Overview.
As part of its strategic expansion, a client in the insurance sector was seeking to establish a new reinsurance company designed to support both a managing general agent (MGA) and a fronting partner. To ensure regulatory readiness and support its AM Best rating submission, the firm engaged Artex to develop a comprehensive risk management framework (RMF). The project included the creation of core governance documentation and the implementation of key risk oversight processes.
Client Situation.
The client was a new firm being formed to provide reinsurance capacity and operational support to a growing MGA platform. As part of its setup, the company needed to demonstrate robust governance and risk management capabilities to meet regulatory and rating agency expectations. Artex was appointed as insurance manager and tasked with delivering the full suite of RMF documentation required for the AM Best rating submission.
Objectives.
- Develop a complete RMF tailored to the client's operational model.
- Produce a suite of documentation that included:
- Risk management policies
- The risk register
- Incident reporting framework
- Own risk and solvency assessment (ORSA) process.
- Ensure all documentation was aligned with AM Best expectations.
- Maintain project momentum and stakeholder engagement to meet a specific submission timeline that had already been agreed upon.
Artex's Solution.
Artex assigned its risk director to lead the delivery of the RMF, with responsibilities spanning documentation, stakeholder management and project coordination. The approach included:
- Documentation development: Drafting all core RMF materials, ensuring consistency, clarity and alignment with regulatory and rating standards.
- Stakeholder management: With key stakeholders unavailable during parts of the project, there was some additional complexity in coordinating inputs, resolving queries and maintaining progress.
- Project oversight: Ensuring deliverables remained on track, managing timelines and dependencies to support the planned AM Best presentation.
- The RMF was designed to be scalable and adaptable, supporting the client's future growth plans, while meeting immediate rating submission needs.
Outcome.
The client is now equipped with a comprehensive and professionally developed RMF, including all necessary documentation to support its AM Best rating submission. The project remains on schedule, with the presentation to AM Best expected in mid-October.
Artex's proactive management and deep expertise in insurance governance have positioned the client for a successful launch and regulatory engagement.
