Insurers, underwriters, capacity providers and MGAs
Thistle undertakes compliance and claims audits for underwriters and capacity providers. We work with underwriters to develop bespoke audit papers and reports and MI tailored to their business needs. We have a team of skilled auditors based around the UK. Our auditors are trained to the same common high standards to provide consistent and reliable results.
Rather than simply report on problems we also provide support to both underwriters and their coverholders to resolve issues so that the auditing process provides positive outcomes for both parties and helps to drive up standards for year on year improvement.
We also assist Lloyd’s coverholders and firms holding delegated authorities to prepare for audits by their capacity providers. Our experience of working with insurers means we know what constitutes acceptable standards and we can use this experience to help ensure that systems and controls will meet the requirements both of the Regulator and the underwriter.
To avoid conflicts of interest no auditor will audit a firm for both parties in a DA/coverholder relationship.
While, different to the Principal firm/AR relationship, wholesale brokers are under increasing regulatory pressure to ensure that the products they provide are appropriately and fairly distributed by sub-brokers. We support wholesale firms by providing an outsourced auditing service for sub-brokers based on a more limited question set which focuses on the sales and marketing process and related conduct risk and TCF issues.