Audit Analytics for E&O Insurers

Posted on March 20, 2019 by Mercedes Erickson

McGowanPRO is a family-owned industry leader for specialized Professional Liability Insurance. Gary Sutherland, founder of NAPLIA (which was recently acquired by McGowanPRO) and one of Audit Analytics’ first clients, has been using Audit Analytics for close to fifteen years. Gary … Continue reading →

Kingsway Financial Services, Inc. [KFS]: Extensive SEC Comment Letter Conversation Identifies Accounting Errors

Posted on January 9, 2019 by Nicole Hallas and Olga Usvyatsky

Kingsway Financial Services, Inc. [KFS] was forced to restate financial statements to correct revenue recognition errors related to adoption of ASC 606 and its effect on warranty subscriptions and commissions The restatement was triggered by a 15-letter comment letter conversation … Continue reading →

Insurance Industry Sees Rise in Negative Events

Posted on October 30, 2018 by Olga Usvyatsky

There have been several negative events within the insurance industry over the past few years. In 2017, there were 18 restatements among registrants in the insurance industry, versus 10 in both 2016 and 2015. This uptick has continued into 2018, … Continue reading →

Differences in Loss Reserve Estimate Disclosures Could Spell Uncertainty

Posted on February 27, 2018 by Olga Usvyatsky

Investors and analysts should be aware that there is more than one way to disclose Changes in Accounting Estimates. In some cases, inconsistency in the disclosure practices make it difficult to predict whether a review or an investigation is likely … Continue reading →

Could We have Predicted the General Electric Insurance Charge?

Posted on February 1, 2018 by Olga Usvyatsky

General Electric (GE) stock reached a new low of $16.02 on January 19, 2018, continuing the 2017 downtrend into 2018. The slide followed an announcement that the company has completed a comprehensive review of its insurance portfolio. The review was … Continue reading →