At FL&S we have an in-depth understanding of the insurance industry and of insurance accounting and financial reporting matters.  Our professionals have extensive experience representing property and casualty insurers and limited service health insurance organizations.  We have experience with stock, mutual and non-profit insurance companies.  Our insurance team members also have significant experience working with premium finance companies and other ancillary entities associated with the insurance industry.  In addition to providing services to insurance clients, one of our members also serves on a part time basis as the in-house CFO for a property and casualty insurance company, which gives him a unique perspective on operational issues facing insurers.

Our professionals attend various seminars each year from organizations such as Booke Seminars, The Society of Financial Examiners (SOFE), the NAIC, IASA and others to remain current on matters concerning the insurance industry.   We are familiar with both statutory (STAT) and generally accepted accounting principles (GAAP) for the insurance industry, the taxation of insurance companies, and have provided various consulting services to insurance clients.

Insurance Company Forecasting Model - We bring the unique ability to deliver not only  compliance services, such as Statutory and GAAP audits, but also performance driven metrics through a proprietary comprehensive forecast model that allows management to quickly and easily perform “what if” scenarios related to  changes in premium volume, loss ratios, ceding percentages, ceding commission rates, cancellation rates, loss payment patterns and underwriting expense fluctuations.  This model allows Companies to seek out reinsurers and obtain favorable ceding rates and commission percentages, illustrate detailed company specific projections to potential buyers / investors, as well as determine how changes in the market will affect their bottom line, cash flow and surplus for the benefit of the board and management, on both  the Statutory and GAAP bases.

Over the years, our professionals have provided a variety of consulting and outsource services to insurers in addition to financial statement and tax compliance services.  Following are lists of our industry experience and services our professionals have provided to insurers:

Industry sector expertise:

  • 30+ years’ experience with property and casualty insurers
  • Auto Insurers (personal and commercial lines)
  • Homeowners and property insurers
  • Auto clubs
  • State “fair” plans
  • Dental insurers
  • Legal services plans
  • Reinsurance
  • Premium finance companies

Services provided:

  • Statutory and GAAP audits
  • Compilation of monthly and quarterly STAT & GAAP financial statements
  • Tax planning and preparation
  • Preparation of NAIC quarterly and annual statements, MD&As, insurance expense exhibits, supplemental exhibits and risk based capital analyses and reports
  • Reinsurance and investment accounting
  • Forecasts and projections
  • Merger and acquisition work
  • Business valuations
  • Assistance with systems selection, implementation, testing and conversions
  • Consulting services
  • Outsource CFO services
  • Start-up consulting
  • Business plan development
  • Due diligence services
  • Representation before state regulatory authorities
  • Assistance setting loss reserves

For more information about services to insurance entities, contact Bill Fitzpatrick at or by phone at 410-307-1400.