Alan Gray Selected to Provide Run-Off Administration Services for ECRA and CMC Reinsurance Pools
The Reinsurance Audit Services of Alan Gray provide a wide array of services to both domestic and foreign ceding companies and reinsurers: Quota Share, Excess of Loss, and Facultative contracts for all lines of business. Our offices in the US and Europe provide our clients with significant cost savings. Our clients and partners benefit from a full range of underwriting, claims, accounting, and system support services. These services reduce and eliminate litigation and arbitration costs while accelerating cash flow and maximizing the economic value of reinsurance recoverables. Additionally, our reinsurance audit services preserve the relationship between carriers, brokers, and insureds and enjoy reduced or eliminated penalties for schedule F.
Reinsurance audits are integral to the sustainability and compliance of reinsurance arrangements. By employing strategic planning, leveraging technology, and fostering a team of skilled professionals, we can effectively navigate the complexities of these audits. The goal is to comply with contractual and regulatory standards and build transparency and trust.
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A purchaser of a global reinsurance book utilized Alan Gray after a transaction to review the quarterly reinsurance accounts, verify reported loss dates, and determine that all recoveries were credited to the gross paid amounts.
Sampling less than 20% of the book, Alan Gray was able to identify more than $15M worth of payments made outside the transaction period.
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On behalf of a liquidator of an insolvent carrier, Alan Gray was engaged to review five years of premium and loss transactions that had never been billed to its quota share reinsurers.
Through original systems and hard copy documents, our offices produced and notified the five years of missing accounts statements totaling an amount due of $20M.
A client requested a reserve review of 800 assumed Workers’ Compensation claims to determine if the claims were adequately reserved.
The claims were handled by more than 75 TPAs. Based on the review and Alan Gray’s recommendation, the client increased their reserves by $18M.
Alan Gray was established in 1988 as a claims and audit advisory firm, and over the years has built a reputation as a cost-effective, reliable, and trusted resource to those involved in the management of risk.
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