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Representative Engagements

Insurers of all types, as well as reinsurers, are facing unprecedented challenges due to a variety of wide-ranging economic, regulatory and market-related changes. Recent events have been marked by significant property and casualty losses, thin premium pricing, and reserving challenges.

Promontory balances practical business knowledge with regulatory insight. Promontory’s strength in assisting insurance firms comes from our deep international team of professionals who oversaw the design and implementation of regulatory frameworks as well as former senior industry executives with solid experience in insurance practice. This mix of high-quality senior public- and private-sector experts combined with the expertise we bring from other financial services sectors enables us to help insurance firms anticipate supervisory expectations and navigate complex issues.

Areas of Expertise:

Regulatory advice and compliance:

  • Provide regulatory intelligence and market trends at the domestic and international levels
  • Address regulatory and compliance issues to meet evolving supervisory expectations
  • Prepare insurance regulators and firms for Solvency II or Solvency II-equivalent regulation, including training, governance design, internal model pre-application support, and third-party validation of model effectiveness
  • Develop effective compliance frameworks and functions, as well as support implementation

Business strategy:

  • Provide strategic advice regarding emerging financial and regulatory issues
  • Develop, analyze, test and implement:
    • Underwriting and reinsurance strategy
    • Pricing and reserve methodology
  • M&A strategy

Governance and risk management: 

  • Review and support governance framework and board of directors’ oversight and decision processes
  • Review enterprise policies
  • Improve the effectiveness of risk management and internal control
  • Strengthen data-related processes and quality control and risk measurement methodologies 
 

Representative Engagements

  • Supported a supervisory authority of a primary jurisdiction in preparing for Solvency II implementation, in particular for the approval of internal models. Promontory also helped develop methodologies and tools for supervisory assessments and provided training to the supervisors.   
  • Assisted a major insurance group facing supervisory enforcement issues. Promontory prepared senior management for interactions with supervisors and defined organizational and operational solutions in response to supervisory assessment.
  • Advised on the regulatory compliance and Solvency II capital efficiency of a new life insurance product prior to its entry to the marketplace. 

 

 

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