Presented by
Falconbury
The Reinsurance Industry: Fundamentals, Markets, Law and Practice Training Course
Master reinsurance fundamentals in this intensive 2-day training course covering legal frameworks, market dynamics, claims management, and practical applications with industry experts.
★★★★★ "The speakers spoke very clearly and were very informative leaving plenty of time for questions. The ... more (10)"
15-16 September 2026 »
from £1199
- Format: Live online
- CPD: 12 hours for your records
- Certificate of completion
Course overview
Reinsurance is often described simply as ‘insurance for insurers’ - a mechanism for transferring risk, protecting capital and stabilising results. In practice, however, it is a highly complex global system, combining underwriting judgement, financial structures, legal frameworks and market practice. It is the key risk management tool for all insurers.
From the structuring of proportional and excess of loss treaties, through to contract wording, claims handling and dispute resolution, reinsurance operates across multiple disciplines and jurisdictions. Small differences in structure, terminology or interpretation can have significant financial and legal consequences.
As the market continues to evolve - through regulatory change, globalisation, alternative risk transfer and increasing scrutiny of contract certainty - professionals are often required to specialise. This can make it challenging to maintain a clear, end-to-end understanding of how the reinsurance chain operates in practice.
This comprehensive and highly practical programme is designed to address that gap. It provides a structured, end-to-end view of the reinsurance lifecycle, covering:
- Core concepts and structures (facultative and treaty reinsurance)
- Underwriting principles and portfolio management
- Contract wordings and key legal concepts, including the latest legal decisions.
- Market practice across major global reinsurance centres
- Regulatory frameworks and developments, including the Insurance Act 2015
- Claims management, reserving and run-off
- Dispute resolution, including arbitration and international considerations
Through a combination of expert-led sessions and practical workshops, delegates will develop both technical understanding and practical application, enabling them to navigate the reinsurance market with greater confidence.
Whether you are new to reinsurance or looking to reconnect with the broader market dynamics, this course offers a clear, integrated and commercially focused understanding of the industry as a whole.
The experienced faculty will demystify all aspects of the reinsurance industry that participants might be new to, unfamiliar with or have lost touch with, including:
- Part 1: The building blocks – understand the need for reinsurance and its relevance to your role
- Part 2: The reinsurance market – get-to-grips with the role of the reinsurance market and how it works
- Part 3: The legal and regulatory framework – build your knowledge of how the industry is controlled and regulated
- Part 4: Practical applications – Demystify the terminology and activities that are specific to the insurance industry
This training course is part of our Commercial & Business Law Training Course collection which has been designed for the in-house lawyer.
Benefits of attending
By attending this comprehensive training course, you will:
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Gain a clear, end-to-end understanding of the reinsurance lifecycle, from placement and underwriting through to claims and dispute resolution
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Build practical knowledge of facultative and treaty reinsurance structures, including how proportional and excess of loss contracts operate in practice
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Develop confidence in interpreting reinsurance contract wordings and key clauses, and understand how they perform in real-world scenarios
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Understand the legal and regulatory framework, including the Insurance Act 2015, and how it impacts reinsurance contracts and disputes
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Explore how the global reinsurance market operates, including the roles of brokers, underwriters and major international centres
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Strengthen your understanding of claims management, reserving and long-tail liabilities, including practical challenges and best practice approaches
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Gain insight into run-off, insolvency and alternative risk transfer mechanisms, and their impact on recoveries and portfolio management
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Learn how reinsurance disputes arise and are resolved, including arbitration, jurisdictional issues and international considerations
Who should attend?
This training course has been designed specifically for:
- Reinsurance company employees
- Reinsurance broker company employees
- Insurance and reinsurance company professionals
- Lawyers in private practice
- Regulators
- Brokers
- Insurance and reinsurance consultants and advisers
Plus, those who have recently joined the reinsurance industry and suppliers to the industry including software, recruitment and accountancy personnel.
Popular with...
This course has proven particularly popular among our customers in these roles:
- Broker
- Claims Technician
- Reinsurance Technician
- Technical Assistant
This course will cover:
PART 1: THE BUILDING BLOCKS
What is reinsurance? Its purposes and functions
- Introduction of basic concepts
- Concepts of sharing/mitigating/laying-off/risk
- Methods and types (proportional and x/l, treaty and facultative)
- Types and functions of reinsurance treaties
- How proportional and x/l work
- Their different uses and purposes
- The role of the Cedant company: what protection and capital support do you need; risk spreading
Facultative reinsurance - PRACTICAL WORKSHOP (A)
- Concept – ‘individual risks’
- Premium calculation proportional and x/l (two methods)
- ‘as original’
- Worked exercises: premium/ rating and claims allocation
- Advantages and disadvantages - development of the treaty
Treaty reinsurance - PRACTICAL WORKSHOP (B)
- Constructing a simple; proportional reinsurance treaty; elements of a bordereau
- Balance of a portfolio/treaty/excess-of-loss contract
- Worked exercise: setting cessions; creating bordereau; accounting
- Excess-of loss treaties/contracts: types of contract
- Exposure to the treaty; setting the deductible and limit; layers of coverage
- Rating (exposure or burning cost basis; rate-on-line); reinstatements
- Operation – how claims recoveries work; some claim calculation exercises
Underwriting reinsurance
- Main tasks and challenges of the reinsurance underwriter
- Setting the retention
- “Technical rates”; actuaries, cat modellers, statisticians and other animals
- Risk appetite
- Rating methods in detail
- Underwriting guidelines
- The underwriter’s risk assessment process; the reinsurance information
- “Know your customer”
- Buyer’s perspective
Questions
Reinsurance agreements
- Why have a wording?
- The London Market Contract
- Key drafting concepts (construction, interpretation, implied terms)
- Facultative certificates; “as original”
- Nature of the reinsurance contract
- Incorporation of clauses
- Key clauses (follow, ultimate net loss, warranties and conditions)
- Law and jurisdiction clauses
- Other key clauses; the structure of a typical wording
PART 2: THE REINSURANCE MARKET
Main world markets
- Difference between broker and direct markets
- London and Lloyd’s market
- USA (New York; California)
- SE Asia
- Continental Europe
Market specialists in arranging reinsurance: brokers and underwriter
- The chain of the reinsurance business
- Role of the broker vs direct placings
- Market practice and agency rules
- Duties of reinsurance brokers
- Role of the underwriter
The reinsurance captive market
- Definitions
- History
- Locations
- “Captive” reinsurers/industry mutuals/captive managers
- Application of reinsurance recoveries
Alternative risk transfer mechanisms
- Reinsurance pools
- What is a pool and how does it work?
- Principal-to-principal implications and accounting arrangements
- Examples: Pool Re, Flood Re, Florida Windstorm Underwriting Association
- Insurance linked securities and alternative risk transfer, catastrophe bonds
- Distinction from traditional reinsurance
- Does the reinsured have to prove a loss?
Questions
Introduction and recap of day one
PART 3: LEGAL AND REGULATORY FRAMEWORK
The law of reinsurance - introduction
- Development of the law of reinsurance; predominance of English reinsurance law and English jurisdiction
- Sources of English law; The UK Insurance Act 2015 and beyond
- Common law and civil law jurisdictions
- Issues that commonly give rise to disputes
- Rules for choice of law and jurisdiction, international enforcement of judgements and awards
- Construction of reinsurance contracts – the courts’ approach
The regulation of reinsurance
- Regulation and solvency
- UK bifurcated (Twin Peak) regulation (prudential vs consumer protection)
- EU: Solvency II/Capital requirements
- Nigerian and other sub-Saharan approaches
- International aspects; worldwide convergence
Developments post Brexit
- UK licences to trade in EU countries and vice versa;Lloyd’s Brussels; Lloyd’s Insurance Co Ltd
- Continued centrality of London?
- Proposed changes to prudential regulation
- New FCA approach
- Judgements of ECJ
Questions
PART 4: PRACTICAL APPLICATIONS
Reinsurance claims management
- Claim management - what, why and how
- Questions of non-disclosure/misrepresentation/underwriting information
- Litigation management from a claims perspective
- In-house counsel and independent lawyers
- Use of Inspections of Records Clause
Claims reserving
- Why reserve? Importance in technical account
- Case reserves
- Using information from reinsureds
- What is IBNR (long and short tail needs)? Approaches to estimation
PRACTICAL EXERCISE: Simple “link-ratio” calculation of IBNR
Run-off and commutations
- What is run-off? Its importance in the market
- Different legal run-off vehicles
- Part VII Transfers – latest developments
- Loss portfolio transfers
- What are Schemes of Arrangement?
- Commutations explained
Dealing with reinsurance disputes
- Litigation or arbitration? International disputes
- Jurisdiction and choice of law
- Principles and procedures for reinsurance arbitrations
- Alternative Dispute Resolution (including conciliation and mediation)
- The Bermuda Form
- Major dispute resolution centres (England; New York; Dubai; Singapore)
Final questions and summary
Phillippa Rowe
Phillippa Ross & Co
Phillippa Rowe, senior partner of independent reinsurance consultants Phillippa Ross & Co., has over 30 years experience of insurance and reinsurance claims in Lloyd’s and the London market and internationally. She began her reinsurance career with 15 years with the Kiln group at Lloyd’s. She currently acts as arbitrator, mediator, expert witness and technical consultant in a wide range of claims, wordings and market practice matters and writes, lectures and provides training courses on similar subjects.
Simon Cooper
DWF
Simon is a consultant in the Global Speciality & Financial Risks team at DWF Law LLP. He has more than 35 years’ experience of advising clients in the London and international insurance and reinsurance markets and has extensive experience of acting in large scale disputes in England and Internationally. Simon also has comprehensive experience of mediation and other forms of Alternative Dispute Resolution.
Simon is a member of the IUA Clauses Subcommittee and past secretary of the International Bar Association's insurance committee. He edited the second edition of ‘Reinsurance Practice & the Law’ and writes and lectures frequently on legal issues. He is the current Lloyd's Members Ombudsman
Richard Cook
PICC Solutions
Richard Cook is
Managing Director of PICC Solutions. He was previously Head of
Technical Adjusting at Charles
Taylor Insurance Services and Head of Reinsurance at Xchanging Claims
Services. He has over 37 years insurance claims experience in the
Lloyd’s and London Insurance Company Market; joining Xchanging from a
specialist Reinsurance Lloyd’s Managing Agency, where
he was the Group Claims Manager. He has served on numerous major London
Market claims committees and has appeared as a Fact Witness in coverage
litigation before various United States Federal and State Courts. He
has acted as an Expert Witness on London Market
Claims Practice in the United States Federal Court in New York and in
the High Court in London.
David Brackenbury
David Brackenbury Associates
David Brackenbury has been working in the Lloyd’s Market since 1980. A Broker for 26 years, in 2006, David set up David Brackenbury Associates, a consultancy that brings experts in loss adjusting, forensic accounting, audit, compliance and investigative services from around the world to the Lloyd’s, London and European insurance marketplace. David is a Board Member of the Association of Insurance and Reinsurance Service Providers (AIRSP) and is a Practicing Associate of the Academy of Experts. David has been involved throughout his career with the negotiation and settlement of losses in the Lloyd’s, London and international insurance and reinsurance markets.
NEW higher discounts for multiple bookings - bring your colleagues to make your training budget go further:
- 30% off the 2nd delegate*
- 40% off the 3rd delegate*
- 50% off the 4th delegate*
Please contact us for pricing if you are interested in booking 5 or more delegates
15-16 September 2026
Live online
09:30-17:00 UK (London) (UTC+01)
10:30-18:00 Paris (UTC+02)
04:30-12:00 New York (UTC-04)
Timings may be different for each day
Course code 16226
- GBP 1,199 1,399
- EUR 1,679 1,959
- USD 1,927 2,239
Until 11 Aug
- 2 days live online training
- Browser-based, no download usually required
- See presenters and interact with fellow attendees
- Download documentation and certification of completion
- Fair transfer and cancellation policy
Not ready to book yet?
for 7 days, no obligation
* Early booking discounts may not be combined with other discounts or offers. As such, the discounts for 2nd/3rd/4th delegates are based on the full price; and apply only when booking multiple delegates on the same date.
Reviews of IPI's The Reinsurance Industry: Fundamentals, Markets, Law and Practice training course
Very complete and exhaustive explanation of the main points to be aware of when working within the reinsurance industry.
Nov 6 2024
Laura Garcia Martinez 
Assistant Wordings Specialist, Liberty Specialty Markets
Jun 6 2023
The speakers spoke very clearly and were very informative leaving plenty of time for questions. The content was laid out very well, I particularly found Richards slides to be very easy to read and altogether I found the presentation to be very clear and easy to understand although I do think the timing was an issue in some parts.
Ciaran Dempsey 
Reinsurance Technician, Ffh Management
Oct 11 2023
I wanted to get an overview on the reinsurance industry. The majority of the topics covered were interesting to me. Phillippa took her time to answer all my questions and provide helpful insight based on her experience in the industry.
Samer Samara 
Head of Operations, Barents Re
Apr 28 2016
Easy to understand, even for a non-English specialist like me!
Michael Foerster
Builders Insurance Holdings S.A.
Apr 29 2015
Great course but the it's length could to be extended
Khalid Alhusain 
Export Credit Insurance Specialist , Saudi Fund for Development- Saudi Export Program
Apr 29 2014
Content was very informative, relevant and for the majority of the time was clear. I think it could benefit from some areas being explained in more simple terms.
Gemma Manning
BAI Claims Services Limited
Apr 29 2014
Easy to follow apart from a few technical areas (legislation) which were harder to understand. Speakers were friendly, interactive and spoke clearly.
Lucy Henry
Claims Technician, Amlin plc
Apr 29 2014
Good quality content. Well and clearly presented.
Paul Lavender
Finance Director, Elite Insurance Co Ltd
Apr 30 2013
Good job, presentation was good, maybe some of the speakers could speak more slowly.
Kristian Egebjerg Simoni 
Beta re
Apr 30 2013
Good. Some speakers were more lively then others. Most of the contents was relevant.
Christoffer Olsen
Beta Re GmbH
United Kingdom
- Admiral Group Plc
- Amlin plc
- Arch Re Europe Limited
- ASCOT UNDERWRITING LTD
- Augment Risk
- BAI Claims Services Limited
- Bell & Clements
- Bell & Clements Ltd
- Canopius Services Ltd
- Clyde & Co LLP
- Corporation of Lloyd's
- Crispin Speers and Partners
- CSC Financial Services
- Elite Insurance Co Ltd
- Elite Insurance Company Limited
- Envelop Risk
- Execution Noble Ltd
- Freshfields Bruckhaus Deringer
- Hiscox
- Hiscox Insurance Co Ltd
- Liberty Specialty Markets
- Lloyd's
- Lloyd's of London
- MILLER INSURANCE ASSOCIATES
- Miller Insurance Services LLP
- Novae Group plc
- Pacific Life Re Limited
- Pool Re
- PRO Insurance Solutions
- PRO Insurance Solutions Ltd
- RFIB Group Ltd
- Riverstone
- Sapiens
- SCOR SE
- SHIPOWNERSCLUB
- Sidley Austin LLP, Solicitors
- Starr Underwriting Agents Limited
- Towers Watson (Re) Insurance Brokers Ltd
- TransRe
- Twelve Capital
Switzerland
- Aspen Insurance Ltd
- Aspen Re
- Axis Re
- Axis Re Europe
- Helvetia Reinsurance
- LGT Capital Management Ltd.
- LGT ILS Partners Ltd.
- MS Reinsurance
- Shell Finance Switzerland
Luxembourg
- accm
- Barents Re
- Builders Insurance Holdings S.A.
- Builders Reinsurance S.A.
- Builders' Credit Reinsurance Company SA
Denmark
- Alpha Sales Group
- Beta re
- Beta Re GmbH
- Horten
Ireland
- Ffh Management
- FFH Management Services
- GreenlightRe
Austria
- Asirom
- Garant Versicherungs AG
Germany
- Guy Carpenter & Company GmbH
- HDI Global Specialty SE HDI AG
Sweden
- Finansinspektionen
- Lansforsakringar AB
France
- SCOR SE
Italy
- Financial Insurance Company Ltd
Latvia
- The Motor Insurers' Bureau of Latvia
Malta
- Stellantis Insurance Manager Ltd
Philippines
- Arch Global Services
Poland
- Polskie Towarzystwo Reasekuracji SA
Russia
- Ingosstrakh ONDD Credit Insurance LLC
Saudi Arabia
- Saudi Fund for Development- Saudi Export Program
Spain
- AGCS
United States of America
- SunStream Business Services
Run The Reinsurance Industry: Fundamentals, Markets, Law and Practice Live online for your team
2 days
Typical duration
Pricing from:
- GBP 950
- Per attendee, based on 10 attendees
- Course tailored to your requirements
- At your choice of location, or online
We can customise this course to your requirements and deliver it on an in-house basis for any number of your staff or colleagues.
Contact our team to discuss your requirements:
