Today, (re)insurance companies and captives play a critical role in all aspects of business. They enable firms of all sizes to both thrive in growth markets and to weather out less favourable conditions. Getting the balance right can be challenging, whether from increased regulatory requirements or underwriting cycles, developments such as new technologies, increased competition and novel product offerings can compound the complexity.
As the volume and variety of developments in the industry continues to grow apace, (re)insurance providers and captives are experiencing issues in securing specialist actuarial expertise.
New compliance requirements around developments such as IFRS 17 and US GAAP Long Duration Targeted Improvement (LDTI), the climate change and sustainability agenda, along with AI and machine learning applications in the (re)insurance industry suggest that constant change is the new normal to which companies must adapt, and the need for specialised knowledge and experience is on the rise.
As well addressing the challenges of the ever changing (re)insurance and captive environment, we offer support with Pillar I reporting requirements such as the fair value calculation of Economic Balance Sheet (EBS) Technical Provisions and the Bermuda Solvency Capital Requirement (BSCR). We also help support Pillar II & III reporting including the Commercial Insurer’s Solvency Self Assessment (CISSA) and the Financial Condition Report (FCR) and offer our services in reviewing Loss Reserve Specialist Opinions (LRSO).
Why Grant Thornton
Grant Thornton Bermuda offers a broad range of actuarial services to Life, Health, Property & Casualty (re)insurers & captives. Offering actuarial expertise and integrated services across the evolving data analytics and modelling universe, Grant Thornton’s team of experts and strong international network can provide a range of solutions tailored to your actuarial requirements across the traditional areas of pricing, reserving, capital modelling and risk management.