Some of the projects we have completed working within the businesses on significant project contracts for Lloyd’s syndicate principals:

Legacy Coverholder differences

We instigated a project to review, investigate and understand legacy differences within different coverholder accounts – cash v signings for both premium and claims requirements. Action corrections, discuss with various areas of the business to enable resolution. This enabled the business to cleanse their ledger, positively assisting BAU going forward.

Legacy bank reconciliation differences

We were mandated to review 30+ aged bank reconciliations (different currencies) to breakdown and resolve historical differences. All bank accounts reviewed with a presentation of those findings to CFO, with suggested resolutions, which enabled the business to accurately determine their next steps.

Resolution of a large difference with signed historical premium bordereaux

We entered the project after initial internal commencement by the business, but still we were able to resolve 89% (c $33m) of the value in query at the point we became involved. This provided the desired clarity to the business and enabled their processes to be simplified - with a positive impact on profitability.

Intercompany balances and processes

This project was required to improve and assist understanding and governance around account balances. We created a new process and implemented to the relevant team on one large area involving premium balances c $50m. We assisted with closing an outstanding MLP (management letter point) around this piece along with clearing legacy balances, which enabled resources to be deployed in other much-needed areas.

To complte, we assited with creation of improved governance around the balances and transactions being posted into intercompany, in turn enabling the business to improve process and regulatory governance going forward.