NEW YORK, 23 May 2018:
Pro Global today announced that its US operation has seen a tenfold increase in its customer base and a growth in revenues to $8.6 million since its inception eight years ago.
The insurance outsourcing and consultancy provider, based in New York (NY) and York (Pennsylvania), saw a 9% growth in revenues from $7.9 million in 2016 to $8.6 million in 2017. This $8.6 million represents around 20% of Pro’s total revenue.
In 2015, the US operation reported revenues of $6.7 million.
Pro Global provides specialist outsourcing and consulting services to the global insurance and reinsurance markets. The US division opened in 2010, and from a standing start of a single customer and mainly run-off business, has built out its offering to include underwriting, outsourcing and audit support.
The 2017 revenues have come from both existing and new accounts, with accounting and claims services reporting strong growth.
“If you go back four to five years, our US operation was mostly focused on the management of several legacy portfolios,” said Mory Katz, Managing Director of US, at Pro Global. “As run-off business naturally declines, we decided to repurpose our existing staff into a new part of the company. As a result, we have retained the technical knowledge in-house and extended our reach into both live and consulting operations.
“I am very proud of how Pro US has successfully expanded from legacy operations into a division that provides support across underwriting, outsourcing and audit.”
Since 2010, Pro US has grown from a single client to a business that generates over $8.6 million in revenue.
“Many of our clients are long-term partners, with whom we have grown organically. As their business goes through change, market cycles or growth, Pro has adapted and supported them through their journey.
“One of our key customers recently underwent a large-scale merger, which resulted in duplicate financial processes and an inefficient accounting function. Pro combined its consulting and outsourcing expertise to successfully re-engineer the process and augment it with Pro accountants. The result was dramatically reduced backlogs and improved turnaround times,” added Mr Katz.
Mr Katz added he is bullish about the future of the US operation following a significant milestone achieved in 2017, which will ignite the US legacy market over the next three to five years.
The Rhode Island regulator announced new amendments to Insurance Regulation 68 that will help to facilitate run-off deals, and Pro Global Insurance Solutions was the first to establish a carrier in the state. ProTucket Insurance Company will provide legacy portfolio transfer services in Rhode Island, and believes the change in legislation could be worth over $100 billion, as insurers and reinsurers look to put books of business into run-off.
Looking ahead, Pro will continue to invest and build its global legacy capability via ProTucket and other claims servicing operations, while also striving to take advantage of other opportunities in the North American market.
“We have one eye on our future, but our priority is always serving the needs of our current clients,” said Mr. Katz.
Zurich, 16 November 2017
Pro Global Insurance Solutions, the (re)insurance outsourcing and consultancy specialists, recently announced the opening of its new office in Zürich. The new location based in the insurance district of Enge, demonstrates the continuing growth of Pro’s consultancy and advisory offering in Switzerland. The Zurich team support clients across a range of insurance outsourcing, project management and run-off transformation services.
Inken Schäppi, Head of Zurich branch, explains:
“I am proud to see our local team growing into a recognized branch office. For many years, we have been delivering transformation services for the largest Swiss (re)insurers. Today, in 2017, we have been involved with large-scale finance transformations and strategic risk management projects, as well as programs aimed at digitalizing business functions. Our team works alongside our customers every day, helping them to achieve their corporate objectives.
Artur Niemczewski, CEO of Pro, comments:
“This is a very exciting step for our team. The growth in our location base reflects the recognition we receive from clients. They view our team as expert industry practitioners who can work in conjunction with their teams, creating valuable partnerships. We have served our Swiss customers for over 30 years and I look forward to seeing continued business growth in the years ahead.”
Dear Friends and Colleagues,
2016/17 have been remarkable years for us at Pro. As we continue to grow in scale, I’d like to take this opportunity to bring you up to date with all our latest news and developments.
“Client First” is at the core of how we operate at Pro. These two words dictate our strategy, our approach to service and how we strive to operate each and every day. As you would expect, this strategy underpins a vision that was created in 2014, which continues to drive us forward to be:
“The number one service provider, solving complex operational needs of global insurers and reinsurers.”
These 2 key elements, our vision and our strategy, have worked together to help us expand and service some of the largest companies across the globe. Indeed, over the last 3 years, we have grown our team of insurance professionals by nearly 50% and our global employee count is reaching 500.
It seems that our clients choose to bring more of their business to us, whether for their legacy management, underwriting support, accounting, audit or consultancy needs. So, when we enjoy success in virtually every service area, we turn to our clients and say, “Thank you.”
We are very proud of our results and our disciplined approach ensures that we invest for the future, always creating long-term value. This recipe for success has been recognised by our new owners, Acuity LLP, who’ve invested in the insurance market for the last decade. The acquisition, completed in Q2 of 2017, has made us a Limited company with long-term support and financial backing from an organisation that truly understands the complexities of insurance. This, together with an agreement by Acuity on our continuing strategy, gives us great confidence and optimism for the future.
In the UK, we recently opened a new Glasgow location, our Centre of Excellence for UK Disease Claims Management. It delivers a modern approach to long-tail claims that brings together over 55 specialists in asbestosis, hearing loss, vibration, pollution, medical malpractice and physical abuse. We transferred this team from a leading UK insurer and equipped them with a market-leading technology platform that consolidates multi-year exposures directly to a single claim. Putting “Clients First” means leveraging technology and highly-skilled professionals, along with exceptionally low costs that deliver long-term value for every client of Pro.
Moving to Germany, Jan-Henning Evers – previously head of Loss Adjusting at Crawford & Company (Deutschland) GmbH, has joined Pro as Managing Director for our claims team in Germany. He joins us when the German market needs specialist services across occupational disability and health. His experience will be invaluable to our clients, enabling us to rapidly assess complex live claims from initial assessment through to final legal review.
In March 2017, Pro in the US announced an industry first. ProTucket was honoured to become the first ever US run-off carrier to be granted a licence to accept run-off portfolio transfers. This ground-breaking move was made possible under new legislation from the State of Rhode Island, which allows companies to transfer their insurance books in a way that is already accepted in countries like the UK. We believe this is a game changer for the US market, and is expected to release many billions in trapped capital.
Earlier this year in Argentina, we established an innovative marine recoveries operation by forming a partnership with ZASS International. This newly formed relationship will give Latin American clients increased choice when managing their cargo-related insurance claims.
Within our Audit and Consultancy division, we have seen an increased global demand for our services. Increasing market regulation and extensive change programmes have created a requirement for market leading subject-matter-experts that can help drive compliance and process efficiencies where either underwriting or claims authority is delegated to third parties (MGAs and TPAs respectively). We’ve built a wide network of certified professionals that work across, UK, Europe, US and Latin America to improve and ensure rigorous governance for some of the largest (re)insurers.
As we enter a new era for Pro, I’m excited about the extraordinary opportunity that stretches out before us. With new private owners who are committed to supporting our long term “Client First” strategy, Pro is well positioned to serve the insurance markets for many years to come.
Thank you for your confidence in Pro, and as always, we appreciate your ongoing support.
Warmly,
Artur Niemczewski
CEO, Pro.
21 June, 2017. BUENOS AIRES, ARGENTINA.
Pro Global Insurance Solutions in Argentina (Pro) has enhanced its global marine recoveries operations by forming a partnership with ZASS International, Germany.
Marine recoveries, which deals mostly with cargo-related insurance claims, is a key part of Pro’s Outsourcing and Consultancy services. This newly formed relationship will further develop both Pro’s and ZASS’s marine recoveries in Europe, Asia and the Far East regions.
“This partnership will enable Pro to offer an improved service to its marine clients, they will benefit from our expanded global network with professionals based locally throughout every region” said Artur Niemczewski, Chief Executive Officer of Pro.
“Effective marine recoveries services are vital for our clients as they allow insurers to base their profitability not only on accurate premiums calculation and risk management, but also on effective recoveries.”
“The money we get back from liable third parties helps reduce claims losses for insurance and reinsurance companies. This in turn, helps organisations maintain profitable marine books of business.”
ZASS, which is part of Zeller Associates Group, has served the shipping and insurance industry in collecting and recovering payments from third parties for over 20 years. “Pro will assist ZASS in the Latin America and North America regions, and ZASS in turn will assist Pro in Europe and the Far East,” commented Mr Niemczewski.
“ZASS is now one of the leading international recovery agents acting worldwide and we believe this partnership will be of great mutual benefit to our clients.
Pro Argentina is part of Pro Global, which has over 30 years’ experience in the insurance market.
ENDS
Sarah Mortimer
Account Director, Rein4ce.
sarah.mortimer@rein4ce.co.uk
+44 (0)203 786 1160
+44 (0)7718 882011
Pro is the trusted consultancy and service provider focused solely on the global (re)insurance industry. We deliver flexible outsourcing solutions for live and run-off business, alongside audit and operational consultancy services. Based in financial centers around the world, every major office in London, Cologne, Zurich, New York and Buenos Aires are supported by regional delivery centers. Our 30-year history has continually enabled over 130 clients to focus on their core business, whilst we deliver seamless solutions that flex to their requirements.
For more information, visit: www.pro-global.com
18th April, 2017 COLOGNE GERMANY
Specialist insurance and reinsurance service provider Pro Global Insurance Solutions plc (Pro), has appointed Jan-Henning Evers as new Managing Director for Pro Claims Solutions GmbH.
Reporting to Robert Buchberger, Head of Germany, Jan will be based in Sundern and Cologne, Germany, and will be tasked with growing the organisation to respond to an increased market demand for specialist claims services across occupational disability and health.
Jan is a fully qualified lawyer and began his career as a Claims handler for ERGO Versicherung AG. Prior to his role at Pro Jan worked for Crawford & Company (Deutschland) GmbH in which he held senior roles including Legal Counsel, Head of Liability and most recently Head of Loss Adjusting.
Jan’s unique background as a lawyer provides him with specialist expert knowledge to help develop the company’s position within the market and strengthen the Group’s specialist claims solutions. Having worked for both insurance companies and for claims solution providers, Jan has a unique insight into both the view of the customer and the live claims market.
Mr. Evers said: “The insurance industry has a need for services from a company like Pro Claims Solutions, that can provide specially tailored teams to manage complex live claims from initial assessment through to final legal review. With my experience dealing with very specialist claims, I am looking forward to working with my new team to help grow the business.”
Mr. Buchberger added; “Jan joins Pro at a time when the market is looking to drive efficiencies while managing complex claims and ensuring excellent customer care. We want to keep growing and expanding our level of facilities to provide all current and future customers with the very best service.”
“Jan will play a key role in our strengthening the German business. Working alongside our high-quality team I am convinced that Jan will dynamically develop Pro Claims Solutions,” he said.
Pro Claims Solutions GmbH specialises in occupational disability insurance in the private insurance industry, with clients including many of the major German insurance companies.
ENDS
Sarah Mortimer, Account Director, Rein4ce.
sarah.mortimer@rein4ce.co.uk
+44 (0)203 786 1160
+44 (0)7718 882011
Pro is the trusted consultancy and service provider focused solely on the global (re)insurance industry. We deliver flexible outsourcing solutions for live and run-off business, alongside audit and operational consultancy services. Based in financial centers around the world, every major office in London, Cologne, Zurich, New York and Buenos Aires are supported by regional delivery centers. Our 30-year history has continually enabled over 130 clients to focus on their core business, whilst we deliver seamless solutions that flex to their requirements.
For more information, visit: www.pro-global.com
Pro Global sees pipeline of new business following the state of Rhode Island granting its subsidiary ProTucket a license to accept run-off portfolio transfers
28th March, 2017 NEW YORK, USA.
ProTucket Insurance Company has become the first Rhode Island domestic insurer to be formed specifically for providing run-off portfolio transfer solutions. The ground-breaking move has been made possible under new state legislation which will allow companies to transfer their insurance business in a way that is already allowed in countries like the UK.
ProTucket is a subsidiary of the well-established service provider Pro Global Insurance Solutions plc (Pro), which provides the full range of consulting and outsourcing services to insurance and reinsurance companies.
“We estimate the value of US books in run-off, which could benefit from the Rhode Island legislation, to be as much as $100 billion,” said Artur Niemczewski, CEO of Pro. “Pro Global has over 25 years’ experience in managing run-off internationally and is extremely proud to continue its leading position within the legacy market. We are excited about the pipeline of business this could bring.”
Mr Niemczewski said that the new landmark legislation is expected to release billions in trapped capital and has the potential to improve the capital efficiency of the US insurance industry. Previously trapped capital can then be used elsewhere to enhance insurer solvency, policyholder service and product innovation.
Rhode Island’s Regulation 68 enables run-off portfolios of insurance contracts to be transferred from their current carrier into a protected cell within a Rhode Island domestic company. This process, similar to a transfer under Part VII of the UK’s Financial Services and Markets Act, brings full legal and financial finality to the transferring insurer.
ProTucket provides a fully managed end-to-end service for insurers and reinsurers, wishing to use Rhode Island Regulation 68. ProTucket can design and deliver the Insurance Business Transfer Plan, establish the protected cell for acceptance of the book of business, and provide a full menu of services, including claims management, regulatory reporting, and consulting.
“We are honored to be the first company to be granted a license to implement Regulation 68 and are passionate about the benefits it will bring to our clients and the US insurance market,” said Mory Katz, Head of Pro US. “We have worked closely with the Rhode Island Department of Business Regulation and greatly appreciate its assistance in the process.”
Mr Niemczewski added: “Over the next five to ten years we expect this business transfer process to become a standard industry practice and believe that ProTucket will be pivotal in fostering a vibrant run-off market.”
ENDS
Mairi Mallon
Chief Executive, Rein4ce.
Mairi.Mallon@rein4ce.co.uk
+44 (0)203 786 1160
+44 (0)7843 076 533
Artur Niemczewski
CEO, Pro Global Insurance Solutions.
Artur.Niemczewski@pro-global.com
+44 (0)20 7068 8026
+44 (0)7739 658 337
Pro is the trusted consultancy and service provider focused solely on the global (re)insurance industry. We deliver flexible outsourcing solutions for live and run-off business, alongside audit and operational consultancy services. Based in financial centers around the world, every major office in London, Cologne, Zurich, New York and Buenos Aires are supported by regional delivery centers. Our 30 year history has continually enabled over 130 clients to focus on their core business, whilst we deliver seamless solutions that flex to their requirements.
For more information, visit: www.pro-global.com
