Pro Global

Leading carriers and managing general agents (MGAs) are increasingly seeking to assess their premium income via audits to ensure exposures are reported accurately, while tackling potential premium leakage and addressing possible non-compliance with state regulatory and rating bureau guidelines. How can the industry effectively navigate this regulatory minefield? Robert Sherman, ARM-E, AIM, MCM, AIS, Pro Global US Head of Audit & Advisory, shines the spotlight on this significant topic: https://lnkd.in/e9V9Xaeq #Audit #MGA #InsuranceNews

We are sad to read that floods in South Germany are estimated to cost insurers between €2.4 billion and €3.6 billion, according to Verisk, the data analytics and technology firm, as reported by Insurance Journal: https://lnkd.in/eu-h9iny  We understand it’s a difficult time for many in Germany right now, and the possibility of accidents increasing is likely.  We’re here to help you. Our team at Pro Germany specialises in Claims Handling with a focus on MedMal & A&E.  We can be your specialised contact partner, starting with the analysis of the portfolio, through the strategic orientation, the settlement of claims, right up to litigation support. Our legal expertise and our network of experts and medical professionals guarantee an optimal assessment in individual cases. Our service is rounded off by optimal technical support, evaluation of data and reporting tailored to the client. Find out how we can help you: https://lnkd.in/eSPnhpAr  #insurtech #runoff #legacy #insurance #reinsurance #outsourcing

#ICYMI our CEO, Steve Lewis, has provided his H2 outlook for the insurance industry, citing that companies must combine human expertise with technology to shape the future of specialty insurance. Click here to read the full article: https://lnkd.in/e_EB-Nw3  In terms of the general numbers, Steve said: “The outlook for 2024 continues to be promising, with significant premium growth and easing inflation pressures forecast over the course of the year. Swiss Re predicts industry return on equity (ROE) at 9.5% in 2024 and 10.0% in 2025, supported by premium growth of 7.0% and 4.5% respectively in these years.” Other topics covered in the article include: • Challenges and opportunities of running multinational businesses • Ethics and automation • The rise of MGAs and tech-centric startups #insurance #reinsurance #outsourcing #innovation #Technology #Digitisation

As recently featured in Reinsurance News, it’s positive to see Mexico’s insurance market remaining stable in its outlook, according to AM Best.  See the full story here: https://lnkd.in/eZQvyJia  The report states that, in spite of a modest deterioration in technical results among Mexico’s insurance companies, the market will remain stable based on significantly improved premium growth in line with the country’s economic recovery.  This is backed by GDP in Mexico rising by 3.2% in 2023, which surpassed most forecasts, and inflation also easing, while the insurance segment recorded premium growth of 11.2%. We have been operating in Latin America since 1999. We have local experts in both the regulatory landscape and the specialist insurance policies that are unique to and backed by the global reach to support multi-territory operations. We use our expertise to advise, implement, outsource or audit your insurance operation wherever you trade. Find out how we can work with you: https://lnkd.in/dsXePCut  #Innovation #insurtech #runoff #legacy #insurance #reinsurance #outsourcing #innovation #Technology #Digitisation

Robert Sherman, ARM-E, AIM, MCM, AIS, U.S. Head of Audit & Advisory at Pro Global, revealed analysis of 200 U.S. audits at our recent Lloyd’s Audit Seminars, showing that compliance, policy documentation, adherence to binding limits, and sanctions checking are areas needing attention: https://lnkd.in/e8mgnE5g The audits showed an average of five findings per engagement, with 55% of these being high-priority issues. Compliance lapses, poor claims handling, and inadequate coverage analysis also emerged as significant risks, potentially leading to financial losses and regulatory penalties. #Audits #InsuranceNews #CyberRisk #Regulation

BLOG - Meet the Expert: Debbie Roome  In the ever-evolving world of insurance, experts guide us through the complexities and challenges. One such expert is Debbie Roome. Learn more about Debbie here: https://lnkd.in/e4mJ8SdU With a rich history in the insurance sector and a deep understanding of claims, Debbie brings a wealth of knowledge and experience to her role at Pro Global. From her early days working for large insurers to her current position, she has witnessed firsthand the transformation of the claims sector and the increasing importance of technology. “Pro continues to work with the market and clients on a number of strategies which will see some good opportunities in the Legacy space. We see Head Injury in Sport as the ongoing market challenge and this is likely to gain momentum over next 12 months,” says Debbie. #insurance #reinsurance #outsourcing #innovation

Why Audits are not Tick Box Exercises in a World of Regulatory and Cyber Risk? https://lnkd.in/e8mgnE5g Audits have become more than just compliance checklists—they are essential tools for safeguarding a company’s future. This was the central theme of Pro Global’s recent seminar at Lloyd’s, titled “Safeguarding Your Future: Audit Insights, Regulatory Updates, and Cybersecurity. Key Takeaways from Pro Global’s Lloyd’s Audit Seminar! #Audit #InsuranceNews #CyberRisk

Pro Global Germany welcomes the positive forecast by the German Insurance Association (GDV Gesamtverband der Deutschen Versicherungswirtschaft e.V.), which anticipates a robust growth in premium income for insurers in 2024 and 2025. Despite a projected 2.6% decline in life insurance premiums for 2024 due to weaker single premium business, recovery is expected in 2025. The property and casualty insurance sector is set to lead the growth, overtaking life insurance in premium income for the first time since 1996. This positive outlook signals stability and potential growth opportunities for the insurance market Read the full foreacst here (in German): https://lnkd.in/eStpDGyq Pro has been operating in Germany since 2016. With offices in Cologne and Unna we have local experts in both the regulatory landscape and the specialist insurance policies that are unique to the German market backed by the global reach to support multi-territory operations. We use our expertise to advise, implement, outsource or audit your insurance operation wherever you trade. Get in touch with our team of specialist insurance experts: https://lnkd.in/eSPnhpAr #InsuranceNews #Growth #Forecast

Have you previously worked within the Lloyds and London Market Insurance industry and have Delegated Underwriting Authority (DUA) experience, or know someone who has? If so, get in touch with us today to find out more about our job opportunities: getintouch@proglobal.com   We’re currently developing and expanding our service offering to the DUA market and are looking for people with skills across a wide range of disciplines within the DUA space, ranging from processing and quality control of bordereaux through to providing advisory and client management support. We’re looking for someone who has experience of advisory and client management, as well as processing and quality control. We recognise the value of experience and expertise. We would love to hear from you - or someone you know who may be interested - whether you’re recently retired or looking to make a return to the industry after an extended absence.  #legacy #insurance #reinsurance #outsourcing #claims

We're pleased to see our friends at VIPR Ltd at today's Managing General Agents’ Association (MGAA) 2024 Conference. We hope they, and everyone, has a fruitful day and enjoys hearing from all the brilliant speakers. Good luck to Zakk Powell Dip CII from Pro MGA Global Solutions too, who is shortlisted for the Rising Star Award. #Insurance #MGAs #MGAA2024