Support with Brexit Planning for European Reinsurer
The Client’s Needs
The client was a multinational reinsurance group moving its European Reinsurer from the EU to the UK as a part of its Brexit solutions and in order to be closer to their reinsured clients for growth. The group had little experience within its management of UK regulatory requirements.
ICSR were engaged to:
- Review the firms’ PRA and FCA applications,
- Advise on Governance and Compliance issues related to the applications,
- Provide senior temporary compliance resources,
- Train the Senior Management Function holders on their duties and responsibilities and prepare them for interviews with the PRA and/or FCA,
- Assist the firm to identify and employ suitable candidates for roles of Heads of Compliance, Risk and Actuarial, and
- Provide a project manager to support the work required to build a PRA and FCA compliance governance and control framework including risk and compliance functions.
ICSR provided the advice, training and resources required on time and in accordance with the clients’ requirements thereby assisting the firm to complete the applications and proceed to become authorised in the UK. ICSR was also able to ensure that the process of improving the governance and control environment progressed in a structured and orderly manner while also identifying the individuals who were hired by the firm to take on the appropriate roles with the necessary skills and experience in the London Market.
ICSR deployed a Director to provide the advice, a senior compliance individual from the Talent Pool to provide the compliance support and a programme manager from the Talent Pool to help build the new control environment.
The client completed the applications and progressed their proposed redomicile within the Brexit timetable.