A national mutual insurance company was, for the first time in their history, utilizing debt to fund a major acquisition. The company was under an accelerated timeline to complete this acquisition, and needed to engage their Treasury, Investment, and Accounting groups to organize, lead and drive the process of implementing this strategy. The Treasury Management employees put in charge of this debt management didn’t have previous experience in this area, and there were no established processes to support this effort in house.
Our experienced project management and process improvement team was quickly put to work, forming an internal project team, understanding the lender requirements, creating the project and risk plans and applying process improvements in order to effectively manage and track all collateral and covenant reporting. These processes, critical to the management of this debt, included training, internal metrics, timelines, collateral valuation procedures, reporting requirements, roles and responsibilities and reporting requirements.
The project was completed ahead of schedule and within a very tight timeline. Jefferson Wells was also able to lead and direct a successful pilot to test external/internal functions and reporting prior to draw down of the debt. New processes, metrics, and reporting were implemented to ensure ongoing success.