US-Based Insurance Group

COMPANY

US-Based Insurance Group Expanding Internationally

CHALLENGE

A US-based insurance group with a strong reputation for running profitable companies had acquired a UK insurance group as a base for international expansion. The UK group, which owned seven Lloyds syndicates and a reinsurance company, then suffered large and unexpected losses. The US parent executed a substantial restructuring--resulting in the closure of some of the syndicates and installation of a new CEO, who needed to build an effective management team, return the UK group to profitability, and establish a successful business model for the future.

WHY ABEAM?

Proven experience managing the difficult issues surrounding post-merger consolidations, complex international expansions, and change management programs.

SOLUTION

• Interviewed key staff to identify the main issues and barriers to change
• Identified short-term areas that needed immediate addressing and longer term issues to address over time
• Defined a road map for change acceptable to the CEO and US management team
• Articulated a business vision for the UK
• Established a business and organisation structure and a common approach to underwriting across the UK businesses
• Coached the CEO on how best to articulate the future vision for the UK group and enlist support of the management team—providing the means to end uncertainty and build an effective team
• Collaborated with the Director of Underwriting and a team drawn from across the organisation to build an agreed set of underwriting principles for all the businesses
• Managed the move to a new single-syndicate structure

REAL BENEFITS

• Achieved a single-syndicate structure in time for the new underwriting year
• Successful and profitable UK group turnaround using underwriting principles acceptable to the US parent
• CEO has publicly stated that UK group could not have achieved turnaround and results without ABeam