Services to underwriters
LMG acts for various other insurance entities and concentrating on the underwriting side of the insurance industry, including:
- branch offices of foreign registered insurers
- Lloyd's of London NameCos
- UK branch of a US MGA (Managing General Agency)
- MAPAs (Members Agent Pooling Arrangements)
LMG's extensive experience of the insurance market in general and the many issues that it faces enables it provide audit, accounting, taxation and advisory services to these other insurance sector participants.
Recent projects include:
- Successful completion of a 5 year corporation tax enquiry into a branch office of a foreign owned insurer/reinsurer as well as adhoc advice on such issues as UK filing requirements at Companies House, liaison with Home State Regulator/FSA, Double Tax treaty issues with home country, negotiating deductibility of insurance reserves with HMRC, agreement with HMRC as to differences in accounting treatment between home country and UK
- Agreeing various treatments for Lloyd's of London NameCos in run off
- Assurance services to MAPA providers
- Establishment and ongoing maintenance of internal control, accounting and back office systems for UK marketing office of US MGA.