Independent Analysis of Reserves
Taylor & Mulder provides support to accounting firms that require independent actuarial analyses of reserves for financial statements that include significant insurance risk, be it a statement for an insurance company or a statement for a corporation that self-insures its own risks. In this role, we either provide an independent reserve analysis or assist auditors with a review of other actuaries’ work, enabling the audit team to sign off on insurance related liabilities.
Taylor & Mulder actuaries have experience as managers at the big accounting firms. Responsibilities for audit assignments include audit support on reserve estimation for both US and foreign insurance companies, and generally involve the more complex assignments. Our actuaries have performed the actuarial tasks required for foreign to US GAAP conversion, which included changing the international reserve database and conforming the reserves to domestic standards. We are conversant with the issues of Solvency II.
Financial Audit Support
Our actuaries have supported financial audits of nearly all lines of casualty / property coverages, including support for some of the more esoteric and unique exposures such media liability, title insurance, mortgage guaranty insurance, legal malpractice, railroad liability, and FHA/HUD mortgage guaranty program, and taxicab liability along with asbestos, environmental, and other mass tort exposures.
Premium and Loss Reserve Evaluation and Opinions
Our actuaries have assisted independent accounting firms in premium and loss reserve evaluation, statutory loss reserve opinions, risk transfer, and interpretation and explanation of insurance company actuarial analysis, including premium deficiency reserves and other actuarial elements as needed in connection with audit work or other financial analyses. We have the capacity to handle major client services of significant complexity.
Mergers and Acquisitions
Taylor & Mulder has partnered with accounting firms to participate in the evaluation of potential merger candidates for a number of insurance companies. The evaluation of an insurer as a merger and acquisition target involves reserve estimation as well as a projection of future profitability and stability.
Actuarial Standards and Data Quality
Our actuaries have been responsible for actuarial standards and data quality that included setting the reserve and pricing standards for insurance company groups. Work with these large multi-line insurers involves a significant amount of reserve evaluation in both standard actuarial methodology along with advanced actuarial techniques including modeling and simulation.
Financial Strength of Reinsurers and Risk Transfer Analysis
Taylor & Mulder actuaries have evaluated the financial strength of current or potential reinsurers for auditors and for insurer security committees. We have reviewed compliance of reinsurance agreements with the requirements of SSAP Chapter 62 and FAS 113 for audit clients.