PRO Insurance Solutions

About PRO

PRO offers managed solutions to companies that operate within international insurance and reinsurance markets. Based in the UK we have affiliate offices in Europe and business relationships on a global basis.

PRO was established in 1993, to manage the orderly run-off of the underwriting syndicates formerly managed by English & American Agency Ltd, employing circa 60 staff. The company has expanded and developed during the last decade and now provides services for over 60 international clients, managing multi-billion dollar liabilities and assets and employing close to 300 employees in the City of London and Gloucester.

In 1995 PRO became a subsidiary of the Swiss Re Group, the world’s largest reinsurance company with offices worldwide.

PRO is firmly established as a market leader, with a reputation for providing excellent service backed up by highly skilled staff. We remain dynamic and expanding and our established management team operates enterprising and innovative strategies. We are focused on ensuring the company is the number one provider of run-off management and professional services to the reinsurance industry.

Our Business

Most people are familiar with insurance, for cars, household contents, medical services etc. Reinsurance is less well known. It is insurance taken out by the insurers themselves against the risk of all claims coming in at once – known in the trade as “risk transfer”. High street insurers transfer this risk by getting other reinsurance companies to underwrite or guarantee the risk.

There are two main sectors in the UK. The Lloyd’s Market, similar to a market hall in any large city, provides physical space where syndicates can carry out their insurance business. The company market can operate in a similar way to Lloyd’s with companies writing business through the International Underwriting Association (IUA) or with their own brand names operating in their own right.

Run-off is the winding up of all or part of the business of an insurance or reinsurance organisation. This may happen when it wishes to stop underwriting some of its business, when there is a restructure or a merger, or where the organisation’s liabilities exceed its assets (i.e. when it becomes insolvent). The organisation may be an insurance company, a reinsurance company, a pool of companies, or a Lloyds syndicate.

If the company in run-off is insolvent, Insolvency Practitioners (typically firms of accountants) become involved. Whether solvent or insolvent the decision is - will the run-off be handled within the company or out-sourced to a third party? If it is out-sourced, then PRO enters the picture.

What we do

PRO provides client focused assistance and solutions for live and discontinued (re)insurance companies. We also provide selected professional services to deal with the specific issues of our clients. The requirements are varied and there are always different challenges for the PRO team.

We have developed the skills, expertise and our own management information systems to enable us to manage run-off in a highly cost effective way for clients. We take on the day-to-day operation leaving the client free to concentrate on other strategic issues.

This involves negotiating and then processing claims to our in-house mainframe computer system and maximising and collecting reinsurance recoveries. We then analyse and report on claims activity to the client, accounting for the movements of money.