Start Here: A Quick Snapshot of Your Upcoming Renewal

• When is the renewal or program change window we should be planning for? Options: Within 30 days, 31–90 days, 3–6 months, 6–12 months, More than 12 months
• Which line(s) of business and coverage types are in scope for this renewal? Options: Property catastrophe, Casualty excess, Aggregate stop-loss, Specialty lines (specify below), Other (specify below)
• Roughly how material is reinsurance spend for this program relative to gross written premium? Options: <2% of GWP, 2–5% of GWP, 5–10% of GWP, 10–20% of GWP, >20% of GWP, Unknown / need help estimating
• Who is your incumbent broker or strategic advisor for this line (if any)? Options: Incumbent A, Incumbent B, Independent advisory, No incumbent / open market, Prefer not to say
• Describe in a sentence the single biggest objective you hope this renewal accomplishes (e.g., free up X capital, secure Y capacity, reduce earnings volatility).

Who Holds the Keys? — Decision-Makers, Gates, and Politics

• If your board could redesign how reinsurance decisions are made, what single change would they push hardest for?
• Which stakeholders will materially influence or approve this program (select all that apply)? Options: CRO / Chief Risk Officer, Head of Reinsurance, Chief Actuary, CFO / Finance, Board Risk Committee, CEO, General Counsel / Legal, Treasurer / Capital Committee, External auditors, Other (specify)
• Which approvals are absolute must-haves versus advisory? Please list gate and who signs off.
• How long does the full internal approval path typically take from term sheet to bindable authority? Options: <2 weeks, 2–4 weeks, 1–2 months, 2–3 months, >3 months
• Have there been recent shifts in who holds veto power (e.g., new CFO, new board members)? If so, what changed?
• Who will be our day-to-day counterpart for decisions and signatures during placement?

Where It Actually Hurts — The Real Operational and Financial Frictions

• When reinsurance has felt most painful for your team in the last 24 months, what happened and why did it stick with you?
• Which of these are causing the most immediate stress for this renewal? Options: Rising prices / market hardening, Counterparty credit concentration, Modeling discrepancies vs. rating agencies, Board sensitivity to cost, Regulatory capital volatility, Coverage gaps or ambiguous wording, Placement timing / market access constraints
• How have past renewals affected your capital ratios or rating agency conversations—give a concrete example if available.
• On a scale: how much do broker relationships (access to carriers) factor into your program success right now? Options: Critical — could make or break placement, Important — but not decisive, Somewhat helpful, Minimal impact
• What operational bottlenecks (data, models, approvals) typically slow your program to a crawl? Options: Exposure file quality, Modeling runtimes / versions, Actuarial sign-off delays, Legal negotiations on wording, Counterparty credit checks, Other (specify)
• How does dealing with these frictions make you feel as a leader—frustrated, resigned, anxious, energized to change? Options: Frustrated, Resigned, Anxious, Energized to change, Other (specify)

What Are You Trying To Keep or Gain? — Outcomes That Matter (Board & CFO Edition)

• If the board asks 'what does success look like' for this program, what three outcomes would you present?
• Which primary outcome should we optimize for in order of priority? Options: Maximize capital relief, Stabilize earnings / reduce volatility, Minimize total cost of reinsurance, Improve counterparty quality / reduce concentration, Protect surplus for growth, Other (specify)
• Do you have target thresholds or KPIs (e.g., % capital relief, change in RBC, P&L impact) we should design to hit? Please be specific.
• What is your risk appetite for reinsurer credit quality versus price? (e.g., only A-rated, willing to include BBB with spread, need top-tier only) Options: Top-tier only (AA/AAA), A and above, A-/BBB+ with spread, Open to lower rated for price, Undecided / need guidance
• Over what time horizon must these outcomes be realized to satisfy stakeholders (next quarter, fiscal year, multi-year)? Options: Next quarter, By renewal / fiscal year, 18–24 months, Multi-year program (2–5 years)

Challenging the Assumptions — What If the Usual Story Isn’t True?

• Which commonly held belief about your program or the market do you suspect is wrong—and why does that matter if it is?
• Do your catastrophe models or internal capital models assume exposures, vulnerability, or correlation differently than the market? If so, where are the gaps? Options: Higher concentration than market assumes, Lower concentration than market assumes, Different hazard assumptions, Different correlation across portfolios, We don't know / need analysis
• Are there legacy contract wordings, treaty structures, or retro arrangements we should challenge?
• How confident are you in your loss pick and recovered loss estimates under the current program? Options: Highly confident, Reasonably confident, Some uncertainty, Not confident
• What would need to be proven (data or analysis) to change a core assumption you currently hold?

Imagine the Ideal Renewal — Program Design Without the Usual Limits

• If you could design the ideal program regardless of current incumbents, what three structural features would it include?
• Which program structures are you most interested in testing for capital efficiency? Options: Layered excess of loss (XL), Aggregate stop-loss, Quota share / pro rata, Finite solutions, Multi-year covers, Parametric or hybrid solutions
• What reinsurer panel characteristics matter most (size, geographic diversity, single-name limits, litigation history)? Rank or explain. Options: Panel size (larger = more capacity), Top-tier-only (fewer names), Geographic / legal diversity, Single-name exposure limits, History of honoring claims (claims-paying culture)
• What modeling deliverables would make you feel comfortable presenting this to the board (e.g., full stochastic runs, rating agency mapping, capital impact memo)? Options: Full stochastic model runs, Deterministic scenario sets, Rating agency capital mapping, Actuarial P&L impact analysis, Exposure concentration maps, All of the above
• What trade-offs would you accept (e.g., slightly higher cost for much higher counterparty quality)?

What Would Set Your Board at Ease? — Reporting, Controls, and Governance

• What specific reporting or evidence convinces your board that a reinsurance program is effective? Options: Clear capital impact report, Comparison vs. alternatives, Reinsurer credit memos, Claims recovery history, Independent actuarial sign-off, Other (specify)
• How frequently does the board want reinsurance program updates (and at what level of detail)? Options: Quarterly high-level, Quarterly detailed, At each renewal, Ad hoc for material events, Other (specify)
• Who should be named as recipients of placement and post-bind reporting (roles or specific people)?
• Are there governance or audit requirements (internal or regulatory) that will shape how we document and present the transaction? Options: Rating agency pre-approval required, Regulatory filing need, Audit committee oversight, Solvency capital reporting, None / not applicable
• What tolerance does the board have for out-year variability as a cost of achieving capacity or credit quality? Options: Low tolerance, Moderate tolerance, High tolerance

What Would Stop This Deal — Non-Negotiables and Red Flags

• What is the single absolute deal-killer for your organization (e.g., a clause, a rating outcome, a counterparty rating below X)?
• Which of the following have killed or nearly killed past renewals for you? Options: Board rejection, Rating agency pushback, Insufficient market capacity, Material adverse contract language, Counterparty credit denial, Timing constraints
• How probable do you think any of those red flags are this cycle—high, medium, or low? Options: High, Medium, Low, Unknown
• What mitigation strategies are you willing to consider if a red flag emerges (e.g., widen panel, accept higher attachment, use collateral)? Options: Widen panel, Accept higher price, Change structure (e.g., quota share), Use collateral / escrow, Delay placement, Other (specify)
• Has your organization used any of those mitigation strategies before? Brief example and outcome.

Moving from Insight to Action — Commitments, Data, and Timeline

• Given our conversation, what is the smallest, highest‑impact action you could commit to in the next 7–14 days? Options: Share exposure files / model inputs, Authorize a preliminary market soundings memo, Schedule board briefing, Approve a modeling run, Other (specify)
• Which of these readiness items are currently complete and available for market approach? Options: Underwriting exposure files, Normalized exposure/attritional loss data, Cat model exposures & settings, Latest actuarial loss picks, Legal standard clauses, None of the above
• Who will own data and artifacts we need from your side, and how quickly can they deliver?
• What timeline would satisfy internal stakeholders for a market approach and placement? Options: Immediate (days), Weeks, 1–2 months, 2–3 months, Longer / multi-stage
• What level of confidentiality or NDAs are required before we discuss strategy with potential reinsurers? Options: Standard NDA, Confidential but no NDA, Materially restrictive NDA, Board approval required before disclosure, Other (specify)
• Who on your side should we include in weekly placement check-ins if we move forward?

How We’ll Measure Success — Signals That Matter After Placement

• When this program is labeled a success internally, which measurable signal will have changed most meaningfully? Options: Improved RBC / Solvency ratio, Lower P&L volatility, Achieved target capital relief, Secured diversified high-quality panel, Reduced counterparty concentration
• What reporting cadence and level of detail will you expect from us after placement? Options: Monthly summary, Quarterly deep-dive, Ad hoc for material events, Annual program review, Other (specify)
• Who will champion ongoing relationship management and claims advocacy on your side after bind?
• What would make you recommend our work to your board or peers after a successful cycle? Options: Clear P&L and capital outcomes, Seamless placement process, High-quality reinsurer panel, Strong claims advocacy, Transparent governance and reporting
• Is there anything we haven’t asked that would be important for your advisor to know right now?

Start Here: A Quick Snapshot of Your Program

• Which lines of business and treaty types are we reviewing for this mapping exercise? Options: Property Catastrophe, Casualty Excess, Aggregate Stop-Loss, Facultative Property, Specialty (Specifiy), Other
• What is the total program limit (ceded) and the primary retention structure we should know about?
• When was the current program architecture established and what was the last renewal date for the layers in scope? Options: <6 months, 6–12 months, 12–24 months, >24 months
• Who on your team owns the program day-to-day and who is the ultimate approver for structural changes?
• Do you have any active side letters, endorsements, or temporary amendments that materially change program terms? Options: Yes — material changes, Yes — minor clarifications, No, Unsure

If a Rating Agency Could Ask One Question...

• If a rating agency reviewed your program right now, which structural weakness would they call out first—and why?
• How are treaty types split between indemnity, parametric, and financial forms in your program? Options: Primarily indemnity, Significant parametric/financial, Mixed evenly, Mostly facultative
• List the three contract clauses you believe most affect rating or capital treatment (e.g., reinstatement terms, pro rata, aggregation).
• Have you recently changed any key contract language that materially alters trigger, aggregation, or loss settlement? If so, what changed and when?
• Which of your treaties are interpreted differently across stakeholders (actuarial, finance, legal) and how often does that cause friction? Options: Frequently, Occasionally, Rarely, Never

Where Does Your Capital Come Under Stress?

• How much of the program’s capital relief relies on modeled outputs or assumptions that haven’t been updated recently? Options: >75%, 50–75%, 25–50%, <25%, Unsure
• Do you treat reinsurance for regulatory capital and economic capital differently? If yes, describe the main divergence. Options: Yes — materially different, Minor differences, No — treated similarly, Unsure
• What accounting treatment do your ceded contracts currently follow (e.g., reinsurance accounting vs. deposit)? Options: Reinsurance accounting, Deposit accounting, Mixed by treaty, Unsure
• When was the last time your capital model (RBC, Internal CAE, rating model) was reconciled to actual recoveries and stress scenarios? Options: <6 months, 6–12 months, 12–24 months, >24 months, Never
• Describe one assumption in your capital or rating submission that, if wrong, would materially change the program’s perceived efficiency.

Who Would Break If One Reinsurer Left?

• If a top-tier reinsurer withdrew capacity tomorrow, which layer(s) would you struggle to replace and why?
• What percentage of capacity is concentrated in your top 3 reinsurers today? Options: >60%, 40–60%, 20–40%, <20%, Unsure
• Do you have single-name limits (internal or ceded) that constrain layer sizing? Please list material limits or policies.
• How do you currently mitigate counterparty credit risk—collateral, letters of credit, trust accounts, or rating screens? Options: Collateral/Trust, LOC, Rating thresholds, Facultative carve-outs, Other
• How promptly are reinsurance recoverables collected after a loss on average? Options: <30 days, 30–90 days, 90–180 days, >180 days, Varies widely

When the Market Squeezes, What Breaks First?

• What’s the single placement constraint that has most often forced you to change strategy during recent renewals? Options: Lack of capacity, Pricing spikes, Broker market access, Counterparty credit limits, Internal approvals/timing, Other
• Tell us about a renewal where market conditions forced a meaningful compromise—what was ceded, and what were the consequences?
• How much pre-authority does your broker have to secure capacity or sign terms without further internal approvals? Options: Full authority up to limits, Limited authority with thresholds, No authority — all approvals required, Varies by relationship
• Are there any regulatory, board, or investment policy constraints that routinely limit the reinsurer universe you can approach? Options: Yes — regulatory, Yes — board policy, Yes — investment/credit, No constraints, Unsure
• How far in advance of bind date do you require final placement terms to be agreed internally? Options: >90 days, 60–90 days, 30–60 days, <30 days

Stories From the Last Material Loss

• Describe the most recent loss that materially tested your program—what surprised you about recovery timing, quantum, or disputes?
• Were recoveries in line with modeled expectations? If not, where was the largest deviation? Options: Recoveries > modeled, Recoveries ≈ modeled, Recoveries < modeled, Not analyzed
• Did any reinsurer dispute coverage or settlement terms? If so, how was it resolved and how long did it take? Options: No disputes, Minor disputes — quickly resolved, Significant dispute — protracted, Ongoing
• How did the loss affect internal stakeholder confidence (actuarial, finance, board) in the program design? Options: Increased confidence, No change, Decreased confidence, Significant loss of confidence
• What would you change about the way your program responded to that event if you could go back?

Broker Relationships: Are You Getting True Market Access?

• If you graded your primary broker on delivering capacity and terms in hard markets, what grade would you give and why? Options: A — consistently delivers, B — usually delivers, C — inconsistent, D — struggles in hard markets, Unsure
• How many brokers do you actively use for program placement and for what distinct purposes (e.g., market access, specialist lines)?
• Do you have exclusivity or preferred-provider arrangements that limit broker choice? Please describe scope and duration. Options: Exclusive, Preferred, Open market, Other
• Have you ever lost access to a particular reinsurer because of broker relationships or market conduct? If yes, what happened?
• What non-negotiables do you expect your broker to secure on every placement (e.g., specific security type, minimum rating, panel diversity)? Options: Minimum rating, Collateralization, Panel diversity, Treaty language standards, Other

Data, Models, and the Inputs That Move Markets

• How confident are you that your exposure data and model runs would withstand reinsurer due diligence tomorrow? Options: Very confident, Somewhat confident, Not confident, Unsure
• Which exposure files and model outputs can you provide quickly for placement (e.g., RMS/Touchstone files, PMLs, modeled loss sets)? Options: Full exposure + modeled loss sets, Partial exposure or limited outputs, Summary PMLs only, Not available
• When was the last time you reconciled policy/exposure data to modeled inputs and claims history? Options: <6 months, 6–12 months, 12–24 months, >24 months, Never
• Do you version and archive your model runs and exposure snapshots so we can reproduce historical analyses if needed? Options: Yes — fully versioned, Partially versioned, No, Unsure
• What’s the single largest gap in your data or modeling that has created friction with reinsurers in the past?

Regulatory, Accounting and Contract Realities

• If one treaty clause were interpreted differently by auditors or a regulator, which clause would cause the biggest downstream accounting or capital change?
• Are there any open accounting or regulatory questions regarding ceded arrangements that we need to resolve before placement? Options: Yes — material, Yes — minor, No, Unsure
• Which internal stakeholders (finance, legal, actuarial, board) must sign off on the final program, and what is their typical timeline?
• Do you have outstanding documentation (treaties, LOUs, collateral agreements) that will need amendment during placement? Options: Yes — multiple, Yes — a few, No, Unsure
• Have you experienced any audit or regulatory findings related to reinsurance in the last three years? If so, what were the main issues?

If You Could Change One Thing Today…

• If you could fix a single structural or operational issue in your reinsurance program immediately, what would it be and why?
• How ready is your organization to implement that change before the next renewal? Options: Ready now, Ready with minor approvals, Requires board sign-off, Not ready this cycle
• Which internal or external blockers would we need to remove to make that change happen (people, approvals, data, capital assumptions)?
• What success signals would you use to decide that the change improved the program (e.g., capital saved, pricing, diversified panel, faster recoveries)? Options: Capital efficiency, Lower pricing, Panel diversification, Faster recoveries, Improved regulatory view, Other
• Realistically, when would you like to see a prioritized plan from us to address this—timeline? Options: Immediately (0–30 days), Next 1–3 months, Before next renewal, Next 6–12 months

Who's in the Room — and What Keeps Them Awake?

• Which roles are actively involved in your reinsurance decisions? Options: CRO, Head of Reinsurance, Chief Actuary, CFO, Board / Risk Committee, General Counsel, Head of Capital, Other
• Which of these stakeholders ultimately must sign off on program objectives (capital, rating, regulatory)? Options: CRO, Head of Reinsurance, Chief Actuary, CFO, Board / Risk Committee, Audit/Finance Committee, Other
• Rank the relative priority of these program objectives for this renewal. Options: Capital efficiency, Earnings stability, Rating agency treatment, Regulatory compliance, Counterparty diversification, Cost minimization
• Tell us about recent board or committee expectations—what explicit metrics or thresholds are they insisting on?
• How comfortable are your stakeholders with the current reinsurer counterparties and their credit profiles? Options: Very comfortable, Somewhat comfortable, Concerned about concentration, Concerned about credit quality, Not comfortable / unknown
• When you think 'what good looks like' for this renewal, what's the single metric that would make leadership celebrate?

What’s Really Under the Hood?

• What hidden exposures or structural quirks in your current program are we likely overlooking today?
• Which treaty types are currently in place across your portfolio? Options: Property catastrophe XL, Casualty XL, Aggregate stop-loss, Facultative reinsurance, Parametric covers, Finite / surplus relief, Other
• Provide the attachment and limit structure for your largest catastrophe program (free text — example: attachment $X, limit $Y, treaty type).
• How are reinsurance recoverables and ceded premiums treated in your capital model and statutory accounting? Options: Fully recognized in economic capital, Partially recognized, Statutory treatment only, Treatment varies by treaty, Unknown / needs review
• When was your last material loss event and how did it change placement behavior, pricing, or reinsurer relationships?
• Which brokers and lead reinsurer relationships have created constraints or advantages in the last 24 months? Options: Incumbent broker dominance, Multiple brokers in competition, Single-market lead reinsurer, Market-wide capacity constraints, New entrants shifted terms, Other
• How concentrated is your counterparty exposure (approx % ceded to top 5 reinsurers)? Options: <20%, 20–40%, 40–60%, >60%, Unknown

What's Burning Today?

• If we could fix one problem before renewal, what single pain would you banish forever?
• Which of these issues most eroded your financial outcomes or strategic position last year? Options: Premium spikes, Capacity reductions, Adverse contract terms, Reinsurer credit downgrades, Reserve volatility, Slow or disputed recoverables
• How have rating agencies commented on your reinsurance arrangements recently? Options: Positive, Neutral, Raised concentration concerns, Requested capital adjustments, No commentary, Unknown
• How often do reinsurance placements create material internal friction between actuarial, finance, and underwriting teams? Options: Often, Sometimes, Rarely, Never
• Describe a recent decision where reinsurer credit or panel composition prevented an otherwise acceptable structure—what happened and why did it stick?
• Emotionally, what keeps your board or CFO up at night about the reinsurance program?
• How tolerant is leadership of paying higher premium versus accepting reduced limits to preserve counterparty quality? Options: Prefer higher premium to preserve quality, Prefer tighter limits to control cost, Balanced trade-off, Unsure

Which Assumptions Are We Betting the Company On?

• Which single assumption in your models, if proven wrong, would change our recommended structure materially?
• What modeling inputs do you distrust most (exposure accuracy, vulnerability curves, correlation, climate trends, secondary perils)? Options: Exposure accuracy / geocoding, Vulnerability curves / damage functions, Catastrophe correlation, Climate change trends, Secondary perils, Other
• How often are exposure files and model inputs refreshed ahead of renewal? Options: Continuously / real-time, Quarterly, Annually, Ad hoc for renewal, Rarely
• Do you rely on third‑party catastrophe models, internal models, or a blended approach? Options: Third‑party vendor models, Internal proprietary models, Blended approach (vendor + internal), Other
• What credit or collateral assumptions are currently baked into your placement strategy (e.g., rated-only, letters of credit, trust accounts)? Options: Rated-only counterparties, Letters of credit required, Trust accounts / collateralized, Unsecured placements allowed, Collateralized pools, Other
• If the market insisted on moving attachment points materially to get capacity, what is your preferred response? Options: Increase retention, Accept higher premium, Limit reinsurer panel, Seek alternative risk transfer, Unsure

If Capital Isn't the Constraint, What Would You Do?

• Imagine capital is unlimited for one renewal—what changes would you make to your program right away?
• Which objectives would you prioritize if capital scarcity were removed? Options: Increase limits, Lower retention, Broaden facultative coverage, Diversify reinsurer panel, Improve policy terms and wording, Other
• Which capital metrics define success for this program (select all that apply)? Options: RBC ratio, Economic capital / EC, Solvency II SCR, Risk-adjusted return on capital (RAROC), Statutory surplus, Other
• Describe the ideal trade-off between cost and protection that would satisfy your key stakeholders.
• How would you like rating agencies to interpret changes to the program (e.g., reduced volatility, improved counterparty quality)?
• What reporting, dashboards, or KPIs would make leadership feel the program is working post-bind?
• If you could pick an ideal reinsurer panel size for governance and diversification, what would it be? Options: 1–3 reinsurers, 4–6 reinsurers, 7–10 reinsurers, 10+ reinsurers, Unsure

Who Needs to Be Convinced — and How?

• Who could realistically veto the deal at the last minute, and what evidence would change their mind?
• Which internal audiences require different evidence types (e.g., actuary wants modeling, CFO wants capital metrics, board wants scenario outcomes)? Options: CRO (strategy / governance), Actuary (detailed modeling), CFO (capital & P&L impact), General Counsel (contract terms), Board / Risk Committee (executive metrics), Audit / Finance (controls)
• What level of modeling detail will decision-makers expect for committee review? Options: Probable maximum loss (PML), AEP / 10kyr scenarios, Full stochastic modeling, Rating-agency scenario analysis, High-level scenario comparisons
• How long is your typical internal approval cycle from term sheet to bind, and where do most delays occur? Options: <2 weeks, 2–4 weeks, 1–3 months, 3+ months, Ad hoc / variable
• What are the non‑negotiables that would kill a deal in committee?
• When presenting to the board, what format convinces them most—executive summary, technical annex, scenario visuals, or decision‑tree trade-offs? Options: Executive summary + 3 KPIs, Technical annex + model outputs, Scenario comparisons with visuals, Decision-tree with trade-offs, Other
• Who will own post-bind obligations (claims advocacy, audits, renewals) and how satisfied are they with current handovers? Options: Head of Reinsurance, Claims team, Risk / Finance, Shared responsibility, Other
• How satisfied is that owner with the current handover process? Options: Very satisfied, Somewhat satisfied, Not satisfied, Unknown

Are We Ready to Talk to the Market?

• If we walked into the market tomorrow, what would make you immediately regret it?
• Are exposure files and reconciliations ready for model runs and reinsurer diligence? Options: Fully reconciled and ready, Mostly ready with minor gaps, Significant gaps need remediation, Unknown / need assessment
• Do you have credit lines, collateral capacity, or pre-approved arrangements with target reinsurers? Options: Yes — for key reinsurers, Partially — some arrangements in place, No — needs negotiation, Not applicable / unsure
• What internal sign-offs remain outstanding before we can approach the market?
• Which data or modeling inputs are most likely to delay placement (select all that apply)? Options: Geocoding / exposure granularity, Policy wording ambiguity, Valuation / exposure timing, Loss history reconciliation, Modeling assumptions / vendor runs, Broker-side modeling deliverables
• What is the latest tolerable timeline (target date) for bind to ensure capital and rating relief this cycle?
• How would you like us to run the market approach—targeted with a few preferred leads, broad to maximize competition, or a hybrid? Options: Targeted led approach, Broad market approach, Hybrid (targeted + selective brokering), Unsure — advise us
• Who should be our primary point of contact for rapid technical queries during market outreach?

Quick Intro — Who’s in the Room and What Should We Know?

• How many people will actively participate in shaping this reinsurance program this cycle? Options: 1–2 people, 3–5 people, 6–10 people, More than 10
• Which functions are represented among those participants? Options: CRO/Risk, Head of Reinsurance, Chief Actuary, CFO/Finance, CEO, Board/Committee members, Claims, Legal/Compliance, Other
• Who has final authority to approve the placement (title or committee)?
• What’s been your preferred cadence and format for decision conversations (e.g., 30‑minute steering calls, monthly committees, in‑person board prep)? Options: Weekly working sessions, Biweekly check-ins, Monthly steering committee, Ad‑hoc as needed, Formal board/committee meetings only
• Tell us briefly about a past placement (positive or painful) that still shapes how you approach renewals today.

If This Program Doesn’t Hold Up, What Keeps You Up at Night?

• If your current or proposed program underperforms in a major event, what single consequence would be most damaging? Options: Severe capital strain, Significant earnings volatility, Rating agency downgrade, Regulatory intervention, Market reputation/retention issues, Other
• How concerned are you about rating agency treatment of reinsurance recoverables and program design? Options: Top concern — critical, High concern, Moderate concern, Low concern
• How would a meaningful shortfall from expected recoveries affect your 12‑month and 36‑month plans?
• In the last 3 years, have you experienced any placement or claims outcomes that changed your tolerance for counterparty credit risk? Tell us what happened and how you felt it.
• Which of the following keeps you most uneasy when evaluating reinsurance partners? Options: Concentration of capacity, Counterparty ratings, Claims‑paying track record, Speed of settlement, Legal/contract interpretation risk, Brokers’ ability in hard markets

Show Me the Real Numbers — How Tight or Flexible Is Your Balance Sheet?

• What are the key capital and balance‑sheet metrics you monitor relative to reinsurance (please list values or ranges)?
• Which regulatory or rating thresholds are binding for you this cycle? Options: RBC/Test thresholds, S&P/AM Best rating targets, Internal risk limits, Solvency II/local requirements, Other
• What is your target for capital relief or strain reduction from this reinsurance program (quantify if possible)?
• Describe your current largest modeled PMLs by peril or territory and any single‑event concentrations of concern.
• What modeling platforms and versions do you rely on (e.g., vendor/model set), and are there any known limitations we should plan around? Options: Vendor A — latest, Vendor A — prior version, Vendor B, In‑house model, Hybrid (vendor + internal), Other

Where the Market Has You Compromising — What Have You Accepted Because There’s No Better Option?

• When had the market hardened and you felt forced to accept less-than-ideal terms — what specifically did you concede? Options: Higher retentions, Narrower scope/exclusions, Lower-rated counterparties, Higher pricing, Layer sizing changes, Other
• How do broker limitations (access, relationships, or timing) shape the outcomes you end up accepting?
• Which placement constraints are non‑negotiable for you this renewal (e.g., minimum rating, domicile, line limits)? Options: Minimum AA‑ rating, No single reinsurer > X% share, EU/US domiciled reinsurers only, No specific exclusions, Capacity must be firm by X date
• Have you previously used alternative structures (industry pools, sidecars, ILS) to bridge capacity gaps? If yes, how did they feel operationally? Options: Yes — positive experience, Yes — mixed/operationally heavy, Tried but not successful, No, we have not
• Which trade‑offs are you most willing to make (select all that apply)? Options: Pay higher premium for stronger counterparties, Accept complex structures for capital efficiency, Shorter contract tenors for lower cost, Accept higher retention to secure capacity, Prefer clarity over marginal price improvement

What Would Good Actually Feel Like — Dollars, Certainty, and Peace of Mind

• If you could lock in one measurable win from this placement, what would it be (e.g., X% capital relief, Y% reduction in earnings volatility, top‑tier counterparty mix)?
• How would you describe the ideal counterparty panel in 3 short phrases (rating, geography, specialty)?
• Over the next 12 months, what are the top 3 outcomes that would make you say this program was successful?
• Which time horizon matters most for you when measuring success—immediate P&L, 12 months, or multi‑year capital positioning? Options: Immediate P&L, 12 months, 24–36 months, Multi‑year strategic positioning
• Which of these would most increase your confidence in a proposed solution? Options: Independent modeling validation, Reinsurer letters of intent, Contract clarity on recoveries, Regulatory/rating agency comfort memo, Clear placement milestones

Assumptions We’re Leaning On — Let’s Stress Test Them Now

• Which single modeling or actuarial assumption, if wrong, would change your decision on structure or limit size? Options: Frequency assumptions, Severity tail assumptions, Correlation between perils, Recovery timing and uncertainty, Attachment probability
• How confident are you in the quality of your exposure data and its completeness for modeling purposes? Options: Very confident — clean data, Reasonably confident — some gaps, Significant gaps — requires work, Unknown
• If modeling shows a meaningful divergence between scenarios, how do you prefer we present trade‑offs to your board? Options: Scenario side‑by‑side with financial impact, Probabilistic ranges with confidence levels, Narrative plus key quantiles, Combination of above
• Which contract or operational uncertainty concerns you most when it comes to realizing modeled recoveries? Options: Coverage wording ambiguity, Delay in claim settlement, Reinsurer collateral/letters of credit, Dispute resolution complexity, Other
• What level of stress testing (e.g., return period, scenario suites) do you want us to run before market approach? Options: Standard vendor suite, Custom severe scenarios (we specify), Regulatory/rating agency scenarios, All of the above

Boardroom Reality — How Decisions Really Get Made

• When you brief the board or risk committee on reinsurance, what keeps them focused or distracted?
• Which materials or data points does your board demand before they’ll commit (e.g., solvency impact, peer benchmarking, vendor sign‑offs)? Options: Capital impact analysis, Peer benchmarking, Rating agency commentary, Detailed contract wording, Legal/regulatory sign‑off, Other
• How far in advance do you need board/committee documents finalised before a meeting? Options: 1 week, 2 weeks, 3–4 weeks, More than 4 weeks
• Who on your executive team is most likely to push back on increasing cost for the sake of capital or rating improvement? Options: CFO, CEO, Chief Actuary, Head of Underwriting, Other
• Has the board’s risk appetite shifted recently? If so, how would you characterise that shift? Options: More conservative, More growth focused, Same, Unsure

Signals of Success — How We’ll Prove This Worked

• Which leading indicators would you like to see in placement reporting to feel comfortable mid‑cycle? Options: Progress toward capacity targets, Terms comparison vs. benchmark, Panel diversification score, Credit exposure by reinsurer, Modeling variance from plan
• How frequently should we deliver placement and capital monitoring reports after bind—monthly, quarterly, or on‑event? Options: Monthly, Quarterly, On‑event and quarterly, Only on request
• In a claims scenario, what level of involvement do you expect from us on day 1–30 vs. day 31–180? Options: Full claims advocacy & coordination, Advisory only, Hands‑on first 30 days then advisory, Depends on event size
• What KPIs should we report to the board to demonstrate capital efficiency and earnings stability? Options: Capital relief achieved, Loss pick vs. modeled, Earnings variance vs. budget, Counterparty concentration metrics, Time to recovery/settlement
• Would you like a templated executive summary for board use that we prepare and iterate with you? Options: Yes — please prepare, Maybe — send draft, No — we’ll prepare internally

Practical Readiness — Data, People, and Timing (Can We Deliver on Your Clock?)

• Do you currently have exposure files ready for market approach (PIFs, per‑risk files, geo‑coded exposures)? Options: Complete and market‑ready, Mostly ready — some cleanup, Partial — significant work needed, None
• What is your preferred file format and transfer method for sensitive exposure data? Options: Secure SFTP, Encrypted email, Vendor portal, Direct API, Other
• What internal resources will support placement execution (actuarial modeling, legal contracting, claims, finance)? Please name roles and availability.
• Are there any upcoming events (earnings calls, regulatory filings, board meetings) that set a hard deadline for binding? Options: Yes — specific dates, Soft deadlines, No hard deadlines, Unsure
• Which of these would most accelerate readiness from your side? Options: Prevalidated exposure files, Signed NDA/engagement letter, Board pre‑approval on target structure, Dedicated internal project owner

Closing the Loop — What Commitment Feels Right to Move Forward?

• How soon would you be willing to start a structured market approach if the proposed program meets your targets? Options: Immediately, Within 2 weeks, Within 1 month, After board/committee approval
• What evidence would you need from us before granting authority to approach the market? Options: Modeling packet + scenario impacts, List of target reinsurers, Preliminary term sheet, Engagement letter and fees, Other
• Who will be the single point of contact for market negotiations and who must be looped into final bind decisions?
• What level of placement authority would you consider delegating to us (broker) with pre‑agreed thresholds? Options: Full authority within X limits, Limited authority for non‑material changes, No delegation — board signs all, Unsure — discuss options
• What would a successful initial engagement look like to you at the 30‑day mark? Options: Firm LOIs from target reinsurers, Detailed capital impact memo, Board packet ready for review, Clean exposure data validated, Other