Supporting The Client With The Delivery Of A New Governance, Service And Operating Model As A Part Of A Corporate Restructure
The Client’s Needs
The client is a leading (re)insurance business operating in Bermuda, London and Dublin with entities operating as insurance companies and MGAs. It was looking to split the group into two, the insurer businesses and the MGA businesses and then divest the MGA businesses while creating a long-term relationship between the two with an enhanced service management framework to underpin the agreements between them. There was a requirement to work as a holistic team, owning the delivery of the totality of the new frameworks. These covered a wide scope of services and required multi-faceted areas of expertise. At various times, ICSR were required to work with both members of the client team and other consultants engaged to assist with other work areas.
ICSR was able to provide a large team spanning its employee and Talent Pool of subject-matter experts covering Underwriting, Claims, Compliance, Risk, Governance and Company Secretarial, Actuarial (capital, pricing and reserving), Exposure Management, Outwards Reinsurance( purchasing and management), HR, Internal Audit, Operations, Procurement and Outsourcing, Operational Resilience, and IT. We also provided business analysts where efficiencies or expertise were required.
The team reviewed the operating models, policies and procedures existing within these functions, documented and defined the controls and mapped them before assisting to create tools to support the MI, SLA and KPI reporting and analysis required for such a complex arrangement.
These activities covered both the insurer group and the MGA group and the service delivery by the MGA group to the insurer group as well as the insurer group’s oversight arrangements.
This was one of the largest teams put together by ICSR, with significant numbers of our Talent Pool engaged for varying periods, enabling the client to have access to a truly flexible and highly skilled resource pool to meet the varying levels of resource requirements in different phases of the work for the areas of specialism covered by ICSR.
We augmented the team at various points in the project with additional resources for short-term support to ensure all client deadlines were met. The work was led by a Director of ICSR.
The client has been able to obtain all necessary regulatory consents to the restructure and proposed transactions, implementing all the necessary controls and frameworks to ensure the ongoing operation of its businesses has the levels of management and oversight required to meet the expectations of the various regulators.