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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 client for a successful IPO. Accordion supported culture transformation and long-term sustainability as the client transformed from a private to public organization. Our team 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.