Ambant reduces managing agents loss fund exposure by £500k, strengthrning procedures and improving bottom line results
A Lloyds Managing Agent, unsure of their Loss Fund position, wished to identify, reconcile and repatriate any surplus and/or redundant Loss Funds held out in the market by Third Party companies such as, Brokers, TPA’s and Coverholder. Also implementing procedures ensuring best practices are met.
The problems facing Ambant is the lack of clarity, market wide, of Loss Funds. Internal records do not match with Brokers records which in turn do not tie back to Xchangings records.
The single biggest challenge is the quantity and quality of the data available, mainly due to the age of the accounts and the historical incorrect FIL code being used.
The project is ongoing and to date (December 2016) Ambant have managed to repatriate c. £500k
Upon completion of the project, Ambant will have provided, for their client, a full identification of all Loss Funds held on their behalf, reconciliation of valid Loss Funds and their current reserves. Repatriation of historic run-off / redundant / surplus funds.
Procedures implemented to ensure Loss Funds are recorded and reported on correctly and in a timely fashion.
For further information contact Craig Armstrong email: firstname.lastname@example.org or call Craig on +44(0) 207 264 0800