Hanover Stone Partners, a risk management services firm with expertise in a broad range of critical risk disciplines, today announced the formation of an affiliate to provide enterprise risk management (ERM) and Own Risk & Solvency Assessment (ORSA) compliance services to U.S.-based property-casualty and life-health insurance companies.
C. Timothy Morris
HSS President & CEO
The affiliate, known as Hanover Stone Solutions, will be led by C. Timothy Morris, a prominent insurance executive with more than 40 years of industry experience. To review a list of our practice members please visit Our Team.
"We recognize that meaningful support both for insurance company ERM initiatives and ORSA compliance can only come from professionals who bring hands-on experience in several insurance company functions, including risk management, underwriting, claims, human resources, operations, technology, actuarial, and finance," said John J. Kelly, CPCU, HSP Managing Partner. "Hanover Stone Solutions brings a team of 25 former insurance executives and regulators who can hit the ground running on any assignment and deliver value to enhance insurance company ERM initiatives and support efforts to satisfy emerging regulatory requirements."
In 2012, the National Association of Insurance Commissioners (NAIC) officially rolled out a set of analytic and reporting standards for U.S. insurance companies known as the Own Risk and Solvency Assessment (ORSA). U.S. insurance companies need to comply with ORSA requirements beginning this year. At this point, 24 states have adopted ORSA or are in the process of doing so. Generally, well-constructed ERM initiatives can satisfy many of the requirements under ORSA; as a result, increasing numbers of insurance companies are actively involved in ERM programs or are planning such initiatives.
"What we're finding is many insurers are viewing their ERM initiative solely as a compliance exercise and our team can help make sure their activities are structured to satisfy requirements under ORSA," Mr. Morris noted. "In addition, we can help insurers involved in the ERM process make adjustments needed not only for compliance, but to generate significant strategic value for the enterprise."
With several former state insurance regulators on the Hanover Stone Solutions team, Mr. Morris added that the company also is planning a number of seminars for state insurance commissioners and their organizations to help them understand various aspects of ORSA and develop a framework for its implementation on a state-wide basis.
Along with former state insurance regulators and insurance company executives in such roles as CEO, chief risk officer, claims, underwriting, human resources, actuarial, IT and finance, Hanover Stone Solutions draws on the expertise of several external resources, including leading actuarial, cyber, accounting, and law firms specializing in the insurance sector.
Learn more at www.HanoverStoneSolutions.com or Contact HSS.