Insurance

Insurance experts, here to support you through change

Our industry is going through the most intensive period of non-discretionary change in generations. Whether you are a life or general insurer, reinsurer, broker, intermediary or aggregator, our experts can help mitigate your exposure to risk and maximise market opportunities. We have acted for hundreds of regulated entities, including the largest companies in the market, bringing insight of the issues facing our industry today.

Wherever you are in the world we can support you. We are present in over 160 countries with offices in all major financial centres. In the UK, with head office in London, our fast-growing insurance practice is a team of 170 tax, audit, and advisory specialists, all dedicated to the needs of the insurance sector. Our people have experience in professional services and consulting, as regulators, and working directly in firms like yours.

You can rely on our experience built over many decades, working through globalisation, major political and economic shifts, environmental pressure, regulation, new reporting standards, and the advance of technology. We can help you with actuarial, accounting and audit, corporate finance, financial reporting, governance, risk and internal controls, regulation, tax, ESG, operational resilience and digital; all underpinned by a culture that drives high-quality and exceptional standards of client service.

Events and market insights

To help you keep up to date with the latest insurance sector news and thinking, we produce our regular email bulletin which you can download here. Each edition covers topics such as regulation, risk and governance, as well as operational and technology related developments. We also hold webinars and networking events which you can subscribe to clicking below.

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Insurance Capabilities

Our core services for insurance firms

You can be assured of a high-quality audit delivered by specialists, who understand the needs of life insurers, personal lines, reinsurers, brokers, the London market, and international insurers. Our team has expertise various accounting frameworks including UK GAAP and IFRS as well as, regulatory reporting such as Solvency II, Client Money and Lloyd’s reporting, , which means we can handle the needs of local and internationally based groups.

For support with complex accounting and reporting you can rely on our expertise. We are currently supporting firms to understand and implement the new reporting standards including IFRS 17, IFRS 9, IFRS 15 and IFRS 16. We are also assisting in design and production of reporting in relation to ESG and climate reporting.

Independent assessment of your internal controls is critical to good governance and our highly experienced team specialise in the internal audit needs of insurance companies. We can support you on an outsourced, co-sourced and ad hoc basis, including External Quality Assessments and audit committee engagement, in all cases helping you to achieve transparency, accountability, and operational efficiency.

To help you satisfy PRA, FCA and Lloyd's expectations, we have a specialised team that includes Skilled Persons and ex-regulators. We can support with all governance, conduct and prudential matters, from authorisations and permissions, through to assessments of compliance, and helping to manage supervisory action.

If you are fundraising for growth or planning a corporate deal, we have expert advisers who understand the global insurance sector. We can help you with value creation and restructuring, with acquisition targeting, and to prepare for flotation.

If you require additional resources we can help. This may be to help manage a surge in customer demand, to handle remediation programmes, or for specialist projects. We can also provide you with a managed service, taking responsibility for high-standards of performance in quality and productivity.

If you require support with claims reserving, capital and stochastic modelling, pricing, reinsurance design, statements of actuarial opinion, or any area where actuarial insights are material to wider programmes, we can help. Our team of experts includes qualified actuaries, and specialists in data and financial risk.

To manage your tax risks and efficiencies, our dedicated insurance tax team can help with all aspects of employment, personal and corporate tax, including R&D tax relief, VAT and IPT. We can also help multinational insurance groups to manage their global governance and tax responsibilities.

When modelling your risk and capital requirements our specialists can help. We work with many insurance firms to advise on capital adequacy and in the design and implementation of the required models and processes, ensuring compliance and mitigating risk.

For all your forensic needs, our team is one of the most experienced practices in the UK. We can help with dispute resolution, professional negligence, fraud, financial crime and anti-corruption, forensic technology, and valuations.

If you are considering outsourcing certain business functions, we are well resourced to help. Whether you are looking to outsource bookkeeping, payroll, IT, or the full range of back-office services, we can integrate seamlessly with your business and add value.

If you need help managing your digital risk landscape, we can provide an objective assessment including regulatory compliance, third party management, IT resilience, and cyber security. We can also help you to drive your digital strategy forward through the effective use of technology.

How BDO can help

Related Insights

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Leadership team

Alex Barnes

Alex Barnes

Audit Partner, Head of Insurance

Graham Handy

Graham Handy

Partner, Head of Insurance Advisory and Actuarial

Sam Patel

Sam Patel

Internal Audit Partner, Insurance

Thomas To

Thomas To

Tax Partner, Insurance

Contact us

Talk to one of our insurance experts