We offer a full range of actuarial and risk management consultancy services to non-life insurers - ranging from traditional actuarial areas such as reserving to new and developing areas such as validation and ORSA embedding.
Our clients include non-life insurers across the industry, ranging from the niche captives to some of the largest insurance groups in the world. While the team is based in London, we count (re)insurers and captives in both the UK and Europe amongst our clients, with a growing presence in the US. Our aim is to listen and tailor the approach to suit the size of our clients and to ensure solutions are suitable for their risks and issues they face.
Specific expertise in our actuarial practice
- Actuarial Function – We act as the Actuarial Function for a number of insurers and captives in both the UK and Europe, as approved by the relevant local regulators. This entails carrying out regular reserving exercise for our clients and producing relevant actuarial reports to meet the Solvency II requirements. As part of the Actuarial Function remit, we produce annual Actuarial Function reports which include opinions on the underwriting policies and reinsurance arrangements for our clients. For Irish entities, we can act as the Head of Actuarial Function, a role that we presently do for a number of companies.
- Reserving – We have extensive experience in GAAP and IFRS reserve reviews as well as Technical Provisions on a Solvency II basis. For Irish entities, this also includes compliance with the Central Bank of Ireland Domestic Actuarial Regime and Related Governance requirements, which includes producing both the Actuarial Opinion and the Actuarial Report on Technical Provisions.
- Solvency Capital Requirements (SCR) – Our significant experience includes supporting clients with their SCR, based on standard formula, either through undertaking the calculations for them or reviewing their calculations to provide assurance on the methodology, approach and implementation. Our market leading SIIMPLIFY tool provides those insurers wishing to calculate their own SCR with a cost efficient Excel based tool to do this backed with our high level of customer service.
- M&A and restructuring - Our services include supporting companies in undertaking actuarial due diligence, whether they are acting as the buyer or seller. In addition, we can also act as an Independent Expert for Part VII transfers.
- Digital transformation and IFRS17 - We help insurers take a holistic view of their needs and design a data system that will work to drive value for their business. As an added bonus, we can also help them design a system that complies with IFRS 17.
- New operations - We have significant knowledge of insurance operations and can help companies establish one, be it as a captive, InsurTech start up or a new MGA. Our expertise also extends to advising companies on a range of matters from where to domicile to helping to analyse a business plan. We also provide guidance through the insurance regulatory terrain for a number of territories.
Specific expertise in our risk management practice
- Validation – We can provide support to non-life insurers who would like to validate their internal, partial internal and standard formula models, providing specialist validation and technical knowledge to enable a thorough yet pragmatic approach to validating such models. Our extensive experience of such model reviews includes validation as required for IMAP for a number of multinational insurance companies.
- Own Risk Solvency Assessment (ORSA) – We are experienced in helping non-life insurers develop and embed their ORSA process and report so as to ensure that these deliver value from day one. We have developed a range of tools and techniques to help non-life insurers implement their ORSA in a time and cost efficient manner, recognising that one size does not fit all.
- Capital management – We can help non-life insurers to understand their capital position. By designing capital models and performing stress and scenario tests, we can help insurers to understand their risks and assist with strategic decision making.
- Peer review - As well as providing the Actuarial Function for companies, we can support an internal function by providing independent peer review, challenge and expert input into their existing processes or risk and actuarial governance framework. Examples of areas of governance review provided include:
- Risk Management System – review of the Risk Appetite Framework, Risk Register, Solvency II policies and procedures, Internal Control & Compliance Monitoring schedules
- Independent governance review - of existing Governance system
- Board Effectiveness review – assess effectiveness of the board and report to board with critical assessment thereof, including recommendations on optimising effectiveness