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.
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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. |
