ACH.L Regulatory News (ACH)

19 June 2014

Pro Global Insurance Solutions plc (the "Company" or "Pro Global")

AGM - Chairman's Statement

Chairman's statement

Tim Carroll, Chairman of Pro Global, will comment in his statement at the AGM today that 2014 will be a hard year for Pro Global as it focuses on restructuring the business and rebalancing the cost base following the demerger of its run-off business.

Artur Niemczewski, CEO of Pro Global since January of this year, will report to the AGM on the actions taken following his appointment and a review of the business in the first 100 days post demerger and provide details of Pro Global's strategy and implementation roadmap.

The "Client First" strategy focuses on 3 core areas:

· Target revenue of £60m in the medium term - growth through expanding Pro Global's client base and growing existing clients in the insurance and reinsurance industry;

· Target sustainable margin of 15% through rigorous cost control and alignment of cost base to revenue;

· Establishing a strong brand and market reputation for delivering value-added services focused on tangible results.

The vision for Pro Global is "to be the number one specialist service provider addressing complex operational needs of global insurers and reinsurers". Pro Global's USP is providing flexible, tailored services on a global basis, delivered as extensions to clients' own teams.

The review of the business has resulted in four clearly defined, differentiated value propositions that have been tested in the market. Pro Global's four core services are:

·  Risk, Audit and Compliance:Experts in providing high quality audits, both for internal and external purposes, providing independent assurance and market best practice. Pro Global deploys specialist teams worldwide supplying specific local expertise. In addition to audit services, the company is experienced in all aspects of insurance compliance and regulation. Pro Global offers peer reviews on corporate governance procedures and support clients embed a risk management framework across their business. 

· Operational Consulting: Support change, from single projects through to large-scale enterprise transformations by providing technical expertise coupled with change management experience in people, process and systems projects. The company's focus is on hands-on delivery and tangible outcomes, with total flexibility in the way it works. As well as delivering projects, it can provide technical operations staff as backfill resource.

· Technical Outsourcing: Core services are underwriting support and claims management. Other services include technical and financial accounting and reporting. Global capability to provide services from several cost effective locations. Specialist claims services, including a team of TPA specialists in the US, for complex claims across multiple classes of business including motor and trucking, PI & E&O, marine and APH. Pro Global's USP - flexible, tailored services - clients' view us as extensions to their teams.

· Legacy Solutions: Develop and execute closure strategies including proactive de-scaling of liabilities through active claims management and commutations. Specialist in portfolio management of entire books of business to enable our clients to extract maximum value from their non-core portfolios, whilst freeing them up to focus on their core business.

Full details of the "Client First" strategy will be posted on the website.

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