Insurance Consulting

Global speciality lines insurance group

PFS have project managed the Australian insurance license application of a global specialty lines insurer. We combined our expertise across local regulatory requirements, insurance, risk management, capital, actuarial, audit and governance to help finalise their business plan, assess the internal business case and work through the APRA licensing process.

Australian General Insurance license application

PFS advised and project managed an APRA general insurance licence application for the subsidiary of a global travel insurer.

Our work covered all aspects including licensing strategy, pre-application, submission and development of supporting documentation. We maintained project plans, led frequent regular meetings, and coordinated responses to APRA queries. PFS advised extensively on capital requirements, governance, and risk management

This work necessitated a high level of engagement at senior levels, fostering deep relationships with key contacts as well as many others across the business.

PFS has also been engaged as the Appointed Actuary on an ongoing basis.

Large Life Insurance

PFS designed, built and maintained a life insurance taxation model that set out the basis for taxation of life insurance companies. The in-depth tool calculated the tax payable on behalf of policyholders and the on the taxable profits accruing to shareholders. The model further calculated tax by Tax Class within each Statutory Fund as required by the Life Insurance Act and the Income Tax Assessment Act. PFS supported the insurer to carry out monthly, quarterly, half-yearly and annual management and statutory reporting.

Commercial package Lloyd’s coverholder

PFS have assisted our client with the review of their pricing methodology, underwriting guidelines, historical performance reviews, business planning, capital requirements and insurance and reinsurance structuring.