Property & Casualty Auditing Services
Audits customised to meet your objectives servicing the property & casualty market
Davies delivers property and casualty auditing services to managing agents and syndicates in the Lloyd’s Market. With nearly 35 years of experience, the Property & Casualty divisions at Davies have the industry’s most experienced and tenured auditors who bring unmatched skills and industry knowledge to each audit.
Property & Casualty Auditing Services
What we offer
Our specialty areas of focus are coverholder and third-party administrator / delegated claims administrator and reinsurance audits conducted as extensions of our client’s brands (or on behalf of our London and Lloyd’s market-based clients).
We provide the expertise and resources to accurately assess Delegated Underwriters’ compliance with the terms and conditions of the Binding Authority Agreements they manage on our client’s behalf. We also audit claims handling performed by the entities our clients retain to resolve the claims reported on the business the coverholders produce.
Our services
Coverholder Audits: Davies provides audit services to risk-bearing entities, including Lloyd’s Managing Agents and Syndicates, London market insurers, and domestic insurers. As part of this service, our specialists review the audit subjects’ business management in conformance with the authority contracts they enter into with our clients. Audits include reviews of underwriting, claims handling, policy production, accounting, bordereau production, and IT for compliance with Binding Authority Agreements, Lloyd’s requirements, and industry best practices.
Governmental Entity Audits: Municipal pools, Risk Retention Groups (RRGs), Risk Purchasing Groups (RPGs), captives, domestic insurers, reinsurers select Davies to provide governmental entity audits. We evaluate claims handling, reserving, and outward reporting performed by captives, risk-bearing / risk-sharing entities, and TPAs to assess quality and adherence to best practices and agreed-upon contractual metrics.
TPA / DCA Audits: Our risk-taking clients want accurate assessments of their service providers’ claims management to safeguard their business interests. These service providers conduct claims investigations, settlements and payments, subrogation and salvage recoveries, and litigation management. Davies reviews the overall management, reporting, and resolution of claims or lawsuits as part of our TPA audits. The evaluations of these authorities can be performed remotely through claims management systems to increase efficient and reduce travel-related expenses.
Workers’ Compensation Audits: Domestic and international excess carriers and reinsurers face unique challenges when assessing underlying exposures. Davies has over 30 years of experience handling workers’ compensation claims. We represent the interests of our clients by monitoring the handling, reserving, and final resolutions of workers’ compensation claims. Additionally, our workers’ compensation audit specialists are adept at managing reinsurance exposures generated by workers’ compensation carveout businesses.
Reinsurance Audits: As part of our reinsurance audit services, Davies performs claim department management studies designed to evaluate relevant systems and procedures and, most importantly, the impact of the 3 Rs (reporting, reserving, and resolutions). We are also experienced in evaluating and negotiating commutation agreements. We can also review ceding companies and their TPAs.
