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Delivering Value to the Insurance and Reinsurance Industry

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Delivering Value to the Insurance and Reinsurance Industry Delivering value to the insurance and reinsurance industry Audit and assurance, advisory, actuarial and tax services www.pwc.com/bermudainsurance Contents PwC – The leading provider of services to the insurance and reinsurance industry 4 PwC market focus – Our firm in your sector 5 PwC industry focus – insurance and reinsurance 6 PwC’s commitment to the business community 7 Audit and assurance 8 Advisory 10 Business recovery and insolvency services 12 Tax 13 Actuarial 14 Executive search and selection services & human capital consulting 15 People 16 Global Insurance Leadership Team 18 Creating value with our clients through strong and enduring relationships. We are privileged to be the leading professional services firm and the market leader in the insurance and reinsurance sector both in Bermuda, and globally. We take this position very seriously. Our dedicated team of industry specialists is proud to deliver lasting value to our clients, markets, and our business community. This overview of our insurance and reinsurance capabilities demonstrates our strength in your industry. We look forward to exploring further with you the value our firm can and will deliver. Arthur Wightman Insurance Leader ( +1 (441) 299-7127 * arthur.wightman @bm.pwc.com Delivering value to the insurance and reinsurance industry 3 PwC as these, specialised, timely upon an international, multi- business advice from skilled disciplinary network of PwC - The leading professionals has never been insurance and reinsurance more crucial – or hard to find. accounting, assurance, tax provider of services and advisory professionals to PwC in Bermuda, as well bring a global industry scope to the insurance and as globally, is the market and experience as well as leader in the insurance and comprehensive knowledge reinsurance industry reinsurance sector – no one of Bermuda issues and serves more insurance and regulations. reinsurance companies than we do. Accordingly, we have We provide world-class unparalleled in-depth insight and distinctive service in Bermuda insurers and into both the global and a local context by the way reinsurers face challenges in Bermuda challenges facing we approach our work. The the face of capital constraints, the industry, and apply our behaviours that we encourage, volatile asset values, and knowledge on your behalf, develop, and reward in our the slowdown in the global seamlessly supporting you firm are consistent with those economy. In addition, changes across geographic borders. that we demonstrate in any in Bermuda’s solvency rules, interaction with our clients, supervision and enforcement, Our insurance and reinsurance industry and community – we the move to EU Solvency practice in Bermuda comprises invest in relationships, we II, and IFRS requirements 11 Managing Directors, share and collaborate, we put for insurance contracts, approximately 40 directors, ourselves in your shoes and we could represent the greatest senior managers and managers focus on value. shake-up in reporting, and 45 practice and support regulation and corporate staff serving the industry. At PwC, you will find seasoned structuring for a generation. Our integrated approach insurance specialists with In turbulent conditions such to problem-solving draws unparalleled financial and accounting expertise, knowledge of business processes, industry insight As market sector leader, PwC has extensive knowledge and technology all committed to working with you to help of the issues, trends and challenges that insurers and you manage risk, improve reinsurers face every day – we combine our perspectives, performance, unlock value and achieve your goals – we skills, and diverse backgrounds to deliver innovative measure our success by yours. solutions to complex industry and business issues. 4 Delivering value to the insurance and reinsurance industry PwC PwC market focus - Our firm in your sector PwC is the world’s largest PwC is also the leading PwC insurance clients as a professional services firm provider of audit and percentage of the Fortune with over 184,000 people in assurance, advisory and Global 500 157 countries. We have both tax services to Bermuda’s the leading financial services insurance and reinsurance 14 practice and the leading industry. We provide audit insurance and reinsurance services to 58% of the leading practice among the ‘Big 4’ insurance and reinsurance 47 firms. With a financial services companies in Bermuda 39 practice in excess of 38,200 (including over 60% of those professionals globally. We which are US exchange-traded) have industry-dedicated and have ongoing advisory and professionals everywhere you other relationships with the need us, now, and in the future. vast majority of the remainder. Audit Non- Other 39% audit 14% We are also the largest global 47% Darren Johnston actuarial practice with over 750 actuaries worldwide. Chief Executive Officer ( +1 (441) 299-7135 Audit market share of Association of Bermuda * darren.johnston Insurers & Reinsurers (ABIR) @bm.pwc.com members 2 “As market leader, our expertise, perspectives, bench strength and 40 connected network allow us to deliver 58 world-class service in a Bermuda context – I will support my industry teams to ensure you get the very best Audit Non- Other 58% audit 2% service from PwC worldwide” 40% PwC audit clients PwC non-audit clients All other companies Delivering value to the insurance and reinsurance industry 5 PwC • We are able to fully specialise • Through active and which ensures that our continuing contact with PwC industry focus services are tailored to match regulators (including the needs and requirements the Bermuda Monetary - insurance and of all of our clients; Authority) and other institutions (including the reinsurance • We have a global view, and Securities and Exchange have made a real investment Commission) we are linked in serving your industry, into contemplated changes or such as investing in emerging interpretations in regulations, markets and people mobility; and are able to both influence Our clients face complex their development and opportunities and challenges, • A connected leadership communicate these changes and they turn to PwC because is central to our global to you on a timely and of the breadth of our skills insurance practice (Arthur proactive basis. and experience and our ability Wightman, our industry to deliver comprehensive leader in Bermuda, is a solutions and work closely senior member of our Global with them. We believe that our Insurance Leadership Team) – leading position, both globally this ensures that our practice and in Bermuda, makes us truly is ‘joined-up’ and connected; distinctive for the following reasons: • We understand and influence the issues that are most • Insights and perspectives relevant to you, including that can only be gained from IFRS, Solvency II and having hands-on experience Bermuda regulation, ERM, with a large proportion of developments in global insurance and reinsurance taxation, and fair value; industry clients; Our industry expertise is unparalleled and, like our international perspective, is an attribute that is valued highly by our clients. We anticipate insurance and reinsurance industry issues and how to best serve your needs. 6 Delivering value to the insurance and reinsurance industry PwC Bermuda’s regulatory PwC’s commitment framework PwC works closely with the BMA to provide perspective on to the business the development of Bermuda’s community regulatory framework. Thought leadership Our professionals contribute PwC cares about the continued Bermuda (Re)insurance regularly to various media, success of the business Club including the Americas and communities in which our We run a series of sessions European Insurance Digest, people live and work. Both over the course of the year to the Bermuda Insurance globally, and in Bermuda, provide opportunities for (re) Quarterly (BIQ) and the our focus is on ‘developing insurance professionals to meet Bermuda Business Channel. future leaders’. We believe that and discuss key industry issues We also produce the biennial education is the foundation and trends. Bermuda Market Survey which for development as it provides provides powerful insight and growth opportunities for Bermuda (Re)insurance benchmarking into the (re) the young, advances future conference insurance industry from the leaders and further develops We created and co-sponsor the people who know it best. the growing population of annual Bermuda (Re)insurance quality professionals who conference which features can support the increasingly discussion panels of leading complex business issues in executives holding lively the marketplace. Our people debates regarding key issues share a common purpose in facing the industry. “Our people share a common purpose serving the Bermuda business in serving the Bermuda business community and participate Chief Financial Officer in all aspects of industry forums community and participate in all development, including Our (re)insurance CFO aspects of industry development, legislation, regulation, industry evening forums feature highly committees, presenting interactive discussions of the including legislation, regulation, seminars and authoring challenges facing CFOs in the industry committees, presenting publications. current environment and issues affecting the market. seminars and authoring HeadStart publications.” Our HeadStart programme Chief Risk Officer gives students the opportunity roundtables to gain valuable insight into We host regular CRO the business-world
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