settlement.
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The number of in-force programs will be limited.
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Producers have a proven track record of profitability with program target combined ratios of 90% or better.
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Production will focus on commercial lines of business requiring surplus lines authority.
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Naxos will purchase quota share reinsurance (including inter-affiliate agreements with Delos) but will retain “meaningful net participation” (minimum 40% share) of all programs
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Regular audits of program managers and TPA’s will be conducted to ensure compliance with operating guidelines and confirm adequacy of controls.
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Use only carefully vetted reinsurers and work diligently with them to create a culture of mutual trust.
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Electronically monitor and control business. Home office systems must capture detail policy and claim data and provide for:
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Various producer/TPA system feeds
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Internet access and delivery of information
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Seamless interface among all internal systems
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Common platform<
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Control of premium funds - deposited directly into Naxos owned accounts as collected.
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Work diligently to build relationships with regulators and rating agencies.
