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Run-off Reserving and IBNR Calculation

1 Little Allercleugh,
Wearhead,
Bishop Auckland,
Co. Durham,
DL13 1PU.

Phone Number :: 01388 537755
Fax Number :: 01388 537733
info@reinsurance.me.uk

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RUN-OFF RESERVING AND IBNR CALCULATION

We can perform reviews of your claims data to produce estimates of the run-off cost of claims, or the IBNR on an account. There will be times when you do not need to incur the cost of a formal actuarial exercise, and we can help instead. For example:
  • interim, mid-year assessments, and interim checks on the adequacy of remaining reserves
  • for commutation purposes, whether to make a commutation proposal or assess an offer
  • for underwriting or rating purposes
  • as a second, comfort, opinion on an actuarial report.

Our considerable experience in this field includes:
  • for the Kiln syndicates, responsibility for estimating the Reinsurance to Close (RITC) for several years;
  • for two leading Lloyd's syndicates, independent review and verification of reserves, including IBNR, for the Lloyd's Names' Estate Protection Plan for three years in the 1990s;
  • for a London Market company, complete review and reconstitution of all old year marine and non-marine claims data and calculation of outstanding and IBNR reserves required;
  • for a London market company, in-house training on loss reserving and IBNR calculation methods and techniques;
  • for a London Market company, review of all open claims records and identification of potential outstanding reinsurance recoveries;
  • expert evidence in Henderson -v- Merrett (Commercial Court 1995, the key case in the Lloyd's Names' litigation leading to Lloyd's Reconstruction and Renewal) on Lloyd's RITC procedures and standards
  • lecturing on dyp/LLP training courses on claims reserving methods and techniques;
  • for a run-off manager, review of claims files, analysis of claims and coverage issues and estimation of a commutation value for a book of UK liability business;
  • participating as a speaker on Hawksmere public seminars on "Claims Reserving" on various dates from 1999 to 2003.

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