About KLPP Insurance & Reinsurance

KLPP Insurance & Reinsurance Company Ltd was established in 2015 in Cyprus as an insurance company. It was founded on the basis of an investment company that had been operating in Cyprus since 2009.

The company provides insurance services in Cyprus and in other countries of the EU, as well as operates as an international reinsurer attracting risks from all over the globe.

Company registration number: HE 259650

Share capital: EUR 7,500,000

KLPP has the licences to carry on insurance and reinsurance activities in the following classes of business:

• Cargo
• Fire and Natural Perils
• Other Property Damage
• General Liability
• Credit
• Surety
• Miscellaneous Financial Loss

The Company fully complies with all regulatory requirements. The regulatory body for KLPP Insurance & Reinsurance Company Ltd is the Insurance Companies Control Service.

Further information regarding registration can be found on the website of the Ministry of Finance of Cyprus.

History

KLPP Insurance & Reinsurance Company Ltd was founded in 2015. The company was established on the basis of an investment company that had been carrying investment operations in Cyprus since 2009.

Management team focuses on maintaining the standards of high-quality underwriting. A client-oriented structure lets every client feel safe and secure, supported by industry professionals at every step.

Every underwriter and client manager of the company has at least 10 years of experience in the insurance industry, having worked with international clients on all lines of business. The array of skills and expertise of the team allows the company to provide exceptional insurance services.

Based on strict underwriting guidelines, reinsurance is the core strategy for business development. The principal goal is to protect the company's solvency and to keep risk exposure under control. KLPP focuses on selected lines of business with enough statistics and positive underwriting experience.

Geography

Being registered in Cyprus, a member of the EU, KLPP enjoys the freedom to provide services within the EU and currently can provide insurance services in the following countries:

We would be pleased to consider insurance cooperation proposals in any of the above-mentioned countries.

As a reinsurance company we write business worldwide, supporting cedants from Europe, Central and Southeast Asia, the MENA region, South and Latin America.

Please see the Reinsurance section for more information about our reinsurance capacities, and Licence for our licensed classes of business.

Licence

KLPP Insurance & Reinsurance Company Ltd holds a full insurance and reinsurance licence issued by the Insurance Companies Control Service of the Republic of Cyprus.

The company is regulated and supervised by the Insurance Companies Control Service of the Republic of Cyprus, and also by the European Insurance and Occupational Pensions Authority (EIOPA).

KLPP can be found in the Register of Insurance Undertakings of EIOPA.

Solvency

Solvency and Financial Condition Reports (SFCR)

Useful Information

With effect from 1 January 2016, the insurance business in the Republic of Cyprus is regulated in accordance with EU legislation and the Solvency II Directive 2009/138/EC, transposed into local law in April 2016.

All insurance and reinsurance companies registered in Cyprus are licensed and operate under the strict supervision of the Superintendent of Insurance and under the European Supervisory Authority (EIOPA).

KLPP can be found in the Register of Insurance Undertakings of EIOPA.

The Company fully complies with all regulatory requirements and reports regularly to the Superintendent of Insurance and to the Central Bank of Cyprus.

EU Regulations

• Regulation (EU) No 1094/2010 establishing EIOPA
• Delegated Regulation (EU) 2016/467 — calculation of regulatory capital requirements

EU Directives

• Directive 2009/138/EC — Solvency II
• Directive 2015/849/EC — Anti-money laundering
• Directive 2002/87/EC — Supplementary supervision of financial conglomerates

Our Services

We offer a wide range of insurance services to support the diverse lines of business of our clients. Our goal is to bring our services to clients regardless of the size of their businesses. Every customer looking for reliable insurance protection will find the right solution at KLPP.

Our insurance protection is supported by sufficient insurance reserves, an experienced and highly qualified team, and reliable reinsurance protection.

Service Benefits

• Risk inspection at any time convenient for the client
• Risk assessment by our specialists
• Personal risk manager for your company
• Selection of an insurance programme tailored to the client's needs for optimal protection
• Expert assessment of property to be insured
• Efficient reinsurance protection through global leaders

Pre-Insurance Service

The objective of a risk survey is to evaluate the potential risks inherent in the business activities of a client prior to the issuance of an insurance policy. It is important to ascertain and evaluate all risk factors and to analyse the impact of each of them.

We can carry out the risk survey ourselves, or this can be done by one of our partners — specialist survey companies.

What the Survey Covers

• Identification and evaluation of all risk factors relevant to the client's business
• Analysis of the impact of each identified risk factor
• Recommendations for risk improvement measures
• Determination of optimal insurance coverage structure and pricing
• Coordination with external survey partners where appropriate

Claims Settlement

In the event of any loss, damage, or consequential loss that may be claimed under an insurance policy, the Insured should immediately notify KLPP. Contact details are provided within the policy and in the Contacts section.

Upon receiving a claim notification, we will commence our investigation process and prepare an appraisal report.

Claims Process

• Step 1 — Notification: Contact KLPP immediately after the loss event via phone or email (details in your policy).
• Step 2 — Investigation: Our team commences the investigation process promptly upon receipt of your notification.
• Step 3 — Appraisal: We prepare a comprehensive appraisal report assessing the loss.
• Step 4 — Loss Adjustment: Claims handling is conducted in cooperation with international loss adjusters where appropriate.
• Step 5 — Settlement: Payment is made in accordance with the policy terms and the appraisal findings.

For all claim notifications: +357 25 05 75 25 or info@klppinsurance.com

Goods in Transit (Cargo Insurance)

We believe that importers and exporters in Cyprus should consider buying cargo insurance from a Cypriot insurance company rather than relying on their overseas counterparts. The terms we offer are better than those arranged on CIF or FOB terms.

Our team will provide the best terms and policy structure, on both a single shipment basis and on the open-cover declaration basis. We cover shipments worldwide from door to door.

Claims settlement is arranged in partnership with international surveyors and loss adjusters experienced in marine cargo claims worldwide.

Why Choose KLPP for Cargo?

• Competitive terms — often superior to CIF or FOB arrangements
• Coverage on single-shipment or open-cover declaration basis
• Worldwide door-to-door coverage
• Claims handled by international marine cargo specialists
• Tailored solutions for importers and exporters

Property Insurance

Property insurance is the most common class of insurance that helps to protect the business of big and small companies alike.

Our experts will recommend the level and type of cover best suited for your operations, and our engineer will carry out a risk survey to establish the most optimum terms. We offer property insurance cover to all companies regardless of their size.

We will prepare a free risk assessment based on the information provided by the client.

Types of Cover

• Property Damage — against named perils (fire, lightning, explosion, falling aircraft), natural perils, or All Risks cover.
• Machinery Breakdown — protection against sudden and unforeseen mechanical or electrical breakdown.
• Business Interruption — following Property Damage and/or Machinery Breakdown.
• Construction & Erection All Risks Insurance — can be extended to include:
  • Testing, commissioning and maintenance periods
  • Third Party Liability (TPL)
  • Advanced Loss of Profit (ALOP)

Liability Insurance

We cover the liability of the insured to pay claims in respect of third parties' bodily injuries or death, and damages to third parties' property (including claimants' costs, fees and expenses), in accordance with the laws of any country (excluding USA and Canada).

Products We Offer

• General Third Party Liability (GTPL) — covers liability to third parties arising from business operations.
• Employer's Liability — protection against claims from employees injured during the course of employment.
• Product Liability — covers liability arising from products manufactured, sold or supplied.
• Professional Indemnity — protection for claims arising from professional errors, omissions or negligence.

Reinsurance — Underwriting Strategy

Apart from selling insurance products, KLPP is also a reinsurance company and operates in both lines: outward reinsurance — to protect the portfolio of the company, and inward reinsurance — providing capacity for other companies.

Our Principles

• Fulfilment of obligations to our partners in the shortest time.
• Conservative underwriting strategy.
• Regular evaluation of the company's risk portfolio to control overall exposure and protect capital.
• Organisation of a retrocession protection for the company's portfolio in line with solvency requirements and self-retention limits.

Retrocession Treaty Programme

The company has a retrocession treaty programme for property and engineering business. Type: non-proportional, excess of loss basis.

• Capacity: USD 10,000,000 each and every loss and per event
• KLPP self-retention: USD 600,000 (priority)
• Lead Reinsurer: Canopius (20% share)
• Reinsurer ratings: 80% — A+ (S&P), A (A.M. Best) · 20% — A- (A.M. Best)

Reinsurance Capacity Offered

* For open cover / project cargo.   ** In addition to USD 19M treaty capacity.

Territorial Scope

• Central and Eastern Europe
• Greece, Italy, Germany, Spain, United Kingdom, Netherlands (other Western European countries on special acceptance basis)
• Central Asia (Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan)
• Middle East, Asia, Africa
• Latin America (on special acceptance basis)

Classes of Business

• Property business — Property Damage, Cash on Premises, Electronic Equipment, All Risk, Business Interruption
• Engineering — CAR, Machinery Breakdown, MLoP, CPM, EEI (with TPL section where applicable)
• TPL when written in conjunction with a Fire Policy — restricted to 10% of Total Sum Insured