Challenging the status quo
elseco is an MGA specialising in building, implementing and running portfolios for insurance companies in the most technically challenging lines of business.
Over the years, elseco has developed a data-centric approach to underwriting to rely on relevant analytics in the space, aviation and energy sectors, supporting our team of specialised professionals to deliver the best portfolios for our members.
We define our approach to underwriting and claims handling through specific steps, each requiring expertise and skill to be executed at its highest level. Our aim is to achieve the best marks in each skill and the highest score overall.
elseco commits to being the best entity to quantify, forecast and underwrite technically challenging risks. This goal has pushed us over the years to challenge ourselves and helped us build our innovative approach to risk management, pioneering market risk analysis and sophisticated, made- for-purpose, underwriting products. We will never consider this goal achieved and will keep, by design, challenging our own assumptions to continuously improve. This is the elseway.
This approach has been the main ingredient to our longevity and continuous growth. Since our launch, the business has underwritten more than $1 billion of premium over the 16 years of business (2007- 2022) and managed claims of over $700 million across our lines of business.
Our job is to design a profitable portfolio of risks. Our teams are organised, like a research center, with an open mind, trying to find better data, new trends, proxy elements on risks and their environment to quantify the future cost of those risks with as little uncertainty as possible.
Aviation
elseco’s Aviation account was set up in 2011. Following steady successful growth and a long-term commitment to the Aviation class, elseco now offers a wide range of risk management solutions for general aviation (GA), aerospace and airline risks, providing both leading and following lines underwritten by an experienced and highly knowledgeable team of Aviation underwriters.
Empowered by the ATOM platform, our team developed a ground-breaking series of analytical tools, combining usual underwriting information sources with big data analytics, displayed in tailor-made user interfaces designed to accompany team members throughout their underwriting process. The team now has at its disposal millions of data points on flights, weather conditions, incidents to refine their approach to underwriting aviation risks, and continuously search for new sources, partnering with market-leading aviation data providers.
Energy
The elseco energy team focuses on global energy business throughout the value chain. Our expertise covers Downstream, Midstream, Power, Renewables and Upstream energy, both from an operating and construction stance.
Since 2014, our energy account has grown to provide leading and following lines underwritten by an experienced and highly knowledgeable team of Energy underwriters. In 2017, we strengthened our team and our energy portfolio reach again. This resulted in both a more global portfolio and tripled our written premiums, helping us generate an overall profitable book over this period.
Following the elseway principles, we continue to challenge our methods and approach to underwriting energy risks by making full use of the data-centric innovations within the energy industry.
Space
Within our Space practice, we cover all phases of development of a space project, from pre-Launch, through the launch and during the in-orbit life of a space object. To best serve our clients, we have created a team covering all aspects of those risks, including launcher and spacecraft experts, space lawyers, financiers and data scientists.
As the sector has grown, so have we, increasing our capacity to more than US$200m per Launch / In Orbit Risk and up to US$30m for pre-Launch.
Working with members across the industry, elseco has been able to provide support for the Manufacturing, Satellite Operator, Launch Service Provider, Space Agency and Telecommunications industry for 17 successful years.
elseco has proudly supported the World Space Risk Forum since its inaugural event in 2010. Given the increasing importance of ensuring sustainable, long-term use of outer space, elseco has joined as a founding member of the World Space Sustainability Association, together with Herbert Smith Freehill and the Mohammed Bin Rashid Space Center. elseco is also represented at Dubai’s Courts of Space international working group.