Fifth Step Information Session On Solvency II

April 10, 2015

Fifth Step Bermuda announced details of a special lunch-time session to explore the impact of Solvency II on Bermuda companies and how not being ready will adversely impact their ability to write insurance and reinsurance business in the EU.

The free information session will take place on Tuesday April 21, 2015 at the offices of the Bermuda Insurance Institute, 4th floor, Sofia House, 48 Church Street, Hamilton HM11.

It will begin at 12 noon with discussions being led by Darren Wray, CEO of Fifth Step Limited, which provides IT strategic consulting services to the sector from offices in London, Bermuda and New York.

Executives from across Bermuda’s insurance and reinsurance markets are welcome to attend and can register here. Lunch refreshments will be served.

“The session will cover topics ranging from the potential consequences of non-compliance, how global governance is changing the responsibilities of senior management, the background to Solvency II, global governance, data, IT general controls, audit and scrutiny changes for Solvency II,” a spokesperson said.

“Fifth Step, while not an Actuarial Consulting Company, understands the actuarial pressures and helps to relieve the IT aspects of these pressures through the provision of its IT and IT Governance consulting services to clients in Lloyd’s and in the wider London insurance, reinsurance and financial services sectors.

“In Bermuda Fifth Step partners with Independent Consulting Solutions [ICS], one of the oldest established IT consultancies on the island. ICS provides its clients with hardware/software procurement, on-site professional services, as well as being an HP Warranty Service Centre and a partner of Microsoft and Check Point.

“The formal Fifth Step Bermuda partnership was announced in July 2013. Through the Fifth Step brand both companies are working with their multi-jurisdictional clients providing a range of services from global business and IT alignment, to IT governance, IT audits, ITIL reviews to offering a PMO service whereby companies can augment their existing project management capabilities with Fifth Step change specialists.”

Darren Wray, and his partner Phil Lear, who is Director of Business Consulting for Fifth Step, along with representatives of ICS, will be attending the Regulatory Compliance Association conference at the Fairmont Southampton Hotel from April 22-24.”

“There are significant issues related to Solvency II non-compliance for all Bermuda-based companies that want to, or are already, writing business in Europe, especially if they want to establish an EU presence via opening an office or making an acquisition,” says Darren Wray.

“These consequences extend to reputational damage, regulatory fines, increases in capital requirements, revoking of operating licenses and of course the inability to expand client footprint in the region.

“Bermuda has yet to ratify Solvency II equivalence but this does not mean that companies on the island are not impacted by Solvency II. They are,”  added Mr. Wray.

“Boards and senior management cannot use ignorance as a defense,” Mr. Wray continues. “Solvency II mandates that they understand and challenge their teams and can demonstrate and evidence this.”

Stephen Bull, Managing Director of Fifth Step Bermuda, echoes Mr. Wray’s comments: “Data, and the management and control of it, are key for Solvency II compliance. Data quality and the measurement of this and of course data security are all fundamental, as is maintaining the appropriate level of history that shows all the relevant checks and balances.”

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