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 through roundtables where CROs mentoring; financial assistance; can share their thoughts and summer internships; work opinions on the challenges co-ops; and our Associates they face as they continue to program. implement risk management frameworks.
Delivering value to the insurance and reinsurance industry 7 PwC Regulatory compliance & communications, change reporting management, and industry Audit and assurance Through our team of expertise to effectively assist experienced regulatory risk companies in managing the specialists, we provide support, transition to IFRS. Our IFRS advice and assurance to help Transition methodology you manage your regulatory provides a robust and tested risks including new BMA framework for efficient and regulations, Solvency II and effective conversion, and Financial statements audit anti-money laundering. We promotes lasting transfer of Our globally consistent audit have deep experience in IFRS knowledge to our clients. methodology is delivered by assisting companies through We typically conduct each IFRS multi-disciplinary teams whose the initial incorporation transition project in a phased members understand your phase and on subsequent approach comprising: 1) an business and its operations. interactions with the regulator. initial impact analysis; 2) the As a result, you gain greater In an ever-changing regulatory detailed steps necessary to comfort with regard to your environment, we also help you prepare the first complete IFRS company’s financial statements identify, manage and control financial statements; and 3) as well as greater insight into existing and future regulatory integrating the information, your business risks and the risks. In addition, we help issues and solutions gathered effectiveness of your internal clients minimise the costs and into your underlying financial controls. PwC Audit delivers disruptions associated with systems and processes. an independent assessment regulatory compliance and of your company’s accounting maximise the competitive Assurance on capital Arthur Wightman and reporting practices, and strategic opportunities market transactions Insurance Leader financial reporting risks, resulting from regulatory We advise companies that ( +1 (441) 299-7127 and internal controls while change. want to raise debt or equity providing valuable insights capital in the capital markets. * arthur.wightman and observations on controls, International Financial We offer tailored advice on @bm.pwc.com efficiency and operations. Reporting Standards equity transactions covering (IFRS) readiness & all stages of the process, from conversions preparing for life as a public We combine a range of company, selecting the right technical accounting, process capital market and establishing improvement, training, the right team of experts, to advising on regulatory issues. “Our audit approach is at the leading edge of best practice We provide a comprehensive array of services ranging and quality and is tailored to suit the size and nature of from the provision of comfort your organisation; it draws upon our extensive industry letters supporting disclosure in offering documents to knowledge - core to our approach is the delivery of such services as financial and continuous service and real value.” operational due diligence and consistency checks of financial models underpinning transactions.
8 Delivering value to the insurance and reinsurance industry PwC No 1 Audit and assurance practice.1
Sarbanes-Oxley Independent controls compliance & system processes We provide a range of services assurance to help SEC registrants, For organisations which require whether subsidiaries of US an independent evaluation domestic registrants or foreign of their business processes private issuers, achieve robust and related controls we controls in a cost-effective provide an overall evaluation manner. We work closely of management controls; “PwC has been with us from our with our clients to establish assurance on business inception and delivers real value to compliance programmes, processes, systems, data and transfer knowledge and technology management; our company in every aspect of our provide training to support a risk management solutions; relationship. There is no outside party successful SOX 404 compliance and traditional third-party programme. Other services assurance. Our services enable that knows us and our business as include readiness assessments, you to gain comfort that your well as PwC. Our management and documentation and testing systems, processes and risk directors have consistently benefitted assistance and sustainability management procedures are assessments. operating effectively and within from PwC’s quality insights and sound, a well-controlled environment. practical advice. There is a deep sense Financial accounting These services generally We have the knowledge and result in the provision of a of professionalism and accountability experience necessary to comprehensive, independent throughout the PwC team. PwC has help with complex financial report on controls that can be accounting issues. We can used by third parties (SAS 70). delivered what they promised from the provide services such as outset – a relationship steeped in timely valuations, pensions and share Internal audit collaboration and value for us.” plans, listings, and IFRS advice. We help companies enhance or transform their internal Non-financial performance audit function by providing & reporting solutions tailored to their We help clients to develop their needs. We provide a range transparency by reporting the of solutions from selected information that matters most co-sourcing of technical, to stakeholders – including geographic or industry-specific disclosures related to important capabilities to full outsourcing non-financial value drivers of the internal audit function; such as market opportunities, Sarbanes-Oxley services, anti- risks, and intangible assets. Our money laundering services and ValueReporting methodology internal audit improvement provides a comprehensive services, such as, technology, approach to your decisions risk assessments, training, regarding the disclosure process and organisational of non-financial corporate re-engineering, as well as information. benchmarking and quality assurance reviews. 1 Source: Association of Bermuda Insurer and Reinsurer (ABIR) members by net premiums earned.
Delivering value to the insurance and reinsurance industry 9 PwC Our services include executing maintenance and testing finance transformations of business continuity and Advisory and organisational design; disaster recovery plans. designing and implementing strategic plans; conducting Technology finance capabilities IT effectiveness: We help assessments; benchmarking our clients in driving value finance functions and from technology. Using a recommending technology combination of our industry, Finance function enhancements. technology and financial effectiveness knowledge, we can deliver We support finance executives Enterprise risk strategic thinking around the to deliver value and excellence, management latest IT operating models improve governance, control We develop systematic supported by our analytical and reporting, as well as approaches for the tools, methods and consulting mitigate key risks. Specifically, identification, understanding skills. In addition we assist we help finance executives and managing of increasingly organisations to implement balance 4 main objectives: complex and inter-related and maintain a secure and risks across an organisation. high-performance business • The creation, maintenance, We support companies in infrastructure. and protection of value for defining the kinds of risk Information security: We their organisation; and the amount of risk that assist companies in seeing • Operational excellence will be tolerated; linking risk the big picture of threats through efficient and appetite to an organisation’s facing them today and in the Garth Calow effective processes and business strategy; making risk future. Our industry-proven Advisory Leader controls; information reliable, timely proprietary frameworks ( +1 (441) 299-7105 • The identification, and relevant in order that accelerate our clients’ anticipation and mitigation of it can support management understanding of information * garth.calow risks to the organisation; and decisions; gap analyses, and risk, while our innovative @bm.pwc.com • The development and establishing appropriate Board thought leadership helps them maintenance of governance governance and oversight. manage and reduce risk in a and reporting systems We also provide specialist sustainable manner. in support of the other 3 assistance in the design, IT governance: The objectives. construction, implementation, governance of the information technology function is an essential part of enterprise “We are committed to bringing you the benefits of our governance. We help wider insurance and reinsurance practice and helping management to establish an IT governance framework you manage your challenges and opportunities through for implementing the our broad range of services. We have deep expertise leadership and organisational structures, process and control in helping clients manage and take advantage of the mechanisms whereby IT challenges presented by the current environment.” facilitates the achievement of corporate strategies and objectives and adequately mitigates IT-related risks. Our approach typically focuses
10 Delivering value to the insurance and reinsurance industry PwC No 1 worldwide Business Advisory Consulting on IT governance areas and large capital investments practice.1 such as staffing, investment, amidst increased competition, information security, change or in times of uncertainty; we management, development evaluate technical, operational, & acquisition, operations market and financial risks. & support, capacity & performance, incident response Corporate governance & problem management, The credit crisis, volatile supplier & vendor management capital markets, new and outsourcing, quality business strategies, and Delivering value added impactful management, project rising demands for enhanced services without compromising management, data corporate governance, management, architecture and corporate accountability, and independence compliance management. transparency are propelling the board’s role in corporate We have deep experience of providing Transactions governance into the spotlight. We help companies execute all We are committed, through our a broad spectrum of services to types of financial transactions Board Education programme, our client base, including many – acquisitions, divestitures and to helping boards and audit audit clients beyond the core audit. strategic alliances – as well as committees sharpen their accessing the global capital focus on their primary This includes our SEC clients. markets. In each case we have responsibilities as they We are highly cognisant of key the same overriding objective: address today’s challenges – independence requirements - our to help clients maximise the understanding what they need Global Independence Compliance return on their deal. to do, how to do it successfully, Corporate finance: We focus and what pitfalls to avoid. Program (GICP) sets the standard on the deal continuum from for our profession - we have the strategy through execution to Client education competencies to add significant value post deal integration, including With increased business financial and operational demands it is essential that to our clients in many ways without due diligence, accessing the performance of both people compromising our independence. capital markets and valuing, and organisations is optimised. Our audit clients regularly tell us the negotiating and structuring We offer a tailored training deals. service that ensures your relationship they enjoy with us as Transaction services: We boards, management teams a trusted business advisor delivers assist companies complete and and/or employees receive considerably more value overall than extract the maximum value the specific knowledge and if the audit and advisory relationships from transactions. skill building they need to Valuation & strategy: We make a difference for your were compartmentalised. provide companies with organisation. independent expert valuation advice; we evaluate the financial implications of transactions; we advise on better asset management 1 Source: Kennedy, “Global Consulting Marketplace 2008- 2011”; © Kennedy Information, Inc.; used with permission
Delivering value to the insurance and reinsurance industry 11 PwC PwC is a leading provider of business recovery and Business recovery and insolvency services insolvency services
Solutions for discontinued Financial restructuring Dispute analysis & insurance business We support you in a variety investigations & corporate liability of areas including recovery As globalisation intensifies, management from crisis; preserving the disputes and other difficulties We provide restructuring business, and/or management inevitably arise more and operational consulting retaining control; for lender/ frequently. Such challenges services to companies in the creditor, maximising/realising often involve diverse cultures insurance industry with run-off value; better understanding of and legal systems, as well as business. Issues being faced the financial and commercial unfamiliar regulatory and by operations around the position of the business, its accountability requirements. world where the team is able prospective viability and Our practice combines to provide advice, support and the range of restructuring financial accounting skills assistance include: the need options available and solutions with investigative rigor, to bring finality to run-off developed in partnership with industry expertise, and the and extinguished liabilities; creditors and debtors. most advanced forensic the requirement to release technologies available, all capital from run-off and Corporate insolvency on a global scale. Our teams consider options such as sale or Our corporate insolvency specialise in minimising transfer of liabilities; the need services include business disruptions, financial to rationalise operations to administrations, company loss, and reputational damage; achieve operational efficiency; voluntary arrangements, and implementing effective the need to proactively manage administrative receiverships, remedial action. in-house or outsourced run-off, compulsory liquidations including the development of and creditors’ voluntary a robust outsourcing contract, liquidations and support in to maximise shareholder value; other formal and informal and the need to benchmark insolvency proceedings. the claims and reinsurance functions to assess their effectiveness or otherwise.
12 Delivering value to the insurance and reinsurance industry PwC PwC is the leading provider of tax services worldwide.1 Tax
Corporate tax advisory efficient manner, both locally for head office reporting and We provide a broad-ranging and globally. We assist with as a basis for tax planning, corporate tax advisory service effective cross-border strategies providing companies with to organisations that want to and managing a company’s assurance that tax compliance manage their tax obligation global structural tax rate. processes around the efficiently. We deliver tailored We also keep companies world are under control. In solutions to individual business abreast of new international addition, we can deliver a needs, helping to build developments that affect range of technical support shareholder value, managing their business. We provide customised to a company’s the impact of global taxes in multi-national companies specific business needs – from a company’s business, and with a full range of global providing dedicated specialists benchmarking the effective tax indirect tax services including: to supplementing a company’s rate against competitors. structuring and planning to internal resources to delivering mitigate indirect tax costs/ outsourcing solutions. Transfer pricing risks; strategic compliance Rick Irvine We have a strong international and reporting advice; tax risk Domicile advisory Tax Leader network of dedicated transfer management support and We help companies evaluate ( +1 (441) 299-7136 pricing professionals who assistance with tax authority the opportunities associated advise companies on inter- negotiations, obtaining rulings with re-domesticating for * richard.e.irvine company transactions across and litigation. tax reasons, and help those @bm.pwc.com borders including advance companies manage timely, pricing agreements, dispute Corporate tax compliance efficient and effective resolution, documentation & outsourcing transitions. We provide both and planning, and value Our local compliance teams multi-jurisdictional, inbound chain transformation™ global are well versed in the latest tax and outbound expertise as well structure alignment. law and practice and through as multi-line service specialists the efficient use of technology to provide advice on every Corporate & international we coordinate company’s tax aspect of a company’s business tax structuring and compliance requirements on as it considers the potential indirect taxes a multi-territory basis. We benefits of re-domestication. We help companies structure aim to improve connectivity their businesses in a tax- and information management
“Tackling the most important tax issues facing you is
1 According to the TNS Global Tax top of mind for us. We can help you address challenges Monitor (GTM), year-ending Q2 through a distinctive combination of tax planning, 2009 data, for strongest overall reputation for tax advice and compliance, industry, and regulatory experience.” overall useage for tax services globally. The GTM is a multi-client independent survey of more than 3,000 key tax decision makers per annum (CFOs and Tax Directors) in 31 key markets worldwide. Delivering value to the insurance and reinsurance industry 13 PwC PwC has the largest actuarial practice globally and Actuarial locally
Actuarial process your insurance products; also in financial economics, improvement investigating and quantifying codifying management For companies seeking to uncertainties and areas of behaviour, project management improve financial reporting risk; formal and informal and risk management. timeframes, looking to benchmarking in a number of Application of these skills will streamline actuarial processes, areas; and helping to make a allow improvement of your restructure their actuarial smooth transition to IFRS for risk management, capital function, and enhance the insurance contracts. management and performance effectiveness of their actuarial management capabilites. models and systems, PwC Risk and capital provides support for key management Model validation operational aspects of all We specialise in developing We have developed a model actuarial processes supporting and implementing a range of validation framework that is the financial reporting capital and value management designed to help management function. We can work with methodologies. These satisfy the growing demand Michael Mielzynski you to review, redesign, and approaches are used for for external validation of their improve your existing actuarial optimising the allocation of models by regulatory rating Senior Manager, AIMS processes and procedures capital, including utilising agencies and other external ( +1 (441) 299-7149 and provide peer group reinsurance and determining stakeholders. * michael.mielzynski benchmarking in order to investment strategy, and @bm.pwc.com ensure accurate and timely for assessing the impact results and the most efficient of strategic decisions on and effective use of your shareholder value. resources. Our solutions assist management in improving your Insurance reserving & business planning processes, as reporting well as improving the quality Our services include: a detailed of management information, in “We provide you with value beyond review of your loss provisions order to ensure effective capital to provide additional comfort management. ‘the numbers’ by understanding the to the Board of Directors and risks and key drivers of your business other external stakeholders Financial modelling (including regulatory opinions) We work with companies and leveraging our local and global as well as providing additional and regulators to develop resources to seamlessly deliver a broad insight to management based innovative approaches to on the market knowledge designing, developing and array of actuarial solutions.” developed from our large implementing financial portfolio of insurance and modelling strategies across reinsurance clients; market enterprises. We have technical knowledge to provide expertise not only in model feedback on profitability of design and model building but
14 Delivering value to the insurance and reinsurance industry PwC PwC has the largest global HR consulting practice Executive search and worldwide selection services & human capital consulting
Recruitment services Advertised recruitment Compensation & benefits Our recruitment services fall For less senior roles which consulting into six areas: do not justify or require a full We specialise in developing International search “head-hunt”, we use local, compensation and benefit (total We search internationally overseas or international reward) programmes on a local for senior positions, both advertising campaigns to and international basis, that are recruiting overseas candidates attract candidates. aligned to corporate objectives. Annually, we produce PwC’s to Bermuda-based roles, or Database searches Bermuda International locating appropriate candidates Our extensive database Business Compensation Survey, for positions overseas. provides us with the ability to an industry-specific survey Market intelligence quickly identify and engage which provides insight into We conduct market with appropriate candidates the compensation practices intelligence-gathering projects across a range of functions and and market trends within the to support both local and disciplines. Bermuda insurance sector. Alistair McNeish international recruitment Immigration services assignments, by mapping Leader, Human Capital We provide a professional HR consulting functions or specific roles to be Consulting Limited Immigration Consultancy We provide a range of strategic recruited. ( +1 (441) 298-9708 service to assist clients obtain and tactical HR consulting Bermuda market search the appropriate permits for services, working regularly * alistair.s.mcneish Our local knowledge and new hires and their families, in partnership with our @bm.pwc.com excellent relationships enable where appropriate. international HR consulting us to compile a high quality colleagues. We have the short list of relevant and capacity to put together teams engaged candidates for a range of subject matter experts to of senior positions. cater most effectively to your business needs.
“Driving shareholder value by aligning your people with your business strategy is core to our value proposition – we will work with you to make your people a sustainable source of competitive advantage.”
Delivering value to the insurance and reinsurance industry 15 PwC People
Arthur Wightman - ( +1 (441) 299-7127 * [email protected] Arthur is the firm’s Insurance Leader with responsibility for the firm’s Insurance Team. The Insurance Team creates value for global insurance and reinsurance groups, long-term insurers and reinsurers, domestic insurers, captives and insurance-linked operations. Arthur has wide-ranging experience with global companies working with them directly in Bermuda, the United Kingdom, Continental Europe and the United States. Arthur has extensive audit and advisory relationships across the sector, and creates value for clients on a range of levels including strategy, corporate acquisitions and disposals, assurance, commercial due diligence and transaction services, performance improvement (finance transformation) and risk & regulatory management. He has worked with start-up clients who proceeded rapidly to registrant status and more mature companies pursuing growth strategies. Arthur is a PwC accredited transaction services partner. Arthur has significant reinsurance expertise and has been supporting clients more recently with various specialised insurance vehicles and insurance-linked securitisations. Arthur is regularly featured in sector commentary in international press, participates on expert panels at various industry events and publishes PwC thought leadership including a recent reinsurance strategy paper entitled ‘Breaking the Mould: Reinsurance 2020’ and a convergence paper entitled ‘Expanding the potential of ILS’.
Darren Johnston - ( +1 (441) 299-7135 * [email protected] Darren is the Chief Executive Officer and is involved in many aspects of the firm’s services including the provision of assurance and advisory solutions to public and private clients. Engagements include audits, internal control examinations, a state exam, due diligence, business process improvement, risk management, governance, and general advisory services. Darren has concentrated his focus on serving large multi-nationals which typically operate in key international jurisdictions. These multi-nationals face similar challenges in terms of tax structuring, cultural and operational differences, regulatory requirements, and GAAP conversion processes.
Garth Calow - ( +1 (441) 299-7105 * [email protected] Garth is a Managing Director and the firm’s Advisory Leader. He has over 20 years of experience in the specialist area of corporate restructuring, business recovery and formal insolvency, taking appointments as a licensed Insolvency Practitioner since 1997. He has significant experience taking lead roles on business recovery assignments for corporate, secured and unsecured creditors and other stakeholders, and has managed an extensive portfolio of cases across a wide range of industry sectors including financial services, manufacturing, construction and property, telecoms and technology, and the hotel and leisure sector.
Colm Homan - ( +1 (441) 299-7116 * [email protected] Colm is Managing Director, Insurance. He has worked closely with many of Bermuda’s insurers and reinsurers particularly assisting them in developing their enterprise risk management programmes, Sarbanes-Oxley compliance programmes and dealing with their regulatory enquiries. Colm has worked with the BMA on a number of their strategic objectives including the development of Bermuda’s risk based capital requirement (BSCR) and assisting with the comparison of Bermuda’s regulations to the Solvency II rules and currently chairs the Institute of Chartered Accountants of Bermuda’s professional practices committee.
Richard E. Irvine - ( +1 (441) 299-7136 * [email protected] Rick is Managing Director of our Bermuda tax practice and has global responsibility in the international tax insurance and reinsurance practice of PwC. He has extensive experience working with international tax issues of insurers, reinsurers and alternative investment structures. Specific experience includes qualification as insurance for tax purposes, cross-border structuring, tax treaty issues, structuring of onshore activities to minimise US tax exposure, Passive Foreign Investment Company status issues, representation in tax controversy matters and those issues facing offshore insurance companies.
16 Delivering value to the insurance and reinsurance industry PwC Tom Miller - ( +1 (441) 299-7102 * [email protected] Tom has been a Managing Director for over 18 years. He delivers to a large industry focused client portfolio and has served a wide range of clients in both the local and multi-national sectors. His career has had a particular emphasis on the insurance industry, including major commercial market insurers and reinsurers and investment management companies. Tom is also a past president of the Institute of Chartered Accountants of Bermuda.
Richard Patching - ( +1 (441) 299-7131 * [email protected] Richard is Managing Director and responsible for developing and overseeing our Captive Insurance Group and our broader delivery of services to the captive industry. Richard has been a longstanding member of PwC’s Global Insurance Leadership. Richard also has extensive experience of Bermuda’s commercial insurance market, having served as engagement leader on a number of Bermuda’s largest reinsurance companies as well as having provided internal audit and advisory services to a large number of other commercial insurers and reinsurers.
Alistair McNeish - ( +1 (441) 298-9708 * [email protected] Alistair leads the PwC Human Resource Consulting practice. He has significant experience in executive search within PwC in Bermuda and the UK. Alistair has provided international executive search services to a range of leading insurance and reinsurance organisations.
Paul Byrne - ( +1 (441) 299-7125 * [email protected] Paul is a Managing Director in our Advisory Services group and has more than 12 years audit and advisory experience, having initially qualified in the financial services practice of PwC Dublin. In 2000, Paul joined PwC Bermuda and since then has been focused on financial services entities, in particular the reinsurance industry. Paul’s experience within Bermuda has been focused on US GAAP reporters, integrated audits and SEC registrants. Paul is part of the ICAB Professional Practices Insurance Sub-committee which is working with the BMA to provide guidance on certain areas of statutory accounting.
Matthew Britten - ( +1 (441) 299-7265 * [email protected] Matthew is a Managing Director in PwC Bermuda’s Insurance and Reinsurance group, serving clients in both an advisory and assurance capacity. He has over 13 years of experience serving (re)insurance clients having started his career with PwC in 1998 in the London office of the UK firm’s Insurance and Investment Management practice. He subsequently transferred to the New York office of PwC’s US firm as part of the Insurance practice in 2002 before joining PwC Bermuda in 2010.
Darren Greenway - ( +1 (441) 299-7180 * [email protected] Darren is Managing Director of Risk & Independence and has over 17 years professional experience, including 11 years with PwC in Bermuda. He trained in the UK, where he gained audit experience with a selection of domestic and international clients and also worked with the UK National Audit Office. Darren qualified as a chartered accountant in 1996 and joined PwC Bermuda in 1998. His clients have included captive insurers, reinsurance companies and Bermuda listed companies.
Delivering value to the insurance and reinsurance industry 17 PwC Global Insurance Leadership Team
Global Canada David Law Jonathan Simmons Global Insurance Leader + 1 416 723 8514 PwC (UK) [email protected] + 44 7710 173 556 [email protected] Australia Scott Fergusson Bermuda + 61 2 8266 7857 Arthur Wightman [email protected] + 1 441 299 7127 [email protected] Singapore Alywin Teh United States + 65 6236 7268 Bob Sands [email protected] +1 267 330 4480 [email protected] Germany Alexander Hoffman United Kingdom + 49 211 981 7408 Mark Stephen [email protected] + 44 207 804 3098 [email protected]
Jonathan Howe + 44 207 212 5507 [email protected]
18 Delivering value to the insurance and reinsurance industry PwC Delivering value to the insurance and reinsurance industry through PwC’s broad
Audit and assurance Advisory Tax Financial statements audit Finance function effectiveness Corporate tax advisory Regulatory compliance & reporting Enterprise risk management Transfer pricing International financial reporting Technology Corporate & international tax structuring and indirect taxes standards (IFRS) readiness & IT effectiveness conversions Corporate tax compliance & Information security Assurance for capital market outsourcing IT governance transactions Domicile advisory Sarbanes-Oxley compliance Transactions Financial accounting Corporate finance Non-financial performance & Transaction services reporting Valuation and strategy Independent controls & system Corporate governance processes assurance Client education Internal audit
Actuarial Executive search and selection Business recovery services and and human capital consulting insolvency services Actuarial process improvement Recruitment services Solutions for discontinued insurance Insurance reserving & reporting business & corporate liability International search Risk and capital management management Market intelligence Financial modelling Financial restructuring Bermuda market search Model validation Corporate insolvency Advertised recruitment Dispute analysis & investigations Database searches Immigration services Compensation & benefits consulting HR consulting www.pwc.com/bermudainsurance
© 2013 PricewaterhouseCoopers Ltd. (a Bermuda limited company). All rights reserved. PwC refers to the Bermuda member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. PwC Bermuda helps organisations and individuals create the value they’re looking for. We are committed to delivering quality in assurance, tax and advisory services in both local and global markets. PwC Bermuda is a member of the PwC network of firmswith 180,000 people in 158 countries. Tell us what matters to you and find out more by visiting us at www.pwc.com/bm