Frequently asked questitons about CEE Specialty s.r.o.
Is CEE Specialty an insurance company?
- No, CEE Specialty is not an insurance company, but underwriting agency, commonly known in the insurance industry as an 'MGA'. According to Czech legislation, MGA falls under the category of independent intermediaries, under IDD Law.
What is an MGA?
- MGA is an abbreviation for "Managing General Agent" and is a specific type of insurance agent that has been delegated as "competence" (underwriting authority) and can conclude insurance contracts as well as other related activities on behalf of the insurance company that delegated the underwriting authority.
Is CEE Specialty a Czech or foreign company?
- We are a Czech company registered in the Commercial Register at the Municipal Court in Prague, licensed and regulated by the Czech National Bank (CNB), registered in the list of independent insurance intermediaries at CNB. However, we offer an insurance cover on behalf of renowned foreign insurers with “A” rating or better.
Who is the owner of CEE Specialty?
- The majority owner is KOM-EKO Holdings S.A. based in Luxembourg and owned by Royalton Capital Investors II, whose investors amongst others include the European Bank for Reconstruction and Development (EBRD) and the European Investment Fund (EIF).
Is CEE Specialty competition for insurance brokers?
- No, on the contrary CEE Specialty sources business from and negotiates insurance policies through insurance brokers. In this respect, we behave like an insurance companies, with the difference that insurance brokers are the exclusive distribution channel for CEE Specialty.
On whose behalf does CEE Specialty underwrite?
We act on behalf of large and reputable international insurers; specifically:
- Argo Global SE - rating A (Excellent) by A.M. Best / parent company Argo Group International Holdings Ltd. is listed on New York Stock Exchange.
- HDI Global Specialty SE (Swedish branch) – rating A+ by Standard & Poor's and A (Stable outlook) by A.M. Best / they are a joint-venture company founded by Hannover Re and HDI Global SE.
Can insurance companies, for whom CEE Specialty underwrites operate in the Czech Republic?
- Yes, they can operate in the Czech Republic and are listed in the list of foreign insurance companies and branches of insurance companies providing cross-border services in the Czech Republic at CNB.
To whom does the client (policyholder) or a collecting broker pay the premiums for the insurance policies underwritten by CEE Specialty?
- Premiums will be paid to the account of CEE Specialty, which has separate banking accounts for individual partner insurance companies and for individual types of insurance. CEE Specialty then forwards the collected premiums to banking accounts of foreign partner insurance companies monthly.
It is common for foreign insurance companies to apply relatively high minimal premiums. Does this also apply to insurance offers through CEE Specialty?
- No, we do not have any minimum premiums.
In which language are insurance contracts and offers available at CEE Specialty?
- Insurance contracts and offers are of course in Czech. However, we can prepare a Czech-English version on a client's or broker's request. Marine policies, including cargo, are generally issued in English.
What types of insurance do you offer?
- Currently, CEE Specialty offers all lines of liability insurance (GL, PL, PI including IT and MedMal, D&O) and marine insurance. During February 2020 we will also start offering property insurance, CAR/EAR, Cargo and Cyber insurance.
Do you also offer insurance for retail customers (individuals)?
- No, CEE Specialty arranges insurance cover exclusively for corporate clients (including authorized persons).
How will claims be handled?
- Insured losses for our partner insurers will be handled by an independent company CONTIN s.r.o. in the Czech Republic. Regarding Marine insurance, CEE Specialty is authorized to handle insurance claims on its own.
What if I have a complaint about CEE Specialty?
- Clients, insureds or other respective persons may send any complaints in writing to the address of CEE Specialty. The complaint will be handled by the employee who is the superior of the employee who arranged the insurance cover or handled the matter that is the subject of the complaint. The complaint will be settled within 30 days of the date of receipt. In case of dissatisfaction with the handling of the complaint, it is possible to contact the Czech National Bank, Na Příkopě 28, 115 03 Praha 1, which is the supervisory authority for the insurance market in the Czech Republic. For any potential disputes there are competent courts in the Czech Republic.