Legacy Management Solutions
Helping you manage the past so you can focus on growth
Our Legacy Management team understands the complexities and challenges that brokers, MGAs and (re)insurers face with legacy business. These challenges can divert essential resources away from primary business activities, affecting overall performance and profitability. Our innovative solutions are designed to address these challenges head-on, providing a seamless, cost-effective path to managing and resolving legacy issues.
Legacy Management Solutions
Carriers & MGA Legacy Management: Controlled, efficient discontinuation
Davies provides a comprehensive legacy management solution for carriers and/or owners contemplating the discontinuation of MGA operations. Our end-to-end support structure is designed to relieve the burdens of ongoing management, ensuring all customer and regulatory obligations are efficiently met for a swift and complete market exit. The benefits for carriers and owners include:
Conduct and compliance assurance: Safely manage conduct and compliance issues with a transparent, upfront fee structure, free from hidden costs.
Simplified engagement process: Engage with a single partner for a seamless process from advisory services to operational, regulatory and legal finality.
Accelerated clearance: Through proactive management, such as optimising reserves and claim settlements, the discontinued portfolio is cleared more quickly, removing ongoing responsibilities.
Cost efficiency: Achieve significant savings compared to the anticipated costs of independently managing an MGA’s run-off.
Secure customer experience: Maintain a safe and secure management of exposure while ensuring an ongoing optimal customer experience.
Support for the efficient, compliant wind-down of portfolios, ensuring policyholder obligations are met and regulatory requirements maintained throughout.
Legacy premium collection
Managed by our Premium Credit Control team to optimise recoveries and ensure compliant, end-to-end support.
Loss Fund Management: Maximising financial recovery
We are recognised experts in the realisation of overstated and redundant funds and implement our strategic and forensic processes to deliver a comprehensive analysis of loss funds for clients. This loss fund expertise has, over the last six years, returned over £300m of funds to the market, which may include ‘closed years’ to the market. This process can help insurers identify written-off, lost, or forgotten funds.
Identifying unknown loss funds: Discover previously unrecognised funds.
Reconciling loss funds against stated loss reserves: Ensure accuracy and accountability.
Extracting surplus funds: Recover surplus funds for disbursement.
Utilising our extensive network of broker and TPA contacts: Leverage industry connections for optimal outcomes.
Implementing controls and procedures for ongoing management: Establish static reviews and continuous oversight.
Through these tailored solutions, Davies Legacy Management helps brokers, MGAs, and (re)insurers navigate the complexities of legacy business.
