Insurance & Reinsurance Accounting Advisory

Nearly everyday companies within the insurance and reinsurance community are making headlines in stories related to consolidations, litigation and investigations, insolvencies and other complex financial matters. Sarbanes-Oxley compliance, the convergence of international accounting standards, the introduction of new auditing standards and the potential changes to the NAIC risk based capital requirements, are only a few of the major obstacles facing corporate management today. The rising complexity of the insurance and regulatory environment has made traditional business models and risk management approaches obsolete. An insurance company must continue to be proactive and lead in the development of best practices in order to thrive in the insurance environment of today.

Financial reporting, accounting practices and controls are the subject of unprecedented public and regulatory scrutiny and litigation. The relentless pace of increased regulation on reporting requirements and controls has placed a tremendous burden on directors, executives, internal and external auditors and their respective legal counsels.