Insurance Industry

Practice Leader: Kenneth N. Hugendubler

Thriving in a dynamic global market

Today’s insurance industry faces daily challenges: the competition to improve shareholder value, industry consolidation, globalization, low investment returns, soft market conditions and cost control. Each of these complex issues influences the decisions you make every day. Competition comes from other insurance companies, financial institutions, and alternative risk management mechanisms. Global financial reform has led to changes in the governance and regulatory environment, which have affected the economics of the entire industry. And Sarbanes Oxley has altered the way insurers operate. Pending federal legislation in healthcare and regulatory reform may significantly impact the industry in the future.

To compete in this dynamically changing marketplace, insurance companies must stay focused on reducing costs and realigning their business lines to achieve a leadership position in specialized markets. ParenteBeard specialists have significant experience working with major insurers on financial and regulatory reporting, mergers and acquisitions, tax management and cost containment strategies. Our seasoned professionals deliver results to a wide-ranging client base – mutual and public companies; life, health and property/casualty companies; captive and offshore reinsurance companies; and Blues plans – with a level of technical expertise that comes from years of industry experience.

ParenteBeard’s insurance clients range in size from $2 million to $500 million in written and assumed premiums. Our specialists stay on top of industry trends by attending local, regional and national industry training seminars, and conferences through organizations such as the PICPA, PAMIC, IASA and NYIA. We have relationships with many state insurance departments including those in Pennsylvania, New York, New Jersey and Florida.

The insurance industry is highly specialized and extremely complex. ParenteBeard’s insurance practice group understands the business and regulatory challenges you face, and brings the experience you need to help you thrive.