Wellington Insurance Group

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Run Off Services

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.

Run Off Services

In some market cycles, insurance run off becomes a systemic industry problem requiring skilled professionals to identify, control and solve the historical profitability issues with the business relative to current market conditions and current law. Runoff business, particularly that business which is exposed to the U.S. Casualty and London Markets, is subject to significant underwriting and financial risk which should not be left to secondary talent of a going concern.

The professional personnel of Wellington Financial Services (“Wellington”) are highly skilled in the operation of property and casualty companies. The organization is accredited as a Lloyds Broker to make settlements directly with Lloyds of London syndicates. With approximately 30 individual programs involving over $1 billion in runoff monies, resulting runoff administration services encompass:

  • Verification that contracts and/or risks accepted is valid and properly documented;
  • Accounting and reporting for the transmission of funds related to premiums, claims and other cash transactions including transfers between our clients and their reinsurers;
  • Policy administration of in force policies, including call and fulfillment centers; and
  • Claim services, including the processing of claims by experienced professionals utilizing customized technology systems.

The Wellington staff consists of experienced, senior level individuals proficient in the appropriate management of insurance run off from perspectives including management of issuing carrier, reinsurance, regulatory and legal governance considerations.

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