EMB partners and senior consultants have been involved in one way or another in assisting the closure of the majority of the insolvent insurance and reinsurance companies in the UK and a significant number of overseas insurance companies.
This assistance has included actuarial assistance to the provisional liquidator and then Scheme Actuary in the subsequent scheme of arrangement, peer review actuary or adjudicator.
Our role has included providing best estimate reserve advice and reasonable estimates of ranges in the face of very poor records and management information. This tends to involve working with the insolvency practitioner (IP) to build up a reasonable picture of IBNR and to assist in inward commutations to crystallise the liabilities of the estate. A significant part of our role has also historically been to assist the IP to get a reasonable value from commuting the reinsurance programme.
