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.
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