Ambant’s expertise runs off intermediary Nargold to bring cost effective solution to client
Ambant breaks new ground, solves problems, gets results…
Bermudan investors wanted to close a London specialist property and casualty intermediary broker subsidiary so it could concentrate on its other interests. Having effectively closed its doors to new business in 2006, the broker was placed into run-off, with the day to day management being retained in house. In 2011 it reviewed this operation and put the run-off process out to tender. Ambant won the tender against a tough field of competitors. It did this by demonstrating its expert understanding of the market, the complex regulatory issues surrounding run-off and its ability to anticipate the client’s needs by structuring a cost effective solution..
Ambant had to manage the project efficiently within the parameters of the budget whilst working with historical data that was often incomplete and invariably inaccurate
Ambant bought the subsidiary and renamed it Nargold Ltd. It then set about reviewing, restructuring and reconciling the account so it could be run off in the most efficient and compliant way. Ambant opened up dialogue with the relevant carriers as well as the original clients to engage them in the process of identifying Nargold’s remaining liabilities. From this came the reconciliation and closure of any outstanding balances held by the company..
“Few organisations could come close to achieving what Ambant did for the client. We harnessed our specialist industry knowledge and marshalled our unrivalled market network to move matters forward and according to plan,” says Jim Kimber, Director and Head of Broker Services, Ambant.. Our proactivity and creativity – plus the fact that we are independent – has driven this operation and made it such a success.”
The Nargold run-off is on target and set for finality by the autumn of 2013. Ambant has delivered its promises ahead of deadline and to budget, while creating a business process that suited the client and itself. Ambant’s careful handling of the regulatory and business processes removed the burden of disproportionate management time and expense from the client and has satisfied key stakeholders and allowed for the closure of an intermediary in an orderly way.
For further information contact Jim Kimber email: firstname.lastname@example.org or call Jim on +44(0) 207 264 0800