Halden reportsFinance & capital
Halden report · Finance & capitalHow does our protection respond?
Up to £275m per event on property catastrophe: Halden buys 7 outwards programmes for £196m.
CoVi · Outwards reinsuranceFictitious
Reinsurance programme
Halden's outwards reinsurance, built by Context Visualised, with a loss calculator for each tower.
- 7Programmes
- £196mTreaty premium
- £275mTop of the property cat tower
Property catastrophe XL
Protects Property D&F, Property binders, MENA property, Property pro rata
Security: A+ · 14 reinsurers · Reinstatements: 1 at 100% · Premium £52m
£m
The tower
Top £275mRetention £25mWe keep £25m
Layer 1 · £25m xs £25mExhausted · £25m
Layer 2 · £50m xs £50mPays £10m
Layer 3 · £100m xs £100mNot reached
Layer 4 · £75m xs £200mNot reached
Above the towerBack to us £0m
- Retained by us
- Recovered from reinsurers
- Above the tower, back to us
- Loss
What happens to this loss
- £35mRecovered · 58.3%
- £25mRetained
- £0mAbove the tower
- Layer 1 · £25m xs £25m£25m
- Layer 2 · £50m xs £50m£10m
- Layer 3 · £100m xs £100m£0m
- Layer 4 · £75m xs £200m£0m
- Retained below and within retention£25m
- Above the top of the tower£0m
Property per risk XL
Protects Property D&F, Property binders, MENA property
Security: A · 9 reinsurers · Reinstatements: 2 at 100% · Premium £18m
£m
The tower
Top £50mRetention £5mWe keep £5m
Layer 1 · £10m xs £5mPays £7m
Layer 2 · £15m xs £15mNot reached
Layer 3 · £20m xs £30mNot reached
Above the towerBack to us £0m
- Retained by us
- Recovered from reinsurers
- Above the tower, back to us
- Loss
What happens to this loss
- £7mRecovered · 58.3%
- £5mRetained
- £0mAbove the tower
- Layer 1 · £10m xs £5m£7m
- Layer 2 · £15m xs £15m£0m
- Layer 3 · £20m xs £30m£0m
- Retained below and within retention£5m
- Above the top of the tower£0m
Marine & energy XL
Protects Marine cargo, Offshore energy excl. GOM wind
Security: A+ · 11 reinsurers · Reinstatements: 1 at 100% · Premium £22m
£m
The tower
Top £100mRetention £7.5mWe keep £7.5m
Layer 1 · £12.5m xs £7.5mExhausted · £12.5m
Layer 2 · £30m xs £20mPays £5m
Layer 3 · £50m xs £50mNot reached
Above the towerBack to us £0m
- Retained by us
- Recovered from reinsurers
- Above the tower, back to us
- Loss
What happens to this loss
- £17.5mRecovered · 70.0%
- £7.5mRetained
- £0mAbove the tower
- Layer 1 · £12.5m xs £7.5m£12.5m
- Layer 2 · £30m xs £20m£5m
- Layer 3 · £50m xs £50m£0m
- Retained below and within retention£7.5m
- Above the top of the tower£0m
Casualty quota share + XL
Protects Professional indemnity, D&O and financial lines, US E&S casualty
Security: A+ · 12 reinsurers · Reinstatements: Unlimited free (QS) · 1 paid (XL) · Premium £48m
£m
Step 1 · quota share
30% of the gross loss goes to external panel. The remaining £14m runs through the excess of loss tower below.
Step 2 · excess of loss on the net
The tower
Applied to the £14m net lossRetention £5mWe keep £5m
Layer 1 · £5m xs £5mExhausted · £5m
Layer 2 · £15m xs £10mPays £4m
Layer 3 · £25m xs £25mNot reached
Above the towerBack to us £0m
- Retained by us
- Recovered from reinsurers
- Above the tower, back to us
- Loss
What happens to this loss
- £15mRecovered · 75.0%
- £5mRetained
- £0mAbove the tower
- Quota share (30%)£6m
- Layer 1 · £5m xs £5m£5m
- Layer 2 · £15m xs £10m£4m
- Layer 3 · £25m xs £25m£0m
- Retained below and within retention£5m
- Above the top of the tower£0m
Cyber quota share + event XL
Protects Cyber large corporate, Cyber SME
Security: A+ · 8 reinsurers · Reinstatements: 1 at 100% · Premium £29m
£m
Step 1 · quota share
40% of the gross loss goes to external panel. The remaining £15m runs through the excess of loss tower below.
Step 2 · excess of loss on the net
The tower
Applied to the £15m net lossRetention £10mWe keep £10m
Layer 1 · £15m xs £10mPays £5m
Above the towerBack to us £0m
- Retained by us
- Recovered from reinsurers
- Above the tower, back to us
- Loss
What happens to this loss
- £15mRecovered · 60.0%
- £10mRetained
- £0mAbove the tower
- Quota share (40%)£10m
- Layer 1 · £15m xs £10m£5m
- Retained below and within retention£10m
- Above the top of the tower£0m
Political violence quota share + XL
Protects Political violence & terror
Security: Related party: Syndicate 9147 (QS) · A · 6 reinsurers (XL) · Reinstatements: 1 at 100% · Premium £21m
£m
Step 1 · quota share
30% of the gross loss goes to Syndicate 9147 (internal). The remaining £28m runs through the excess of loss tower below.
Step 2 · excess of loss on the net
The tower
Applied to the £28m net lossRetention £20mWe keep £20m
Layer 1 · £30m xs £20mPays £8m
Above the towerBack to us £0m
- Retained by us
- Recovered from reinsurers
- Above the tower, back to us
- Loss
What happens to this loss
- £20mRecovered · 50.0%
- £20mRetained
- £0mAbove the tower
- Quota share (30%)£12m
- Layer 1 · £30m xs £20m£8m
- Retained below and within retention£20m
- Above the top of the tower£0m
Whole account stop loss
Protects All 9146 classes
Security: Related party: group reinsurer · Reinstatements: None · Premium £6m
£m
The tower
Top £410mRetention £359mWe keep £359m
Layer 1 · £51m xs £359mPays £11m
Above the towerBack to us £0m
- Retained by us
- Recovered from reinsurers
- Above the tower, back to us
- Loss
What happens to this loss
- £11mRecovered · 3.0%
- £359mRetained
- £0mAbove the tower
- Layer 1 · £51m xs £359m£11m
- Retained below and within retention£359m
- Above the top of the tower£0m
Each mini tower shows the retention in dark and each layer above it in green. Open a programme and enter a loss to see what is recovered, what is kept, and what goes above the tower.
Source: reinsurance programme register and treaty slips, 2026 renewals.
What it tells us
What it tells us this quarter
- £31m
Of the £70m US Gulf hurricane loss in August, reinsurance recoveries come to £31m.
- 30%
The political violence quota share cedes 30% to Syndicate 9147, a related party, not to an external panel.
- 40%
The casualty and cyber programmes cede 30% and 40% to external panels before excess of loss applies.
What we did
What we did about it
No action in Halden's action log links to this board. The data shows monitoring instead. Recoverables from reinsurers rated below A- are 3%, and the 1-in-200 net catastrophe loss is 24% of capital, both within appetite.
Sources
Where the numbers come from
Programme structures follow the outwards reinsurance contracts. Reinsurance by type follows SBF730 in the business plan, and the security of each reinsurer is checked by the reinsurance security committee.
- Board datareinsurance programme register and treaty slips, 2026 renewals
Follow the data
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Halden is fictitious. Its numbers are illustrative.