Consultancy services to Dublin IFSC and Other International Life Companies in Ireland

Boal & Co (Ireland)provides a full range of actuarial and related consultancy services to insurance companies established, or considering establishment, in Ireland.

Ireland is the fastest growing economy in Europe, with a competitive cost environment and a major international financial services industry.

The regulatory, business and taxation environment in Ireland provides an excellent base for insurers seeking to exploit the single European passport provided by the "freedom to provide services" principles of the Third Council Directive 2/96/EEC.

The Boal & Co (Ireland) brochure is available to download in pdf format.

Appointed Actuary

In accordance with legislation, every life company must appoint an actuary ("the Appointed Actuary") who is required to conduct an annual investigation into its financial condition and to report to the company's directors and to the regulatory authorities in Ireland.

As an actuarial consultancy staffed with senior, experienced actuaries, we provide Appointed Actuary services to several life assurance companies in Ireland. As part of this role, we calculate mathematical reserves for the insurer, determine its solvency, sign-off new product developments and liase with the regulatory authorities as required.

The Appointed Actuary is at the core of the regulatory system in Ireland, at the heart of a framework which facilitates and encourages product excellence and innovation, whilst protecting policyholder interests. Our appointed actuary consultancy services are designed to meet the needs of young or small life assurance companies - and start-ups in particular - whose size or stage of development does justify full-time employment of a senior actuary.

Our actuaries have the benefit of a wide business exposure derived from advising life assurance companies transacting business of different types - traditional non-profit, unit-linked, traditional with-profit - in many different countries around the world. As appointed actuary, we bring this wide experience to bear for the benefit of our insurance clients, whatever their stage of development and whatever their financial position

Our team provide appointed actuary services to Boal & Co clients not just in Ireland, but also in the United Kingdom and the Isle of Man.

Start-ups

Ireland is a thriving centre for international and cross-border life assurance business, and continues to attract start-up companies each year. Boal & Co (Ireland) have prepared many successful insurance start-up business plans in recent years and can assist new companies in key aspects such as:·

undertaking market research formulation of the business and market entry strategy comparison of Ireland vis-à-vis other offshore centres product and competitor analysis product design, profit-testing and product development financial and business model reinsurance arrangements preparation of the regulatory application provision of appointed actuary board appointments third-party administration administration software insurance management and "virtual life office" solutions

Our actuarial team have been involved in start-ups in all the major offshore life assurance centres, including the Isle of Man, Luxembourg and Channel Islands. As such, we bring not just an expertise in relation to Ireland but also in relation to potential competitors in other jurisdictions.

With the growth of Ireland as an international financial centre, Irish life assurance companies are increasingly part of international merger and acquisition transactions.

Our position as experts in the offshore life assurance market, together with our powerful actuarial modelling systems, mean we are well placed to advise in relation to Irish aspects of a wider M&A transaction, or to identify and evaluate target acquisitions, including the conduct of due diligence.

Product Development and Design

Boal & Co (Ireland) can advise companies in relation to product design and development, right through to profit-testing and actuarial sign-off.

Our product development advice can be obtained either on an ad hoc consultancy basis or as an integral part of our appointed actuary role.

Profit-testing work is undertaken using powerful actuarial modelling software.

Boal & Co have led the field in the development of powerful product analysis software, and our proprietary LifeBase Offshore, LifeBase UK and LifeBase Ireland software systems provide uniquely in-depth analysis of products and providers in those respective insurance markets.

Critical Illness Issues

Fuelled by a booming housing market, sales of Critical Illness policies have been a success story of the last decade. However, concern is growing amongst providers about their exposure in this area, especially on guaranteed premium business. Critical illness is a rapidly changing area where companies need to be up to date with actual and potential medical developments and be prepared to adjust their contracts accordingly. Some of the issues in this market include:·

Critical illness policies covering illnesses which are no longer considered "critical". Long reporting delays on claims, leading to the need for significant IBNR reserves. Mis-selling accusations as consumers find they do not have the flexibility of cover they require on long term policies. Pricing mechanisms for future long term contracts.

Abelica Global firms have considerable experience of these issues and have explored them for clients in many countries, combining both our actuarial and medical knowledge. Whether your concern is reserving, pricing, new product design or the impacts of medical advances, we have people who can help.

Insurance Modelling

We are able to develop and build complex business models, to model cashflows, profits and solvency at the overall company level, taking account of products, sales volumes, commission and expenses, solvency margin requirements and shareholder assets.

Insurance modelling, and preparation of the annual business plan, is a routine part of our appointed actuary services, but is also available separately to clients on an ad hoc consultancy basis.

An integral part of managing any proprietary life assurance company is to track the development of its embedded value, including the value of existing business. Embedded value is crucial in assessing return on capital and product profitability. It also provides a central benchmark in valuations of insurance companies for sale or purchase.

Our wide experience of the offshore industry - including key financial parameters such as product expense loadings and actual unit expenses, persistency, average premium size, commission rates - in combination with our powerful actuarial modelling software means we are able to calculate and advise upon life company embedded values.

Insurance Management & Virtual Life Office Solutions

There are no minimum employment requirements for new life assurance companies in Ireland, meaning that Ireland is an ideal base for the creation of boutique life offices supported by third-party administration.

With our excellent industry contacts, we are able to assist companies in finding third-party administration solutions.

We can provide a general management function in Ireland to start-up life assurance companies, using internet solutions to facilitate the virtual life office solution.

General Insurance

We offer the same broad range of professional services for General Insurance and Health Insurance through our sister firm Abelica UK. These non-life consulting services include:

certification of reserves for statutory purposes (for both domestic and captive companies) full actuarial support for insurance entities merger and acquisition advice product development management information claims reserving projects