RiskPoint is an underwriting agency that represents several different insurance companies as their agent
RiskPoint is a European based Insurance Managing General Underwriting agency or MGU. Quality, Compliance and Driving Efficiencies is the cornerstone of our business. RiskPoint’s value proposition to the insurance market is to provide best in class service from underwriting to claims handling in an efficient and compliant environment. We do so while observing our core values of Trust, Openness, Competitiveness and Respect. Our specialist and seasoned underwriters have in depth industry and product knowledge whilst our professional claims team provide unique and pro-active approach to assisting our clients when a claims occurs. Consistently providing high service in these 2 crucial areas of our business to both the insureds and our valued distribution channels is paramount to our success.
As an Managing General Underwriting agent, RiskPoint has a unique legal authorization on behalf of a number of insurance carriers to develop its own insurance products, evaluate exposures, underwrite risks and handle claims. Our authorization is contractually managed through a binder agreement with our carriers giving us the power of attorney to provide binding terms, pricing and to settle claims.
We provide the above services on behalf of these insurance markets and are remunerated by them to provide insurance solutions in the territories in which we operate, with local staff and in accordance with local laws, regulations and customs. RiskPoint and its carriers are under the supervision of the relevant national Financial Services Authorities.
In accordance with the Binding Authority in place, we work in the interests of the respective insurance company(ies) and/or Syndicate(s) on risk. Policy documents, quotes and claims settlements will all be conducted in the RiskPoint name, however each insurance quote and policy document will carry the legal name of the insurance company who bears the risk for a given policy. The insurance company’s name as well as their Unique Market Reference (UMR) is seen in the policy and/or quote schedule.
Our Product Offerings
RiskPoint provides unique and specialized insurance solutions to the markets in which it operates to the benefit of the insurance brokers/consultants and their corporate clients.
We have operations throughout Europe to better facilitate our product & service offering. Our product offering includes traditional insurances such as Property, Casualty, Accident & Health, but also includes a number of niche offerings within Directors & Officers Liability, Warranty & Indemnity, Off-Shore, Renewable Energy, Financials Institutions, Construction etc.
THE BUSINESS APPROACH
Providing Transparent & Efficient insurance solutions for the benefit of clients and their advisors
RiskPoint is a financial services company with a primary focus of providing insurance solutions to businesses. As an insurance provider, RiskPoint is dedicated to both providing its clients and their advisors with insurance carriers that exhibit excellent financial strength and combine this with best in class service. Our service orientated approach is a focal point for our business approach.
Unlike many insurance providers, RiskPoint does not carry costs of its own sales & distribution organization but rather uses professional insurance intermediaries as its primary distribution channel.
Financial Strength & Authority
At the core of our business is our ability to represent insurance carriers that have the highest security in terms of financial strength and that these carriers give RiskPoint unwavering power of attorney in terms of underwriter authority and claims authority. Insurance policies issued by RiskPoint only have insurance carriers which have met the highest standards in terms of financial strength and who have given underwriting and claims authority to RiskPoint.
Financial strength is normally measured by rating bureaus such as Standard & Poors and Moodys. RiskPoint’s compliance team utilizes these tools as well a vigorous vetting process to evaluate potential carriers to the RiskPoint panel. Only rated carriers with a minimum of “A” rating and/or carriers which exhibit long standing financial strength, unique product delivery & focus are cleared by our compliance team.
Underwriting & Claims
At the crux of providing insurance solutions to the market is RiskPoint’s ability to underwrite risks and provide quality claims service.
Our organization mostly comprises underwriters and insurance technicians who have years of experience assessing risks and evaluating exposures and designing wordings. Our underwriting teams are focused experts in a specific insurance class, client segment, industry sector and bring their skill set from these areas to our client and their advisors. Bringing this expertise to the market, developing new products and our ability to tailor our solutions to the needs and desires of our clients is a key part of our value proposition.
At the end of the day, RiskPoint’s value proposition to its clients is measured by our ability to provide first class claims service. Whether providing legal defence for personal and/or corporate liability claims or quickly processing first party payments, our claims teams focus is on providing a fair, flexible and timely service & settlement. Our customary service parameter in claims handling is to provide confirmation of notification within 24 hours and to ensure the insured and its authorized advisors are kept regularly informed of developments and progress with the claims handling process.
Our loss adjusting & claims team brings expertise to the table by class of insurance with industry insight. Claims adjusting authority is granted to us by our carriers and we do not out-source claims adjusting to outside parties. We do however, engage with technical, financial and legal resources with territorial and/or industry expertise to ensure losses are handled in the most efficient and professional outcome.
RiskPoint is one of the oldest Insurance Underwriting Agents in Scandinavia. Below you can read the major highs of RiskPoints history
In Copenhagen in 1917, Mr. Th. W. Hansen and Mr. Carl Klein Sr. founded Hansen & Klein with a primary focus of writing facultative reinsurance. During the 1920s, Hansen & Klein’s underwriting authority included some of the world most significant insurance markets; insurance companies from Scandinavia, Continental Europe, England as well as USA.
In the 1970s, the list of insurance markerts expanded. Hansen & Klein’s underwriting authority now included three of Japan’s largest insurance agencies, namely Tokio Marine, Taisho Marine, and Sumitomo Marine.
Under the management of the founder’s son, Carl Klein Jr., Hansen & Klein became a privately held company in 1983 under the name of Hansen & Klein Management Ltd. A/S. Five years later, in 1988, the company appointed a new CEO, Mr. Viggo Hauerberg. Within his employment as CEO he retained the majority shareholding of Hansen & Klein Management Ltd. A/S.
From 1996 to 1998, Hansen & Klein A/S became a branch office of the American insurance company, CNA Insurance. Once again, Hansen & Klein A/S was in private hands.
2003 to 2006
In 2003, following a MBO effective from January 1st, Hansen & Klein A/S acted as underwriting agency for CNA, but only until 2006 where all activities of Hansen & Klein A/S were sold to CNA. Hansen & Klein A/S continued under the ownership of Mr. Viggo Hauerberg and Mr. Flemming Segerlund primarily as general agents for a number of Japanese Insurance Companies.
In 2007, an external management team took majority stake in Hansen Klein. The team consisted of Kenneth Nielsen, Jens Andreasen, and Ulrik Evers. They had a new vision for Hansen & Klein and implemented a new strategy and business plan. They created RiskPoint A/S – a Multi-Carrier, Multi-Line, and Multi-Territory Underwriting Agency. By the end of 2007, RiskPoint opened an office in Stockholm making RiskPoint international.
In 2008, RiskPoint Finland was established. During the year, RiskPoint continued to expand its product range and the number of binding authorities with insurance companies. RiskPoint was by 2008 appointed as Lloyd’s Coverholder.
In 2010, RiskPoint Norway was established and at this time RiskPoint had binding authorities with more than 7 different carriers. The binders covered insurance products within Financial Lines, First Party, and Liability.
In 2013, RiskPoint created safeAway A/S – an online service providing insurance solutions for travellers. Hence expanded RiskPoint’s product offering to private clients within the area of accident and travel.
In 2016, RiskPoint acquired a specialist off-shore agency in Norway (Scandins) to supplement our off-shore offering. RiskPoint also established a branch office in Germany to focus on Mergers & Acquisitions, Financial Lines, including Cyber, Renewable Energy, and First Party products.
In 2018, RiskPoint established branch offices in Switzerland, Netherlands, and UK. The purposes of these branches was to supplement the global offering within the Mergers & Acquisitions field. In 2018, RiskPoint also acquired the company Caplloyd to supplement the construction offering within latent defects.
In 2019, RiskPoint established a branch office in Spain to once more supplement the product offering within the Mergers and Acquisitions field.