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Case Study

Preparing a Growing Insurance Company for an IPO

Team Size
1 Director, 3 Vice Presidents, 1 Associate
Project Duration
9 months (on-going)

The Situation

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.


IPO Readiness

Financial Statement Close Process

Finance Function Automation

Accounting Policies & Procedures

The Execution

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.

Accelerated Close:

  • 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.

The Results

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.