Xenia Discretionary Mutual Fund

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Better Collectively

discretionary mutual fund

About us

Xenia Mutual

Xenia Mutual provides protection coverage to risk mature hospitality entities. A consistent, disciplined and detailed property risk approach is adopted for the ongoing collective benefit of all members.

Mutual Management

Mutual Management

The mutual is run on a day-to-day basis by the Manager, Xenia Mutual Management. They are the conduit between the mutual, the members, claims management team, risk surveyors and the reinsurers. It is the manager’s role to ensure there is a smooth flow of information between the relevant stakeholders.

Mutual Security

Mutual Security

The Mutual Manager purchases reinsurance cover to provide protection for claims in excess of the mutual’s self-insured retention.

Claims

Claims

Our claims staff are highly trained in the complexities of mutual claims. The team will manage members’ claims from start to end, for care and efficiency. The claims team also have at their disposal a suite of third party experts who are available if required.

Risk Management

Risk Management

Risk management underpins the success of the mutual, much like good governance of your own risk supports a safe workplace and environment for your customers. As part of the process to join the mutual, we will conduct a full risk management review.

The Mutual Manager, along with the Board, has access to information on claims, so we can collect, analyse and then share learnings with the members. This methodology enables the mutual to put in place effective risk management programmes.

Board of Directors

Eric Melman

Chairman – BEAM Corp

Mark Senkevics

CEO Underwriting Agencies - Steadfast Group

Robert Kelly AM

Founder, Managing Director and Chief Executive Officer – Steadfast Group

Anthony Sullivan

Director – QUANTACO

Marcello Colosimo

Director – Momento Group

Chris Feros

Director – Feros Group

Xenia Mutual Management Team

Richard Briggs

Mutual Manager

James Ireland

Account Manager

Sam Dingli

Account Executive

Kylie Pham

Claims Manager

Bala Suppiah

Principal Risk Engineer

FAQ

A - A mutual is owned by its members and run for their benefit and not to make a profit. Members pool contributions to pay for claims costs from the self-insured retention along with the running costs of the mutual. The pooling of risks from members across a similar sector enables these firms to benefit from stability and the economies of scale members wouldn’t be able to generate by purchasing insurance individually.
A – The Mutual is owned by its Members. The Members build equity within the Mutual which can result in surplus.
A – Xenia Mutual Management (XMM) are responsible for running the Mutual. XMM administer the scheme by providing key functions such as arranging the reinsurance of the Mutual and ensuring claims are effectively managed.
A – The mutual is run by a Board of Directors comprised of representatives from the membership as well as Insurance and Accounting expert representatives from Steadfast Group and PKF Australia. Their role is to update the Board on the running of the Mutual, claims trends, reinsurance arrangements and trends and changes in the local and global insurance market

A major part of the Board’s responsibilities is determining claims payments under the discretion of the Mutual, along with deciding how any surplus should be allocated.  

Members who require further details on the Board or the Mutual, please contact the Mutual Manager

A – As mutuals are run for the benefit of its members, profits (contributions less the cost of claims and administration) are available to a mutual as surplus, which can be reinvested in risk management initiatives or to offset future contributions. Unlike traditional insurance where profits are for the shareholders.

In a traditional model when an insured has a claim, the insurers are likely to increase premiums. In a mutual model, the collective buying of the members smooths out losses across a larger group, therefore the impact on the groups claims experience should be much lower.

Insurance premiums can often be unstable and make it difficult for companies to efficiently budget for the year ahead. Mutuality and collective purchasing enable economies of scale and a greater surety in the stability of pricing when compared to individual firms, who may not be able to achieve this when they purchase cover by themselves.

A – Over the past five years we have seen insurers withdrawing cover for hospitality entities or rolling back coverage levels while simultaneously increasing premiums.

Xenia was set up to create separation from these industry trends and create stability in coverage for the best run hospitality entities.

A – Claims are a fundamental part of a mutual. Claims will be managed end to end in house by Steadfast Claims Solutions (SCS) and not outsourced to a third party claims management firm.

The discretion of a mutual also allows it to pay claims in the best interest of the mutual members.

A – Risk management underpins the success of the mutual, much like good governance of your own risk supports a safe workplace and environment for your customers. As part of the process to join the mutual, we will conduct a full risk management review.
A - No. A mutual is different to insurance as claims are paid in the discretion of a mutual. An insured’s rights under the Insurance Contracts Act 1984 do not apply. 

Contact Us

Xenia Mutual contact details:
Level 4, 99 Bathurst St,
Sydney NSW 2000
info@xeniamutual.com