Case study risk

Development Of ORSAs And Related ERM Work

The Client’s Needs

The client is the UK and European legal entities for a large north American insurance group with operations in the UK including a Lloyd’s Managing Agency and an insurance company and an EU based insurer.

The client required advice and support on the development of its ORSA(s) for the 2021 underwriting year and planning. The engagement included reviewing previous ORSAs and the ORSA process with a view identifying potential improvements in substance, format and process for delivery, performing the risk analyses to support the risk assessments and performing any other ERM related work as necessary.

ICSR’s Solution

ICSR provided a specialist resource with experience in the development and delivery of ORSAs for insurers including time working with the PRA during the development of its approach to Solvency II Group Oversight.

ICSR supported the client in meeting its regulatory requirements including the approval of the ORSA’s at Board level on time and on budget.

Resources Deployed

ICSR deployed a specialist risk expert from within the Talent Pool to provide expert advice and guidance.

Client Outcome

The client has developed and approved ORSA’s delivered on time and on budget.

Client Feedback

We asked ICSR if they could help us with a variety of risk issues. These included redeveloping our ORSA process and document content for the UK and EU and reviewing and helping with the evolution of our risk function. ICSR were able to do so at short notice with experienced and capable individuals. They have done a great job. So much so that we have asked them to also help with the equivalent ORSA process and document in Bermuda.

Advisory | Resourcing | Training

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