The firm has supported twelve licensing applications, for existing organisations and the creation of an insurer from scratch. It prepares the complete application: business plan, financial projections, capital plan, governance, effective managers and key functions, and reinsurance programme.
We manage applications before the ACPR in France and the authorities in Malta, Luxembourg and Cyprus, including for business conducted under the freedom to provide services.
Case study: Acheel
The firm supported the founders and investors in creating Acheel from the ground up: a diversified non-life insurer offering health and property and casualty cover, authorised by the ACPR. No insurer of this kind had been created in France for several decades.
The firm managed all technical and prudential aspects: designing the cover, pricing, negotiating the reinsurance programme, and preparing prudential projections and the own-funds plan. There was no portfolio history and, for some activities, the only data available had to be reconstructed from public sources.
We also managed the procedures associated with licensing: approval of effective management and key functions, ancillary own funds, and discussions with the ACPR through to the decision.