Loss Fund Service
Ambant’s Loss Fund Service will provide a comprehensive analysis of Loss Funds held in trust by third parties, identifying and resolving any unreconciled balances and implementing controls and procedures to prevent future mismanagement.
Our Loss Fund Service provides value to our clients in a number of ways:
- Identifying missing Loss Funds - funds provided by Insurers to Agents such as Brokers, Coverholders & Third Party Administrators where processes to track issues and returns have been neglected
- Reconcile historic Loss Funds - the majority of historic Loss Funds in the Market are either over funded or need returning in full or part due to the scheme being expired or in run-off;
- Current & Live Loss Funds - are identified, reconciled and reviewed to ensure the account isn’t over or under funded in conjunction with the reserve review
- Recover surplus funds - arrange the return of funds where the attaching scheme is closed, any funds which show an unauthorised surplus or any funds which are over funded after a review of the reserves
- Implement new procedures - to provide a more robust process of monitoring and auditing Loss Fund positions, ensuring best practises are met and mis-management of funds is eliminated.
Key contact: Andrew Collery
Tel: 020 7264 0805