Pro.

Risk, audit and compliance

Coverholder audits

Expert audit and inspection services

Whether you are new to the market or are an established player in the reinsurance or insurance industry, you are likely to be facing these or similar challenges:

  • You find you are managing increasing numbers of intermediaries who can have a significant impact on your market reputation.
  • You need to comply with ever-increasing regulation
  • You are constantly striving to achieve the highest levels of quality across all your business operations
     

Following the introduction of the updated Lloyd’s audit scope on 10th February 2014 (Lloyd’s Market Bulletin Y4770), there is now much greater emphasis on underwriting and claims management. In particular, there is now greater scrutiny of how the Coverholder controls data quality, especially in cross border situations. Other new requirements relate to tax, regulatory, internet trading, consumer business, claims audits and an Atlas  (Lloyd’s) information review.


All these challenges place significant pressure on the need for high quality and timely audits, both for internal and external purposes.

Pro is a leading specialist in the provision of audit related services to the insurance and reinsurance industries, thanks to our acquisition of Chiltington in 2012. Our team has extensive practical experience in underwriting and claims adjusting, particularly as contract leads. Our established market position and relationships with organisations around the world means we can quickly identify the right people to approach when coordinating the practical aspects of an audit and securing the desired input from a counterparty.

What we do

We design our audit programmes around your specific objectives, directing our resources to achieve these as efficiently as possible. Our expert input helps you to understand the underwriting, accounting and management of the underlying business in which you have an interest. Our specialist inspection teams enable us to undertake cost-effective audit programmes covering all major classes of direct and reinsurance business, wherever in the world you need us.

We offer effective assistance in:

  • Delegated Underwriting / MGA / Coverholder Audits
  • Risk Mapping: Our Agency Risk Map is a unique and bespoke risk management tool for the operational business, providing an internal benchmark for agencies. It gives an overview of strengths and weaknesses and an overall risk assessment of every coverholder, providing the insurer with a comprehensive view of its portfolio
  • Claims Peer Review: independent assurance on the effectiveness of claims adjusting, internal controls and governance processes
  • Litigation Support: extensive experience in all aspects of litigation, arbitration, mediation and other forms of Alternative Dispute Resolution (ADR) in the UK, USA, Bermuda and Canada
  • Technical Audits: Audits of the key disciplines including underwriting, claims, finance or compliance, that provide clients with detailed, in-depth analyses of the technical standards and abilities of reinsurers, coverholders and third party administrators
  • Internal Audits: We provide an end-to-end independent assurance process that helps an organisation evaluate and improve the effectiveness of risk management, internal controls and the governance process.

Our track record

Coverholder and MGA audits

At Pro we are proud of our first class reputation for performing MGA, coverholder and TPA audits:

  • We receive around 100 Instructions each year from some 20 Lloyd’s Managing Agents and companies, including occasional instructions from Lloyd’s.
  • We carried out 276 binder facilities audits worldwide.

Risk and technical audits

  • Review of claims reserving to assist in the evaluation of Part VII transfer and reinsurance to close transactions.