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Insurance and legacy solutions

We have unparalleled experience in bringing innovative restructuring and operational consulting solutions to complex and long tail liabilities, in the Financial Services sector. Our team has particular expertise in Legacy Insurance and Insurance insolvency having acted as scheme adviser or administrator on more solvent and insolvent schemes than all other advisers combined.

We help clients who are:

  • Considering the strategic options and implications of discontinuing business lines or operations;
  • Keen to explore mergers and acquisitions or sell-side divestment opportunities to achieve capital and operational efficiencies through transaction support;
  • Implementing restructuring options including Schemes of Arrangement and Part VII transfers to bring finality to non-core business or run-off by extinguishing liabilities and realising value releasing capital;
  • Navigating governance, regulatory, competitor or market challenges;
  • Looking to integrate, rationalise or enhance legacy operations to achieve operational efficiency and/or business growth; or
  • In need of insolvency contingency planning and execution.

Click to meet our team of experts

How can we help?

Strategic reviews

We have unrivalled experience of assisting businesses to identify and understand the options available in dealing with new and existing challenges. Our reviews, which will help identify the issues and present the available options, may consider the following areas:

  • Portfolio strategy, optimisation and asset management
  • Exit options (sale, run-off, schemes of arrangement)
  • Regulatory, market and competitive landscape review
  • Funding, governance and stakeholder support
  • Outsourcing vs. 'insourcing'
  • Domicile and other tax structuring opportunities
  • Sustainable growth
  • Valuation and business modelling

Restructuring implementation

Our team has been responsible for creating and delivering many ground-breaking restructurings, including the first UK restructuring of a corporate with Asbestos liabilities, the first scheme that dealt with mis-selling claims, the first scheme with electronic claim submissions and agreement, the first rectification scheme and the largest single non life insurance scheme.

We assist businesses in delivering the value associated with their strategic decisions by providing expert restructuring advice. We implement restructuring and finality solutions including the use of M&A strategy, schemes of arrangement, Insurance Business Transfers, disposals and managed exits. Our advice allows capital to be released and recycled and certainty to be delivered to volatile liability issues.

We have advised on the majority of solvent schemes and some of the most complex and high-profile Part VII transfers and disposals in the sector, both UK and internationally, and delivered a wide range of redress to creditors and other stakeholders.

Advisory

Our team will give an independent view of a business’ operations and use our expertise and experience to provide innovative suggestions for profit growth and overall improvement, such as:

  • Corporate strategy;
  • M&A or sell-side divestment opportunities;
  • Operational diligence;
  • Cost reduction and process improvement;
  • Claims management strategy and best in class practices;
  • Skills and claims audits, complex and disputed claims and outsourcer / 'insourcer' reviews; and
  • Reinsurance recoveries and commutation strategy.

We invest in digital solutions to ensure our services are backed by cutting edge technology, data and well supported insights.

This includes processing and solving important problems at speed, presenting clear and interactive information, providing detailed insights and facilitating confidence while protecting data integrity.

Insurance insolvency

We understand that your business can face many new and existing challenges and that sometimes when restructuring options are not practical then protections available under a range of insolvency solutions may be required. We provide support in a number of areas, including but not limited to:

  • advice for directors in situations where solvency may be an issue
  • innovative options for avoiding formal insolvency
  • acting as insolvency practitioners if insolvency is unavoidable.

We work with management and stakeholders such as creditors, policyholders, compensation funds, guarantors, regulators and shareholders in insolvency situations to optimise the outcome for all parties involved. We routinely manage run-off managers who assist with day-to-day operations of the estates. Our objective is to work towards a timely exit solution that returns value to creditors at the earliest opportunity.

We use insolvency processes together with our innovative approach and processes as restructuring tools to deliver optimal outcomes at pace for the business and stakeholders through continuity and the preservation of value. Our current portfolio of insolvency assignments includes some of the largest and most complex in the market, such as Elite Insurance, Orion Insurance, Chester Street (formerly Iron Trades) and Stronghold Insurance. Please see an overview and latest information on our insurance assignments.

Non-life insurance run-off deals Q1 2022

Q1 2022 deal activity by region overview

The strong deal momentum observed in the non life run-off sector in 2021 continued in Q1 2022 with 11 deals being announced.

While the number of deals announced was slightly lower than Q1 2021, the total estimated value of executed deals during Q1 2022 exceeded that of the same period in 2021 ($4.2bn vs $3.3bn respectively), driven by the significant Enstar and Aspen deal.

The majority of activity in the quarter was in North America where transaction values accounted for over half of the total deals announced in the quarter. There was also strong activity in the UK & Ireland where four deals were announced and a further two deals were announced in Continental Europe.

Eight different consolidators have transacted during Q1 2022 with a variety of transaction structures being utilised including ADCs, LPTs, RITCs and share sales.

See the details in our report

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Whatever your business challenges or industry sector, we’re available to help you find your best way forward. We can explore your options with speed, imagination and care to find sustainable solutions for you and your stakeholders.

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Contact us

Dan Schwarzmann

Dan Schwarzmann

Head of Market Initiatives and Non-Executive Director Programme Chair, PwC United Kingdom

Tel: +44 (0)7778 211066

Andrew Ward

Andrew Ward

Director Liability restructuring, PwC United Kingdom

Tel: +44 (0)7902 792216

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