£45m repatriated in 2 years using Vitesse Technology
It has been estimated that the total value of Loss Funds within the Lloyd’s market currently equates to approx. £900m, of which £825m is made up of delegated business, whilst £75m sits within legacy funds, which could be targeted for repatriation to insurers – in addition to some of the values that reside within the £825m.
Following some work carried out with managing agents and the LMA (who are sponsors of this service), via the LMA Claims Committee (LMACC) and the Binding Authority Strategic Claims Group (BASCG), the adoption of a service that can assist insurers with the efficient repatriation of Loss Funds has been supported. In September 2018 a circular regarding Loss Fund Best Practice was issued to the market containing information about the services developed in addition to a common loss fund approach beyond our service offering.
We have contracted with several managing agents and have returned almost £45m in the past two years from years of account 1998 to 2018 inclusive. This has allowed us to provide a repatriation service and implement an innovative technological solution to manage and provide oversight of Loss Funds, speeding up the funding process, and providing accessibility to carriers and TPAs.
If there is sufficient market take up the service could be considered as a central market service, via the LMA, to ensure effective management and funding of claims, for the benefit of carriers, TPAs, coverholders and brokers.
The claims and operations teams may wish to engage internally with their underwriters, directly with us, or discuss further with the LMA.
Download the LMACC Best Practice Guide here
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