Identifying, reconciling and repatriating loss funds
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Identified all Loss Funds held on the managing agent’s behalf
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$14m reduction to the managing agent’s loss fund exposure
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Improved process for monitoring & auditing loss fund positions
How we helped
Our objective was to identify, reconcile and repatriate any surplus and/or redundant loss funds held out in the market by third party companies such as Brokers, TPA’s and Coverholders. We identified and reconciled historic and current loss funds. Once any historic loss funds were reconciled and any anomalies were recorded, we investigated if any cash calls or special collections had been accounted for twice. A further check identified if the correct fees had been applied and taken from the loss fund. Our team recovered surplus funds and identified current and live loss funds to ensure the account was not over or underfunded in conjunction with the reserve review.
Results
We reduced the managing agent’s loss fund exposure by $14m, which strengthened procedures and improved bottom line results. Upon completion of the project, we provided a full identification of all loss funds held on the managing agent’s behalf. We also reconciled all valid loss funds and their current reserves, along with the repatriation of historic run off, redundant or surplus funds. In addition, we implemented new processes and procedures to provide a more robust process for monitoring and auditing loss fund positions.
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