Managing run-off effectively is a Board level issue for many insurers. The number of closed insurance books across Europe has grown enormously in recent years – driven by the ever increasing need for effective capital management with Solvency II being one of the key factors. We have a range of services to help insurers create value and effectively manage their legacy portfolios.
Our Run-off Management Service is a flexible service designed to provide a proactive management approach to legacy portfolios. Through our regulated entity Charles Taylor Services, we deliver a complete end-to-end service to manage claims, release reserves and manage books to close for owners and acquirers of run-off. We provide a menu of stand-alone outsourced services to support insurers managing their own run-off. We can also support our clients with due diligence to maximise the value during acquisitions and disposal of assets.
Run-off Management is one of a range of services offered by Charles Taylor to make your operations run like clockwork.
How it works
Our services are available as an end-to-end management service, as stand-alone services or for due diligence on M&A activity:
- Claims handling: prudent claims management to ensure liabilities are mitigated where possible
- Data cleansing: to ensure data is clean, consistent, accurate and current
- Reinsurance asset management: efficient collection management using a worldwide network of industry contacts
- Commutations: acceleration of the run-off, from initial contact, through to reconciliation of contracts and financials, IBNR analysis, negotiation and drafting of commutation release agreement
- Audits and reviews: provision of claims audits, pre-commutation audits and inspection of records services
- Accounting credit control services: timely reinsurance accounting and processing. Proactive collection of overdue debt and trapped funds
- Financial reporting: loss statistics, financial statement preparation, quarterly and annual statutory filings
- Pool management: acting as Pool Manager to effectively co-ordinate the run-off of the underwriting pool
- Scheme of arrangements: acting as Scheme Manager to co-ordinate the scheme process through to finality
- Management information: providing monthly financial and statistical reports
- Governance, Audit and Compliance: management, review, monitoring and assessment of regulated activity to ensure compliance within the changing regulatory landscape