Clients prefer not to have details of these assignments published. However, the following summaries will serve as highlights of major projects. I have also worked on a great number of small consulting assignments that are not included in the following highlights.
Insurance Company and Reinsurer Treaty Dispute (Pre Litigation)
The Company and its reinsurer signed a loss portfolio transfer agreement. Specific accounts were to be subject to the Agreement and others were to be excluded. The Reinsurer did an audit on the performance of the Agreement a couple of years after inception and took exception to some of the losses being included. I was hired by the Reinsurer to audit and review all policies and claims assigned to the Agreement to determine if the losses were properly allocated. The specifics included a determination of whether or not the classification of the premiums and losses were in accordance with the rules and regulations of the Insurance Services Office (ISO). As a result of the audit findings there now is a multi million dollar dispute between the two parties which will undoubtedly result in litigation.
Managing General Agency Program Development (Consulting)
An MGA was approached by a retail broker who controlled a very large book of homogeneous accounts. The broker was willing to place the business with the MGA on an exclusive basis if the MGA could develop a proprietary property and casualty program and could place the program with an acceptable carrier. My assignment from the MGA was to develop the program coverages (some of which were manuscript), rates, forms, and underwriting guidelines. In addition I put together the formal proposal that the MGA used to submit the business to the market place. I also consulted on the establishment of an offshore Captive which was to assume part of the risk. The MGA was able to successfully complete the project and now is growing the book of business.
General Agency Accounting and Workflow (Consulting)
My client was a relatively new General Agency which was growing quickly and simply did not have the back office resources in place to keep up with the growth. As a result, they really did not have a handle on their trust accounts, reports to carriers and billing to retail clients. My assignment required that I bring some sanity and order to the existing business and develop practices and procedures to make sure they could conduct their ongoing business in a professional manner. I designed and implemented written procedures and workflows for every possible transaction, including assigning authority levels to certain job descriptions. In addition we reconstructed all accounting entries and then entered them into an accounting and database software program. The Agency now is much more efficient and actually can run financial reports that are accurate.
Review of Insurance Company Insured’s Records (Pre Litigation)
An insurance company wrote a number of policies for a Risk Purchasing Group (RPG). The underwriting results of the account took a disastrous turn for the worse and I was hired as the underwriting expert in a team of experts employed by the Company. Our job was to conduct an exhaustive review of the RPG’s files to determine if: the RPG had complied with all regulatory requirements, had included only qualified accounts in the RPG, had followed the underwriting agreements of the Company and finally, had handled SIR claims properly. As a result of the findings of the expert team the Company now is aware that they are facing up to $75,000,000 in claims resulting from questionable practices by the RPG.