Accounting Services - Untangling the unimaginable

1. Background
A pool manager operating throughout the 1990's set up its own insurance and reinsurance company writing health and PA business from offices throughout Europe, North America and Asia. The growth of the company and the complexity of subsidiaries and accounts involved overstretched the technical and financial accounting functions within the group.

2. Problem
Accounting, cash and technical balances were mis-allocated between the Company as a risk-carrier and the Company as a Pool Manager thereby hampering cash collections and threatening the integrity of the Company's financial accounts.

3. Process
JTW assisted in a comprehensive reconciliation of brokers' accounts and unallocated cash including the full analysis of a claims fund maintained and operated by an overseas broker.

4. Resolution
The Company was able to avoid a threatened audit qualification. Additionally, the JTW reconciliation identified $150,000 of duplicate claims collected by the overseas broker, which were reimbursed to the Company.