Insurance & Reinsurance
It is imperative that professionals who serve the needs of the insurance and reinsurance industries be well versed in the regulatory process and governing accounting standards. That guidance, depending upon the circumstance, could include Generally Accepted Accounting Principles (GAAP) set by the Financial Accounting Standards Board (FASB), Statutory Accounting Principles (SAP) set by state insurance departments, International Financial Reporting Standards (IFRS) set by the International Accounting Standards Board (IASB), or other accounting standards set by jurisdictional governing bodies.
Our Insurance & Reinsurance Industries Consulting and Financial Expert Credentials
The professionals at Ocean Tomo are uniquely qualified to provide clients related to the insurance industry with financial reporting guidance, litigation consulting, and expert witness testimony. When consulting with clients, our advice comes from having been actively involved in the accounting standard-setting process by serving on committees of the American Institute of CPAs (AICPA) such as the Insurance Companies Committee, Financial Reporting Executive Committee (FinREC), Accounting Standards Executive Committee (AcSEC), Insurance Experts Panel, and the American Institute of Certified Public Accountants/National Association of Insurance Commissioners, (AICPA/NAIC) Task Force.
Ocean Tomo professionals have specialized expertise in accounting, financial reporting, internal controls and economic damages analysis. Team members have served as chairpersons or members of task forces, including those that have issued the authoritative guidance dealing with the audit of property and casualty insurance company loss reserves and the accounting for reinsurance arrangements that do not transfer risk.
Our Litigation Consulting, Dispute Resolution & Expert Witness Testimony Services
The nature of the financial expert services we have provided for the Insurance and Reinsurance Industries cover a wide array of topics and issues such as:
- accounting for complex products
- asset/liability matching
- risk based capital evaluations
- life reserve reporting and assumptions
- health insurance reserving and pricing
- complex corporate structures
- business combinations
- property/casualty loss reserving
- evaluation of solvency
- finite reinsurance
Ocean Tomo also provides expert assistance and testimony in circumstances involving both domestic and international reinsurance disputes, including:
- examining underlying support for claims reported
- evaluating claims adjudication practices
- measuring claim validity, including coverages and statistical analysis and projections
- providing expert reports and testimony to arbitration tribunals
Insurance Company Financial Solvency Investigations
We have evaluated when and to what extent entities were insolvent in connection with many of the largest insurance company failures in U.S. history, including:
- Insolvencies related to the Affordable Care Act
- Executive Life Insurance Company
- Baldwin-United Corporation
- Reliance Insurance Company
- Kentucky Central Life Insurance Company
- Fidelity Mutual Life Insurance Company
- Mutual Fire, Marine and Inland Insurance Company
- Mentor Insurance Company
Meet Our Insurance & Reinsurance Financial Experts
Insurance & Reinsurance Featured Engagements
For expertise specific to accounting, financial reporting, internal controls and economic damages, Ocean Tomo has no peer. Our services are built upon more than three decades of experience in the most rigorous venues – state, federal, and international courts – and spans more than 150 different industry segments. Because our past success provides the best indication of our capabilities, we are proud to feature representative engagements and encourage potential clients to seek references from both past clients and opposing counsel.
Other Financial Expert Services
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