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© The Chartered Insurance Institute 2018
All rights reserved. Material included in this publication is copyright and may not be reproduced in whole or
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holder. Such written permission must also be obtained before any part of this publication is stored in a
retrieval system of any nature. This publication is supplied for study by the original purchaser only and must
not be sold, lent, hired or given to anyone else.
Every attempt has been made to ensure the accuracy of this publication. However, no liability can be
accepted for any loss incurred in any way whatsoever by any person relying solely on the information
contained within it. The publication has been produced solely for the purpose of examination and should not
be taken as definitive of the legal position. Specific advice should always be obtained before undertaking
any investments.
Print edition ISBN: 978 1 78642 346 7
Electronic edition ISBN: 978 1 78642 347 4
This revised and updated edition printed in 2018

The authors

Mike Spice BA, FCII, Cert PFS has been involved in the reinsurance market for many years with
responsibilities that include the placement and analysis of reinsurance programmes on behalf of leading
composite insurers and run-off management service providers. He has lectured at Cheltenham & Gloucester
College of Higher Education (now University of Gloucestershire). Mike also acts as a tutor for the CII and
assists other market entities in a wide range of training and development activities.
Paul Phillipson, MA (Oxon), Solicitor FCII works at Xchanging Claims Services (XCS), handling reinsurance
claims on behalf of Lloyd’s Syndicates. After graduating, he joined an underwriting box at Lloyd’s before
qualifying as a solicitor in 1998 and practised in the London Market until he joined XCS in 2005. He
contributes to market publications from time to time.

Reviewer
The CII would like to thank Eric Alexander, ACII for his assistance with reviewing the first edition of this Reference copy for CII Face to Face Training
study text.

Acknowledgements
The CII gratefully acknowledges the authors and reviewers of other CII study texts in respect of any material
drawn upon in the production of this study text.
Extracts from various policy and contract wordings have been included in this edition and every effort has
been made to contact the copyright holders for use of extracts and illustrations. Particular thanks are offered
to the following organisations for the reproduction and inclusion of the copyright material listed below:
Allianz Global Corporate & Specialty
Swiss Re
Willis
Typesetting, page make-up and editorial services CII Learning Solutions.

Printed and collated in Great Britain.
This paper has been manufactured using raw materials harvested from certified sources or
controlled wood sources.