Insurance Run-off: A new challenge in the Middle East

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1 Insurance Run-off: A new challenge in the Middle East 11 November 2015

2 Who We are Alan Augustin Director, Insurance specialist Tel: +44 (0) Waqaar Raja Manager, Insurance Specialist Tel: +44 (0) Alan specialises in corporate restructuring, accelerated closure and exit transactions in the nonlife insurance sector. He is an insurance professional with 25 years of experience, the first 10 gained whilst working for a global insurance underwriter, with a particular focus throughout on non-core discontinued insurance business. Alan advises clients on generating value through the strategic management of run-off business via techniques such as commutations and via the use of exit solutions such as business transfers, share sales and schemes of arrangement and has worked for clients spanning the UK, Continental Europe, the USA, Bermuda, Australia and New Zealand. Alan was also involved in the formation and ultimate wind-down of British Islamic Insurance Holdings Limited, the UK s first takaful insurance company. Alan is a regular industry speaker and contributor on run-off matters and is an Associate of the Chartered Insurance Institute and a Chartered Insurer. Waqaar specialises in reviewing, advising and delivering solutions to distressed businesses. He has 13 years experience of working with clients in the financial services sector, and in particular the insurance industry. He has supported clients in a variety of complex engagements including advisory work, corporate restructuring, due diligence and M&A activity in the UK, Europe and the UAE. Waqaar has extensive experience with insurance companies in run-off, both insolvent and solvent. He recently delivered an exit strategy for a corporate with over 1 million policyholders with c 1bn of liabilities. Waqaar also worked on the Lehman Brothers insolvency where he negotiated settlements with major corporate banks and implemented a claims resolution process. Waqaar has a proficiency in insolvency award from Insolvency Practitioners Association and he is a qualified Chartered Accountant. Slide 2

3 What we do About Us Over 200 professionals dedicated to discontinued insurance experienced in the design and execution of innovative solutions Team comprising of advisory, actuarial, tax and regulatory specialists Advisory team recognised as thought leaders across the global run-off arena supporting clients to ensure maximum value is either retained or unlocked from their discontinued business Leading actuarial consultancy in the provision of high quality reserving, commutation, risk & capital, M&A, portfolio transfer and scheme support Experience Significant experience of managing run-offs efficiently and effectively Managing portfolios totalling over $5bn of liabilities and collected over $1bn of reinsurance and other assets Advised on large high profile Solvent Schemes, insurance business transfers and M&A deals within the non-life run-off sector Resources can provide support with experienced consultants across all grades to help undertake complex reviews and implementation plans alongside the day to day activities of the business Slide 3

4 Key messages market issue Insurers feeling the strain Tighter solvency requirements and regulatory pressure, combined with an unsustainable price competitive environment, are putting strains on companies earning and capital, and reducing their RoC. Time to re-evaluate With an oversupply in the number of takaful and conventional insurers in the two largest GCC markets of UAE and KSA, companies need to consider new ways to improve earnings or workout their discontinued books. Run-off can be the solution not the issue Proactive management of run-off liabilities to expiry or through accelerated exit can increase earnings, release capital and improve RoC, along with providing other benefits that enhance value. Slide 4

5 GCC is one of the fastest growing insurance markets globally Market Size and Growth (USDbn) 25 What is driving this growth? Increased policyholder awareness Greater number of products available Increasing levels of compulsory insurance Improved regulation UAE Saudi Arabia Qatar Kuwait Bahrain Oman Source: Alpen Report GCC Insurance Industry report 13 October 2015, Swiss Re Slide 5

6 Challenges of the UAE Insurance market Too many players in the market Overly competitive pricing Poor claims handling services (claim leakage/fraudulent claims) Low profitability Local Insurer mindset Over half of insurers are local family business Local insurers have low appetite for risk High proportion of risks reinsured Greater focus placed on customer attraction than retention 32%^ of UAE insureds will change insurers in the next year Low customer retention levels ^ Source: Alpen Capital GCC Insurance Industry report 13 October 2015 Challenging investment space Investment mix skewed towards risky assets (real estate and equity) Increased exposure to economic downturn as a result Slide 6

7 What the industry might face in the future As the market matures and regulations tighten, the focus will move to more risk based pricing methods More risk based pricing Tighten regulation and poor profitability expected to be a catalyst for market consolidation Market consolidation Tighter regulations Introduction of solvency requirements likely to cause some insurers to struggle Change in investment policy should stablilise insurers balance sheet Population expected to grow 2.4%^ per year until 2020 GDP growth forecast of 2.3%^ per year until 2020 Is the necessary skillset there to develop and enhance the market? Strong economic / social outlook Continuing lack of local technical expertise Macro-economic risks Sustained low oil prices, reducing government spending on infrastructure projects Geo-polictical instability Tightening liquidity markets ^ Source: IMF Slide 7

8 Europe overview of a mature market The size of the non-life European run-off market is approximately 235bn. According to the latest survey of discontinued insurance business in Europe: Effective release of capital is a key strategic objective Regulatory change is significantly impacting the market More effective capital management is once again expected to be the main driver of restructuring activities Orderly run-off is priority in run-off plans Source: - Survey of Discontinued Insurance Business in Europe Slide 8

9 What are your strategic objectives? Operating efficiencies Enhance RoC Focus on core activities Reduce earnings volatility/ drain Enhance value Reduce rating pressure Reduce regulatory capital requirement Redeploy capital into live underwriting Reduce compliance risk Slide 9

10 Unlocking value through run-off Objectives Define Run-off Assessment of existing business and options analysis Run-off to expiry Accelerated exit Run-off centres of excellence Enhanced value Slide 10

11 Defining run-off Run-off liabilities can be defined in many different ways, for example: Entities that no longer write business; Portfolios within an entity that are no longer written; Lines of business within a portfolio that are no longer written; Clients whose policies are not renewed Underwriting years where no pure IBNR is expected; or Underwriting years where all risks are expired How European survey respondents defined run-off business 85% Lines of Business which are no longer written 20% Business with a party where there is no on-going business relationship 15% Business which generates no further income 15% Other Source: - Survey of Discontinued Insurance Business in Europe Slide 11

12 Options Review Options Assessment An initial review of the current and forecast financial position including an analysis of insurance and other contingent liabilities, together with an assessment of the available exit options Identification of the exit options available, including a risk assessment and estimated indicative financial outcome of each option, taking into consideration the company s objectives Typical Options A run-off to expiry, including any options for an accelerated run-off strategy A sale of the business, portfolio transfer mechanisms or reinsurance An immediate closure or liquidation plan Factors to Consider Consider the impact of relevant legal and regulatory requirements on each of the identified options for all stakeholders Consider the options for mitigating financial and reputational impact of the different alternatives An options review could typically take 3 to 5 weeks. Slide 12

13 Possible elements of an exit strategy Accelerated exit Sale / business transfer Reinsurance Guarantees/ Securitisation Novation Outcomes can be: Transferring risk to a 3rd party Possible early release of reserves Capital release Future administrative cost savings Run-off to expiry Reserve review and commutation strategy Claims efficiency Asset strategy Outcomes have been: Up to 30% of redundancy identified in booked reserves Reduced capital requirement by up to 20% Reduced annual costs by up to 50% even with increased claims experience A focused, motivated workforce working to specific objectives Slide 13

14 Run-off to expiry vs Accelerated Exit Advantages Risk transfers to a 3rd party Early release of any redundant reserves Capital return Future administrative cost savings Advantages Could achieve a greater return than a sale Control maintained Interests of policyholders are protected Less disruption from the regulators perspective Accelerated Exit Run-off Disadvantages May not achieve value sought Loss of control Potential reputational damage May not be able to sell some or all of the business Disadvantages Still need resources to deal with it Might not possess the expertise locally Run-off may distract management Longer to extract returns as run-off is over a longer time frame Slide 14

15 Run-off to expiry Key components of a run-off plan Portfolio Analysis Resourcing Claims and Costs Efficiency Liability Management Asset Maximisation Communication Slide 15

16 Run-off centres of excellence Bringing a specialist team and resources together to collaborate and use best practices to drive business efficiency and achieve value driven results for stakeholders There are challenges, but significant benefits can be gained by having a well planned and operated process of putting business into run-off and having that business managed by a specialist team Slide 16

17 Outsourcing The contracting or subcontracting of activities to a specialist provider to free up, staff, management time and obtain access to shared service facilities in order to gain a competitive advantage. Benefits Reduced overheads through economies of scale from outsource provider Less management distraction Access to technical expertise and technology Challenges Availability and competence of providers in the region Loss of control Oversight responsibility remains with the company Slide 17

18 About Slide 18

19 How can help can provide considerable support with every aspect of a company s run-off strategy: Strategic discussions Initial discussions to assess strategic business objectives regarding run-off business Run-off health check Conduct an exercise to facilitate a greater understanding of the composition of the business by entity, territory, claim type etc Assessment of existing business Assess nature, performance and costs associated with each portfolio and the impact on entity level earnings and capital Options analysis Establish a set of possible options that will be considered for each sub-portfolio Perform analysis to understand and compare the impact of adopting different run-off and accelerated exit options on both capital and future earnings Select option(s) that most effectively meet objectives Centre of Excellence Support with the creation of a Centre of Excellence, including setting strategy and implementation Run-off to expiry Support in all areas of run-off best practice, including Data analysis Claims efficiency Liability management Asset maximisation Communication Accelerated exit Design and implementation of exit solution Consider external views (e.g. regulators, rating agencies), practicality, taxation and reputation risk Identify credible third parties Run exit process Slide 19

20 We have a track record of success in helping the insurance sector with clear recommendations and options support Capital raising & windup of a takaful insurance provider Feasibility & Business plan for a Takaful company in MENA Independent review of actuarial reserves Controlled wind down (via Scheme) of an ARIG subsidiary British Islamic Insurance Holdings Limited (BIIH) Regional takaful Company Large Omani-based insurer ARIG UK BIIH was the first takaful insurance provider to enter the UK insurance market. We worked with the Board and management team to develop and implement an IPO process to raise finance and advised the Board on gaining the regulatory approvals. We developed service level agreements with suppliers and customers and advised management in negotiating a major outsourcing contract to support its virtual business model. BIIH s establishment in the UK was not sustainable as a result of difficult market conditions and we advised on the Company s development of its Scheme of Operations plan when it entered run-off. We continued to support the Board through a sale of the insurance business and assisted the Directors in completing a restructuring and wind up of the trading entity. We were assigned to perform a feasibility study and business plan for a regional takaful company to operate in 12 countries in the Middle East, Asia and North Africa. Our team conducted a comprehensive analysis of the countries' macroeconomic profile, regulatory framework and insurance and takaful industry. We carried out country rating and benchmarking, to assess the available market penetration options. We developed the strategy for the new takaful companies (business model, operations, organisation structure and governance). We were able to advise the client on the optimal feasibility of the new established companies and available financing options. was engaged by a large Oman based insurance company to review and comment on the appropriateness of the methodology and assumptions used in the calculation of statutory reserves as at 31 December The scope included a review of the methodology and assumptions used in the calculation of the actuarial reserves, a review on the calculation of the discount rate as well as commenting on the accuracy of the reserve calculations performed by the insurer. We provided the Board with assurance over the liability numbers within the report & accounts. This was important as the actuarial function was outsourced and the Board wanted independent validation of the processes and practices used. We also highlighted to management the areas where their methodology was out of line with market best practice. The UK subsidiary company was experiencing significant financial difficulties and the Bahrain parent was considering its options in continuing to support the business. However, we recognised that whilst the financial pressures that it faced were challenging, preserving the business outside of an insolvency process would bring benefits for all stakeholders. We designed, developed and implemented a restructuring for the business under a very tight timeframe whilst advising the directors on their personal positions. A scheme of arrangement was voted on and approved by creditors and resulted in part payments being treated as payments in full allowing all liabilities to be crystallised and finality attained by the UK subsidiary. Slide 20

21 Some of our Middle East insurance clients who trust our advice Slide 21

22 What the market and our clients say about us Client focus appears to be a way of life rather than just a management consultant's favourite phrase and it is ingrained beyond the team leader, throughout each level and within each team member. The team members seek imaginative and pragmatic solutions to complex issues and they communicate effectively with all the key stakeholders. More recent experience shows them to be tenacious and resolute. They are probably the market leaders in this field with good reason and I believe they are used as the key reference point by competitors aspiring to displace them from this position. In my experience the team is honest and diplomatic, hard working and professional. I have been dealing with for many years and have always been very impressed with the knowledge of the market within the Solutions for Discontinued Insurance Business team. They have established a very professional team and provide the market with new solutions and always look for new ways to ensure that the best value for money product is offered to their clients. We have no hesitation in recommending to any company thinking of appointing a manager to dispose of run-off liabilities and we would look forward to working with them on any acquisition project. We were extremely pleased with the project team because we got what we wanted and that s the number one test isn t it? But I would go further and say this. I think that played an incredibly important role because they were able to show us how to do things that they had done before and my team had not done before. If the right opportunity came along, I would be very keen to use the team again. The culture and the attitude that manifest and live by and deliver to are a strong combination of technical excellence but also very practical grounding to come up with solutions. The ethos of the firm is very much a practical, can-do attitude. Here s a problem, let s work out the best solution for the circumstances. History shows that have been at the forefront of innovative introductions affecting discontinued insurance operations, many of which now represent mainstream practice. Slide 22

23 This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it All rights reserved. In this document, refers to network/or one of more of its member firms, each of which is a separate legal entity. Please see for further details.

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