Empowering Insurers with a True Global Capability
Globex offers select risk carriers a complete global solution that gives them the ability to provide admitted coverage worldwide and compete with traditional global insurers.
Multinational Underwriting Services
- By partnering with Globex, any insurer can become an admitted multinational market instantly.
- Globex Partner Markets can help their clients meet insurance tax and compliance obligations around the world.
- Our Partner Markets can pay claims and collect premiums overseas.
- Our clients are able to capitalize on global opportunities and grow their portfolio.
The Market Partnerships offered by our Multinational Underwriting Services operation provide select insurers with a complete global solution, at a fraction of the cost of building an owned capability.
- Globex is an extension of our Partners’ international underwriting facility: We provide cost estimates for local admitted policies quickly and secure the local coverage with our network partners wherever necessary. We handle all administrative aspects of these placements, including reinsurance agreements and policy collection.
- Our experienced multinational insurance experts provide our Partners with the latest market intelligence and updates on regulatory requirements for their programs. We also provide pricing and underwriting assistance.
- When you partner with Globex, our network of admitted insurers in 160+ countries works for you: These carriers issue admitted policies on behalf of our Partners, often as pure fronting, as underlyers to a master policy or as stand-alone local programs.
- Globex has extensive experience designing, implementing and managing multinational Marine, Property, Casualty, Professional Liability, D&O, and Accident & Health programs.
- Today we handle hundreds of local policy placements for many Fortune 500 and Fortune 1,000 companies.
Globex in Numbers
Globex has been providing expertise since 1993.
Our portfolio includes many Global 500 companies.
We process $Millions of foreign premiums every year.
Initial premium indications can be provided in 48 hours.
We have local Partners in 160+ countries.
We speak more than 15 languages.
Combined multinational experience is over 200 years.
The Globex Solution
Companies invest millions and spend many years to build an owned solution. Globex offers a competitive alternative at a fraction of the cost, and it is a turnkey solution: With Globex you get an experienced team of international insurance experts, 160+ country network, and full administrative and accounting capabilities.
All placements follow our proven 11-Step Process that ensures consistent and timely account handling, supported by our custom-designed secure online application platform, Globex World. Our Global Processing Services (GPS) take the headaches out of international premium transactions.
- Underwriter submits account inquiry to MUS via Globex World online platform.
- MUS reviews and acknowledges submission.
- MUS outlines country nuances and issues for underwriter’s consideration and requests any missing critical information.
- Underwriter’s desire to retain (reinsurance) or transfer (%) local risk
- Program pricing and customer’s payment preferences
- Premium allocations
- Local values
- Program terms and conditions including limits, sublimits and deductibles
- Claims procedures and details of what local companies need to do to do if anything
- Policy issuance preferences
- Role of local broker if any
- MUS proposes several program alternatives to underwriter and parties agree on desired terms and conditions. Globex shares Initial Cost Estimate with country nuances.
- MUS offers alternative program options. Underwriter and MUS agree on terms.
- MUS facilitates local arrangements and obtains agreement to terms from Globex network.
- Underwriter agrees to overall program and provides MUS with local contact names and addresses.
- Upon receipt of binding order, MUS confirms final numbers with local markets and prepares final Master Allocation Spreadsheet.
- MUS prepares Reinsurance Agreements, which are signed by both local and global underwriter.
- Local policies are issued and program is monitored. Flow of funds between master and local policies is centrally managed via our Global Processing Services system.
- 60 to 90 days prior to program renewal MUS contacts underwriter to obtain renewal instructions and confirms with local markets if any changes have occurred.
Partner Market Testimonials
- From a long-standing US client: “Globex has been a highly valued partner for our organization over the past seven years. They are recognized in insurance markets around the world for their knowledge of the multinational insurance arena and respected for their resources and global support capabilities on multinational insurance programs.”
- From a global Marine insurer: “The Globex team provides productive and supportive resources which have been instrumental in enabling our company to meet the service needs of our large and diverse group of global customers.”
- From a European insurer: “I find Globex to be responsive, knowledgeable and prepared to go the extra mile to help me and our clients. When things are difficult, Globex work with me to resolve any issues. Globex have provided training and they will volunteer advice and help (e.g. on a recent foreign reinsurance registration). As each year of our partnership passes, I view Globex more as an integral and essential part of our organisation rather than a 3rd”
- From a Lloyd’s MGA: “Having chosen Globex to be our global placement partner, their experience and extensive knowledge of local market conditions/legislation, established network of global partners proved invaluable in facilitating our smooth transition from being an established domestic market to one with a full global capability.”