Pro Global Insurance Solutions PLC Chairman's Statement (0415K)
June 19 2014 - 7:04AM
UK Regulatory
TIDMPROG
RNS Number : 0415K
Pro Global Insurance Solutions PLC
19 June 2014
19 June 2014
Pro Global Insurance Solutions plc (the "Company" or "Pro
Global")
AGM - Chairman's Statement
Chairman's statement
Tim Carroll, Chairman of Pro Global, will comment in his
statement at the AGM today that 2014 will be a hard year for Pro
Global as it focuses on restructuring the business and rebalancing
the cost base following the demerger of its run-off business.
Artur Niemczewski, CEO of Pro Global since January of this year,
will report to the AGM on the actions taken following his
appointment and a review of the business in the first 100 days post
demerger and provide details of Pro Global's strategy and
implementation roadmap.
The "Client First" strategy focuses on 3 core areas:
-- Target revenue of GBP60m in the medium term - growth through
expanding Pro Global's client base and growing existing clients in
the insurance and reinsurance industry;
-- Target sustainable margin of 15% through rigorous cost
control and alignment of cost base to revenue;
-- Establishing a strong brand and market reputation for
delivering value-added services focused on tangible results.
The vision for Pro Global is "to be the number one specialist
service provider addressing complex operational needs of global
insurers and reinsurers". Pro Global's USP is providing flexible,
tailored services on a global basis, delivered as extensions to
clients' own teams.
The review of the business has resulted in four clearly defined,
differentiated value propositions that have been tested in the
market. Pro Global's four core services are:
-- Risk, Audit and Compliance:Experts in providing high quality
audits, both for internal and external purposes, providing
independent assurance and market best practice. Pro Global deploys
specialist teams worldwide supplying specific local expertise. In
addition to audit services, the company is experienced in all
aspects of insurance compliance and regulation. Pro Global offers
peer reviews on corporate governance procedures and support clients
embed a risk management framework across their business.
-- Operational Consulting: Support change, from single projects
through to large-scale enterprise transformations by providing
technical expertise coupled with change management experience in
people, process and systems projects. The company's focus is on
hands-on delivery and tangible outcomes, with total flexibility in
the way it works. As well as delivering projects, it can provide
technical operations staff as backfill resource.
-- Technical Outsourcing: Core services are underwriting support
and claims management. Other services include technical and
financial accounting and reporting. Global capability to provide
services from several cost effective locations. Specialist claims
services, including a team of TPA specialists in the US, for
complex claims across multiple classes of business including motor
and trucking, PI & E&O, marine and APH. Pro Global's USP -
flexible, tailored services - clients' view us as extensions to
their teams.
-- Legacy Solutions: Develop and execute closure strategies
including proactive de-scaling of liabilities through active claims
management and commutations. Specialist in portfolio management of
entire books of business to enable our clients to extract maximum
value from their non-core portfolios, whilst freeing them up to
focus on their core business.
Full details of the "Client First" strategy will be posted on
the website.
Enquiries:
Artur Niemczewski, Chief Executive
Pro Global Insurance Solutions
plc 020 7068 8026
James Britton or Guy Wiehahn
Peel Hunt LLP (nominated adviser
and broker) 020 7418 8900
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This information is provided by RNS
The company news service from the London Stock Exchange
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