Client Assignments
Here is a brief summary of Client experience; all assignments were successfully completed on time and to budget.
Insurance Business Transfers
Consultancy, Design & Management of Part VII Transfer for a Run-off portfolio
Advising on & managing the entire project design & delivery for an intra-group transfer of a run-off insurance & reinsurance portfolio for one of the largest global reinsurers.
A critial element was to facilitate the commercial negotiations & deal structure between the parties and ensure all stakeholders interests (local companies & Group parent) were satisfied. In additions, US, UK and European regulatory & financial reporting jurisdictions all needed to be actively considered and managed.
Consultancy, Project Design & Management of Part VII Insurance Transfer & Capital Reductions
Advising on the overall project design, detailed Part VII & Capital Reductions processes and project managing the technical, regulatory and policyholder consultation aspects to transfer the newly acquired life businesses of a major acquisition into a single vehicle. Seven companies were involved in total with approximately 4.5m policyholders and over £30bn of funds being combined. Schemes were also required in three overseas jurisdictions. Both Scottish and English companies were involved requiring both Scottish and English Court approval.
Consultancy & Project Management of Annuity Portfolio Sale & Part VII Insurance Transfer
Managing technical, regulatory & policyholder consultation aspects & the implementation of a reassurance transfer agreement, including the transfer of around £1.5bn assets and 52,000 annuitants.
Consultancy & Project Management of Annuity Portfolio Sale & Part VII Insurance Transfer
Managing technical, regulatory & policyholder consultation aspects & the implementation of a reassurance transfer agreement, including the transfer of around £2.2bn assets and 58,000 annuitants.
Consultancy, Project Design & Management of Part VII Insurance Transfer, Capital Reductions & Liquidation
Working closely with the Group Chief Actuary & Business Development Director, advising on the Part VII, Capital Reduction & Liquidation processes & managing the entire project to transfer newly acquired life businesses into a single closed fund consolidator vehicle. 4 companies were involved in total with approx. 1.8m policyholders and £7.3bn of funds being combined. Schemes were also required in 4 overseas jurisdictions. Capital reductions were effected for 4 companies and one company was liquidated.
Part VII Insurance Transfer Consultancy & Project Design
Providing Consultancy advice to the Chief Executive & Project Manager on the overall Part VII & Capital Reduction processes to transfer a newly acquired life company into the main life operation. Approx. 90,000 policyholders & £844m of assets were transferred. An advisory role was played with key input to the project design, structure, planning & corporate governance. Quality assurance & ongoing monitoring was achieved via membership of the Project Steering Committee.
Project Design & Management of Part VII Insurance Transfer
Advising the European Controller and Appointed Actuary with a remit to manage and co-ordinate the Finance aspects of the transfer of creditor protection business within the Group – also including Tax, Investment, Regulatory, Legal & Actuarial aspects. The role required intensive management of a wide range of businesses across Europe, liaison with the US parent and complex technical issues which required close collaboration with a range of professionals. The Group structure was highly complex & global, spanning many different countries and, therefore, regulatory, accounting & tax regimes.
Consultancy, Project Design & Management of Corporate Sale & Part VII Insurance Transfer
Advising the UK Finance Director, with a remit to manage the Finance, Investment, Regulatory & Actuarial aspects of the disposal & outsourcing of the Group Insurance business, including the implementation of an Insurance Transfer Scheme. A total of approx. 1m group life and group income protection policies were transferred.
Other Client Projects
Consultancy, Project Design & Management of Unit Pricing Review
Advising the UK Finance Director and the Appointed Actuary on key aspects and improvements to the Unit Pricing function, including Finance, Investment, Tax, Actuarial & Regulatory issues. The role required considerable business review & planning skills as well as co-ordination with a wide range of both internal/external professionals. The Project was successfully completed with improvements being made to the Client's Corporate Governance framework and the overall risk being significantly reduced.
Project Management of Implementation of Property Investment Fund
Advising the UK Finance Director, with a remit to oversee the Finance, Investment, Tax, Legal & Actuarial aspects of the outsourcing and migration of a range of substantial property portfolios into a specially formed Property Partnership fund. The role required close collaboration with a range of professionals, most notably the Outsourcing Provider and Investment Managers.