Huggins frequently works with the clients of brokers and agents, assisting on a wide variety of projects. Brokers often either do not have in-house actuaries, or prefer to use an outside actuarial consultant for reasons of independence.
The following is a list of our most frequently requested projects by brokers and agents:
Alternative Risk Transfer Program Design
Huggins helps you select risk retentions that optimize the balance between risk capitalization and market conditions. Often these are formal feasibility studies that involve future forecasts of the program’s profitability and solvency.
Loss Fund Projections
Future loss fund projections generally rely on commonly accepted actuarial methodologies, all of which contain certain assumptions regarding expected loss ratios, loss development patterns, retention levels, benefit levels, recoveries and trends in costs and exposures.
Loss Reserve Analysis
Setting a reasonable accrual for unpaid loss and loss adjustment expense obligations is one of the most critical functions of management in preparation of a program’s financials. Emphasis is always placed on using the program’s actual data to the maximum extent possible (rather than relying on external benchmarks) to reflect your program’s unique loss characteristics.
Loss Reserve Analysis –Reinsurance Reserves
Huggins consultants understand reinsurance contract language and have the skill set required to properly evaluate reinsurance loss reserves.
Reinsurance Analysis , Optimization, and Pricing
Our analysis of potential reinsurance contracts will focus on the relative cost versus coverage provided. Huggins’ consultants will evaluate whether a proposed reinsurance program will meet the accounting requirements for risk transfer. We can help you optimize your reinsurance program with an independent review of your reinsurance strategies to help you determine if you are meeting your reinsurance objectives. Our experience and exposure-based pricing models evaluate all property and casualty lines. Our pricing models provide independent cost evaluations of both ceded and assumed reinsurance programs.
Reinsurance Underwriting Submissions
The reinsurance underwriting submission is one of the primary means of communicating to reinsurers the unique qualities of your company. Huggins provides valuable insight on how to best represent your firm to potential reinsurance partners.
Risk Retention Studies
Huggins provides insight into the risk/reward trade-offs that accompany the level of risk assumed in a insurance program. How much risk to assume is dependent on management attitudes, market conditions, expected costs for excess coverage and several other factors.
Roll Forward Projections
The timely reporting requirements of financial results sometimes leads to a mismatch between the evaluation date of the data and the date shown on the financial statement. Projections of claim activity in the next few months are often performed to accommodate such time constraints.
- Rate Level Analysis
- Collateral Negotiations
- Cost Allocations
- Dividend/Assessment Analysis
- Litigation Support and Expert Witness Testimony
- Trend Analysis
The Huggins Advantage
Our firm’s philosophy centers on our commitment to the highest level of quality service delivered by quality people. Our long tradition of providing responsive, technical excellence to our clients’ needs through an integrated team approach requires that we focus on quality in every aspect of every engagement.