Assist with changes to governance, capital model, risk, compliance, operations, claims functions and frameworks
The Client’s Needs
The client, a Managing Agent with a Syndicate in run-off planned to create a new business model and become a run-off specialist. There was an expectation of considerable growth in a short period of time. The Syndicate needed to review and rebuild its operating model requiring operating and control changes to governance, capital model, risk, compliance, operations and claims functions and frameworks expected.
ICSR were asked to create a team to achieve the required Operating Model and develop a model for the integration of future books of business. The timetables were tight in order to be ready for the new underwriting year of account.
ICSR’s Solution
Within a very short period ICSR had assembled a team from its Talent Pool
Resources Deployed
ICSR put together a team of multi-disciplinary experts including former CEOs of Managing Agents, an M & A run-off expert and former Heads of Compliance, Risk, IT, Operations and Claims. These were supported by an experienced Programme Manager and Business analysts to move the work forward within the timeframe required and a third-party capital actuary and a senior HR practitioner.
Client Outcome
The client was able to develop its operating model and rebuild all of its control frameworks and prepare to take on new business within Lloyd’s.
