Delivering results on your non-core business
Understanding your challenges
Legacy business may be old discontinued lines, markets or clients no longer core to strategic objectives. Managing legacy business is often a complex and time consuming task that can distract you from your core business. You may be considering how to design and/ or implement the optimal legacy strategy for your business that includes the right sourcing model to:
- Manage reputational risk and ensure service quality through proactive current claims handling
- Reduce volatility, release booked reserves and maximise capital extraction prior to exit
- Minimise operational risk such as redundant/ legacy IT systems, key staff retention
- Reduce operational costs
- Understand and manage multiple regulatory environments
What we do
At Pro, we are experts in managing the challenges of legacy business and we are committed to aligning our interests with yours; we help you extract value from non-core portfolios. We deliver a cost-effective, high quality legacy solution service. At the heart of our client service ethos is the desire to achieve success for you and your company in a way that also maintains your corporate reputation and the goodwill of the counterparties with whom we do business. Your business can benefit from our experience.
We have a significant track record in legacy outsourcing and strategic consulting. We have managed over 25 legacy portfolios with collective liabilities in excess of $5bn for a wide spectrum of clients including London Market underwriting pools and blue chip global (re)insurers. These have included some of the most complex portfolios in the London Market including CX Re (US$2.2 billion of liabilities), English & American and Willis Faber Underwriting Management. Our most recent appointment was the Groupama Transport UK and Singapore marine legacy portfolios which went into run-off in 2012.
The value we deliver
Over US$4 billion of reserves de-scaled on managed portfolios over the last 10 years, through:
- Developing and implementing effective strategies for non-core operations, to extract maximum value
- Active claims management protecting clients’ reputation while reducing liabilities and uncertainty.
- Reduction of capital requirements through releasing closed and redundant reserves
- Maximising value of assets by recovering trapped premiums, refunds and reinsurer cash as well as releasing unsubstantiated LOCs, CCAFs and OCAs
- Data migration process to streamline the management of assets, liabilities and reporting (Statutory, Actuarial and Management.)
- Developing IT strategy, including the assessment of legacy systems and design/implementation of new systems to meet run-off objectives
We develop and execute closure strategies through proactive management of liabilities as well as various other methods aimed at reducing liabilities as quickly and efficiently as possible. We focus on helping you to extract maximum value from your non-core portfolios; this frees you up to focus on your core business.
We have a world-wide team of strong, established professional practitioners who, between them, have a thorough understanding of the whole run-off lifecycle. We take great care to get to know your business and we tailor our legacy service to meet your particular needs. Our approach means we can offer a full suite of products and services, from end-to-end Portfolio Management to bespoke one-off transactional services
Our Legacy service is flexible, so we can meet your needs, whatever the scale of your operation. We provide full management of a complex multi-line run off portfolio, we will manage a single claim or policy for you, or we will undertake loss level consultancy projects.
Our global presence allows us to understand and operate within multiple regulatory environments, managing and minimising operational and reputational risk.