Preparing a Growing Insurance Company for an IPO
An established and growing diversified property and casualty (P&C) insurance company required assistance as they prepared for an initial public offering. Critical processes required close acceleration, automation, and control enhancement. Accordion was initially engaged for a financial statement close process assessment – this engagement then expanded to readiness for the IPO including project management, S-1 filing, process automation, and subsequent public company requirements.
Financial Statement Close Process
Finance Function Automation
Accounting Policies & Procedures
IPO Project Management, Readiness, & S-1 Filing:
- Developed and managed comprehensive project plan.
- Assisted with analyst model projections & presentations.
- Delivered IPO readiness assessment report to Sponsor & CFO.
- Initiated and led weekly IPO steering committee with internal and external stakeholders.
- Sourced, calculated, and coordinated data inputs for S-1 confidential and public filings.
- Drafted S-1 management discussion & analysis.
- Created CFO function staffing plan with org. chart & roles.
- Led successful recruiting effort for new CAO.
- Created templates for Board of Directors meeting and chief operating decision maker materials.
- Conducted detailed walkthroughs with F&A team and recommended process acceleration and control enhancement.
- Fostered increased accountability and planning for the F&A team via a detailed GL close checklist, public company reporting calendar, and by instituting recurring close meetings.
- Delivered financial statement close process report including findings and recommendations.
Audit Support and Controls Enhancement:
- Provided accounting guidance and drafted technical. accounting memos for segment reporting, reporting units, preferred stock and goodwill impairment.
- Documented high risk controls including those associated with the COSO framework.
- Created GL controls for AR and AP reconciliations.
- Developed controls and policy for expense accruals.
- Issued year-end lessons learned report with findings and recommendations.
Reinsurance Program Automation
- Assessed program materiality/ prioritization and drafted policy covering 46 reinsurance programs.
- Automated journal entry calculations for 15 programs, resulting in time savings of 1-2 weeks.
- Project managed template development, GL validation, and process implementation.
- Documented procedures for new automation template.
- Automated data for program reconciliations and trained staff on proper reconciliation procedures.
Our Accordion team partnered with and prepared the Company for a successful IPO. Accordion supported culture transformation and long-term sustainability as the Company transformed from a private to public organization. We partnered with the CFO and F&A function to accelerate and automate critical month-end close processes, improve the control environment, deliver technical accounting support, and lead IPO initiatives including project management and data delivery for the confidential and public S-1 filings.