Wellington Insurance Group

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Auditing Services

Wellington has proven that it is not what you expect but what you inspect when it comes to insurance and reinsurance contract compliance. Wellington makes available customized audit packages for insurers, reinsurers, regulatory authorities and equity groups involved in investment activities to encompass all major operational elements of insurance.

Auditing Services

Generally, Wellington Financial Services. (“Wellington”) audit services are used for assurance of contract compliance, third party quality control and due diligence. In conjunction with a major multi-national accounting firm, Wellington developed an innovative, proprietary audit plan for cedents designed specifically to review programs that have been terminated and/or are in a run-off status. The plan was developed at the request of reinsurers frustrated with the traditional audit services and methodology which failed to yield meaningful results to verify treaty compliance.

A program review can be applied to the whole book of business or limited to specific transactions. Optional audit elements include:

  • Contract Compliance

    Analyze individual treaty compliance and validate adherence to underwriting warranties and representations;

  • Claims Handling

    Confirm fiduciary responsibilities of insurers/cedents as evidenced in claims management philosophies, operations and systems; and evaluate the technical claim settlement practices through review of amounts paid and reported (also targeting areas of potential savings and/or legal exposure to improve underwriting results and reduce potential liabilities).

  • Premium Accounting

    Determine if premiums and commissions have been correctly assessed and administered, verify that unearned premium is collectable and validate underlying policy data.

While the plan does include statistical analysis, Wellington’s focus is to identify areas most likely to yield material errors in premium and loss submissions and check fundamental treaty compliance, which, to date, has yielded savings of many millions of dollars for our clients.

If you are interested in Wellington’s customized services, contact us at:

Phone:(800) 880-0475
Fax:(866) 780-1899 or (817) 732-7226
Email:FinancialServices@welli…

Services

Click on the adjacent servicing wheel to interactively learn more about each service.

IT

Tailored information technology solutions are available to ensure secure, reliable and agile infrastructure which can be transitioned to an in-house discipline over time.

Claims

Our claims management team has been chosen by significant insurance brands to conduct claim runoffs, audit, due diligence reviews, and to handle ongoing claims management needs.

Virtual Company

“Virtual Platform“ offerings include third party administration services for insurance entities seeking outsourcing solutions which are deployed in a fashion undistinguishable by their customers. Proprietary solutions enable our clients to focus on the specific success elements of their business required for success. More

Runoff

Strategic and financial changes within the industry create the need for specialized, and cost effective, services in the handling of runoff business for discontinued lines or books of business. More

Audit

Wellington has proven that it is not what you expect but what you inspect when it comes to insurance and reinsurance contract compliance. Wellington makes available customized audit packages for insurers, reinsurers, regulatory authorities and equity groups involved in investment. More

Texas Windstorm Insurance

Wellington created a cost-advantaged premium finance facility to provide residents and businesses in Tier 1 counties an affordable financing option.

Unicover Runoff

Wellington remains the sole reinsurance contract and accounting administrator of approximately 454 reinsurance and retrocessional agreements that represent the Unicover Pool and over $1.5 billion in losses.

© Copyright 2016 Wellington