Activities

Comprehensive know-how in a variety of fields gives us the perfect foundation to make your mandate a success.
Read more about our previous projects in cases one to eight and discover how we can help you best.

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Case 1

Swiss Insurance Pool

Windup | Company dissolution | General management | Troubleshooting | Risk management

Lead project manager, General manager and CFO

Issue

Run-off (liquidation) of the Swiss Pool for Aviation Insurance; continuation of daily operations (incl. current account, underwriting, claims management)

Starting position

  • Insurance pool with case reserves of 130m CHF
  • Inadequate system landscape and control of accounts receivable, insufficient risk management, backlogs
  • Know-how drain (loss of key staff)

Goal

Orderly winding-up without reputational loss

Massnahmen

  • Structures established, ICS introduced
  • Customized team of specialists appointed
  • Stakeholders informed regularly and transparently

Result

  • Pool successfully liquidated
  • Financial liquidation result significantly exceeded expectations (profit)

Case 2

Insurance Branches in France

Windup | Company dissolution | General management | Risk management

Lead project manager, representative in France

Issue

Windup of the French Branches of Winterthur Life and Winterthur Insurance

Starting position

  • Sale of insurance portfolio to French insurance company
  • Branches still active with various legacy positions in the books

Goal

Full closure of the branches

Action taken

  • Collaboration with local specialists (taxes, finance, actuaries, law firms) implemented
  • Individual solutions developed for all legacy positions

Result

  • Branches deleted from the French commercial register
  • All claims resolved (various court proceedings, unresolved issues with buyer and third parties, open tax issues

Case 3

Company domiciled in Switzerland

Windup | Bankruptcy

Lead project manager, liquidator

Issue

Liquidation Xenum Finance AG, factoring/construction industry Germany

Starting position

  • Overindebted stock company in liquidation
  • Claims in German bankruptcy proceedings
  • Shareholders: Swiss Re, Credit Suisse, Winterthur Insurance

Goal

Deletion from the commercial register

Action taken

  • Claims in various German bankruptcy proceedings enforced
  • Exit strategy defined
  • Bankruptcy completed as per Swiss CO

Result

  • Company rapidly deleted from company register
  • Resources and committed funds rapidly released
  • Costs minimized

Case 4

Companies domiciled in Asia

Windup| Shutdown of establishment

Lead project manager, Member of the Board

Issue

Closing of various companies domiciled in Hong Kong and India

Starting position

Formerly active insurance companies in liquidation with outstanding accounts and assets still to be sold

Goal

Deletion from the commercial registers

Action taken

  • Remaining assets sold off
  • Liquid assets repatriated
  • All open liabilities settled

Result

  • All assets successfully sold
  • All liquid assets repatriated
  • All risks eliminated

Case 5

Companies domiciled in Luxembourg and Bermuda

Strategy | M&A | Troubleshooting

Lead project and subproject manager, Member of the Board

Issue

Company strategy - M&A – Sale of Credit Suisse LP/Winplan, Luxembourg and Bermuda; post signing and post closing activities

Starting position

Winterthur insurance as shareholder has no further interest in its life insurance companies domiciled in Luxembourg and Bermuda

Goal

Sale at best possible terms

Action taken

  • Pre signing (subproject PM): sale prepared, buyer sought, negotiations completed
  • Post signing (lead PM): solution for deal breakers reached, legacy positions resolved prior to closing of transaction

Result

  • Successful solution attained for complex deal breaker
  • All risks eliminated for seller
  • Original sale price increased
  • Closing reached within time frame

Case 6

Various companies domiciled in Europe and in Canada

M&A | Troubleshooting

Subproject manager, Member of the Board

Issue

Final activities after signings and closings of M&A transactions (final disposal of legacy assets)

Starting position

  • Sale of Winterthur Group companies abroad (Germany, the Netherlands, UK, Canada)
  • Unexpected difficulties

Goal

Disposal of all legacy positions

Action taken

  • Contract terms renegotiated
  • Collaboration on site with specialists
  • Strong focus on minimizing costs and good financial result

Result

  • All risks eliminated for seller
  • All transactions completed on time

Case 7

Analysis of insurance portfolio

Strategy

Lead project manager

Issue

Analysis of an insurance portfolio as basis for strategic decision by executive board

Starting position

Portfolio has delivered negative results for many years (weak premium development, high costs)

Goal

Elimination of losses

Action taken

  • Portfolio analysed
  • Scenarios to eliminate losses examined
  • Proposals discussed and presented to executive board

Result

  • Executive board decided in favour of proposal
  • Losses eliminated

Case 8

Major claims

Windup | Risk management

Lead project manager, responsible for claims

Issue

Analysis of major claims in a portfolio; direct responsibility for several major claims

Starting position

  • Claims are managed passively
  • Ultimate risk of certain claims and insurance portfolios is not known

Goal

Optimum risk management, possibly exit

Action taken

  • Risk scenarios and strategy for claims management developed
  • Optimal strategy implemented (primarily introduction of active claims management or exit)

Result

  • Accurate understanding of existing risks achieved
  • Number of open claims and existing risks reduced
  • Reserves released