Insurance & Reinsurance
It is imperative that professionals who serve the needs of the insurance and reinsurance industries be well versed in the governing accounting principles, as well as the regulatory process. The professionals at Veris from Ocean Tomo are uniquely qualified to meet those needs.
When consulting with clients, our advice comes from having been actively involved in the standard-setting process by serving on committees of the American Institute of CPAs (AICPA) such as the Insurance Companies Committee, Accounting Standards Executive Committee, Insurance Experts Panel, American Institute of Certified Public Accountants/National Association of Insurance Commissioners, (AICPA/NAIC) Task Force.
Our professionals 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.
The nature of the expert services we have provided cover a wide array of topics and issues such as:
- accounting for complex products
- finite reinsurance
- complex corporate structures
- business combinations
- property/casualty loss reserving
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:
- 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
Veris from 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