Enabled the resurrection and operationalization of an Insurance company
An insurance company in Bahrain was at the brink of liquidation and closure of operations. A Central Bank of Bahrain (CBB) intervention resulted in the appointment of a new board and the requirement of a specialist firm to bring the organization back to life. We were appointed to assist the management in the turnaround strategy formulation and execution.
Our professional services included streamlining the entity’s books of accounts, reconciliations with insurance and reinsurance companies, brokers, and related and third parties. We performed the assessment of receivables, provisions, and payables and the preparation of Financial Statements. Further, we also assisted the entity in the appointment of a new Chief Executive Officer and Chief Financial Officer.
Six years since our assignment, the entity is today a leading insurance service provider in the Kingdom. Apart from the reconciliation of all third-party accounts, we also aided in the collection of nearly 68% of the entity’s receivables. The company regained trust within the market and achieved stability in operations.