Client Results

Served as supervisor for various insurance companies, including a life insurer with assets of $500 million. Monitored insurers’ operations and made recommendations for actions on topics such as investments, operating expenses and workforce reductions.

Assisted insurance departments with targeted financial examinations of various insurance companies, including property/casualty, life and health insurers. Services include:

1. A targeted financial examination of a large health insurance group, which consisted of analyzing the group’s financial condition, including reserve and premium adequacy and reinsurer relationships; assessing the group’s corrective action plan and financial projections; reporting on the group’s key financial problems; and making practical recommendations for future regulatory action.

2. A targeted financial examination of property/casualty insurers in run-off, which consisted of evaluating risks to the insurers arising from ongoing litigation; facilitating the commercial resolution of ongoing disputes; assisting the supervisor in ongoing financial issues; analyzing a Form A change in control filing; and examining the insurers’ reinsurance programs.

Assisted the NAIC and insurance regulators with complex issues with respect to XXX / AXXX insurance products and regulation. Services included overseeing the development of reserving rules pertaining to XXX / AXXX insurance products, as now embodied in Actuarial Guideline 38 (AG 38).

Assisted the NAIC and insurance regulators with complex issues with respect to captive reinsurance finance transactions. Services included developing a regulatory framework relative to XXX / AXXX reinsurance finance transactions, which resulted in Actuarial Guideline 48 (AG 48).

Reviewed several Form A filings (change of control transactions) on behalf of various departments of insurance with purchase prices of as much as $1.4 trillion. Analyzed complex funding mechanisms, ownership relationships and reinsurance agreements that were key to transactions.

Reviewed several Form D filings (affiliated party transactions) on behalf of various departments of insurance. Types of affiliated party transactions reviewed included complex tax allocation and administrative services agreements, reinsurance agreements for all of the ceding party’s business, loans and sales of receivables.

Provided property/casualty actuarial services as part of financial examinations of various insurers performed by departments of insurance. Services included actuarial valuations of insurers’ reserves, as well as evaluating insurers’ reserve methodology and actuarial opinions and reviewing reports of national accounting and actuarial firms.

Expedited admission applications on behalf of an insurance department, including making a recommendation to the department within 30 days of receiving a completed application.

Led all facets of formation and licensure of several insurance companies in various states, including property/casualty and health insurance companies. Assisted with establishing financial operations, record keeping and claims processing systems. Assisted many other insurance companies in various states in obtaining foreign insurer Certificates of Authority.

Worked extensively with management to formulate a complex reorganization plan to convert a life insurer from multiple to a single class of stock. Assisted in presenting the plan to shareholders and preparing the Form A change of control filing.

Performed extensive evaluation of finances and operations of various insurance companies on behalf of potential purchasers of companies, including property/casualty, life, and health insurers. Presented findings of evaluations to purchasers and responded to questions and concerns regarding potential purchases.

Performed market conduct operational reviews for several insurance companies and very large medical management company. Reviewed underwriting, policy cancellations and terminations, and claims and complaint processing for an international property / casualty group with assets of $480 million. Review enabled the group to make needed corrections in advance of state departments of insurance market conduct examinations.

Served as expert in connection with complex breach of contract action involving the sale of an insurance group. Issues involved the sale’s likely financial impact on the insurance group and the standard of review used by departments of insurance in considering change of control filings.

Provided litigation consultation services in an action involving the sale of an insurer group to management that resulted in claims that management defrauded the sellers.

Served as expert in a case involving a dispute between owners over an insurer’s fair market value. Issues included valuing the insurer based on expected future net income and losses by taking into account insurer and industry historical data.

Served as expert in connection with a dispute over the renewal of a commercial insurance policy.

Served as expert in cases involving the rates charged by title insurers for the issuance of lender’s policies in connection with residential refinancings. Services required in-depth understanding of title insurance regulation and premium rate filings.

Served as expert in cases involving MEWA regulatory compliance and coverage. Services required in-depth understanding of regulatory issues involving MEWAs.

Served as expert in an action involving a dispute over payment of auto insurance claims. Issues required extensive analysis of the policy’s uninsured motorist and liability coverage and exclusions.

Served as expert on numerous property/casualty actuarial matters. Services included analyzing the effect of various assumptions relating to an insurer’s claims settlement practices and methodology on the insurer’s losses.

Served as expert on statutory accounting issues. Issues involved the insurance company auditor’s responsibility to perform adequate testing and to disclose information to the board of directors and in the audit report and alleged attempts to manipulate the insurer’s financial results to improve IRIS ratios.

Served as expert in actions claiming bad faith in connection with claims. Issues included determining actions by insurer that constitute bad faith, including to failure to pay claims.

Served as expert in cases involving broker compensation. Services required interpretation of complex agency agreements and of regulatory restrictions on payment of agent compensation.

Served as expert in case involving coordination of benefits between health and auto insurance policies. Services required in-depth analysis of the applicability of coordination of benefit regulations.