CLient typeS
Client Types
MGA Seeking New Capacity or Insurer Seeking New MGA Opportunities
MGA Seeking New Capacity or Insurer Seeking New MGA Opportunities
The client has no existing operations in Australia and is engaging or plans to engage consultants to support and prepare their application for an Australian Prudential Regulation Authority (APRA) licence. As a result, the client intends to establish a foreign branch or subsidiary before obtaining its APRA licence. This will help meet the requirements of the authorisation process and lay the foundation for local operations in Australia.
The client aims to enhance operational capabilities in Australia with minimal physical presence, utilising specialised local expertise through an outsourced model at Littlewoods. They require a full range of services, including financial management, regulatory compliance, and core back-office functions, customised to meet both business and regulatory needs effectively and efficiently.
o ICAAP Summary Statement
o ICAAP Report
o Business Plan
o Capital Management Plan
o Business Continuity Plan (BCP)
o Outsourcing/Service Provider Management Policy
o Fit & Proper Assessments
o Remuneration Policy
o Actuarial Advice Framework
o Information Security Policy (Regulatory only)
o Recovery & Exit Plan
o Risk Management Strategy
o Reinsurance Arrangement Statement
o Risk Appetite Statement
o Monitoring relevant mailbox/receiving of closing from broker and binding of insurance policy in entity’s insurance system
o Follow up with brokers for cash
o Processing and allocation of cash in the entity’s insurance system
Amid acquisitions, global strategic shifts, portfolio transfers, or unforeseen circumstances, the client requires support in managing the run-off and closure of their Australian branch or subsidiary. They benefit from regulatory engagement and risk management support while Littlewoods also oversees the corporate functions, compliance, tax, investment administration, banking, financial operations, and core back-office services through to closure.
Littlewoods: Appointed Agent in Australia in accordance with Insurance Act 1973 (if required)
Littlewoods: Alternate Agent in Australia in accordance with the Insurance Act 1973 (if required)
Preparation and Lodgement of Quarterly and Annual APRA reporting based on entity ledger
Preparation and Lodgement of other financial returns to APRA or other government agencies
Half-yearly review and lodgement of National Claims and Policies Database (NCPD) reporting (if applicable)
Monitor compliance with minimum capital requirements
Review the Internal Capital Adequacy Assessment Process (ICAAP)
Monitor APRA Compliance obligations of the entity
Provide feedback and input into the review process of the Financial Condition Report and Actuarial Valuation Report prepared by the Appointed Actuary
Coordinate, assist, review and provide feedback to relevant stakeholders:
o Run-Off Plan (if applicable)
o ICAAP Summary Statement (if no Run-Off Plan)
o ICAAP Report (if no Run-Off Plan)
o Business Plan (if no Run-Off Plan)
o Capital Management Plan (if no Run-Off Plan)
o Business Continuity Process (BCP)
o Outsourcing Policy
o Fit & Proper Assessments
o Remuneration Policy
o Actuarial Advice Framework
o Information Security Policy (Regulatory only)
o Recovery & Exit Plan
o Risk Management Strategy
o Reinsurance Arrangement Statement
o Risk Appetite Statement
Monitor and advise on APRA regulatory changes and provide additional advisory if required
Liaise with internal and external auditors
Attendance at Risk Management Committee meetings
Attend APRA prudential review and consultations
Support the entity in monitoring the capital impact of reinsurance recoveries
The client is establishing a local underwriting agency (MGA) or Coverholder business in Australia. They have secured or are in the process of securing capacity and are working with consultants to prepare their Australian Financial Services Licence (AFSL) application. As a result, the client plans to establish a local entity before obtaining its AFSL licence, helping to meet licensing requirements and ensuring operational readiness while awaiting approval.
The client holds an Australian Financial Services Licence (AFSL) and operates as an underwriting agency (MGA) or Coverholder, actively writing insurance business in Australia. They leverage Littlewoods to achieve operational efficiencies, making it ideal for those with a minimal physical presence. By utilising specialised local expertise, they manage their insurance business holistically, with Littlewoods tailored services covering financial management, tax, advisory, and core back-office operations to meet their specific needs.
The client is either an underwriting agency (MGA) seeking additional capacity or an insurance company looking to partner with and provide capacity to MGAs. Littlewoods Placements leverages extensive industry expertise to connect MGAs with long-term capacity partners, helping insurers identify opportunities and drive growth for both sides.
Assist with sourcing MGA business aligned with risk appetite and business growth plans.