Insurance

In an industry defined by the assumption of financial risks, forging a partnership with an accounting firm that is knowledgeable about your industry is an exercise in risk mitigation in and of itself. From our inception in 1977 as a boutique income tax consulting firm for life insurance companies, PKM has literally grown up immersed in the insurance industry. Today, we are one of the preeminent insurance industry service providers in the United States, providing auditing and tax services for a wide variety of clients. In 2006, Best’s Review named PKM one of the nation’s "Top 35 Audit Firms Based on Net Premiums Written" and "Top 15 Audit Firms Based on Policyholder Surplus within Property and Casualty" in the insurance industry.

Serving Insurance Companies

Our insurance client base encompasses approximately 20 property & casualty insurance companies domiciled in Georgia, Florida, South Carolina, Texas, Washington D.C., Vermont, and the Turks and Caicos Islands. These clients range from large players – writing premiums of well over $500 million annually and with assets approaching $1 billion – to smaller entities, such as start-ups, captives and risk retention groups, all with diverse needs. From regulatory and income tax compliance to information systems evaluations and merger & acquisition analysis to strategic planning, PKM professionals are experienced and well-qualified to provide comprehensive service and insightful perspective.

In fact, our reputation as an insurance industry leader and expert has allowed us to serve CPA firms in Missouri, Illinois and New York by lending our expertise to them to support their insurance audits. PKM also has been included in an exclusive group of firms chosen by the Georgia Insurance Department to assist them in financial condition examinations. PKM has conducted such examinations on dozens of insurers who have consistently commended us for the professionalism and knowledge we bring to the examination process.

Serving Agency Operations

Our expertise and service to the insurance industry extends well beyond insurers themselves. PKM also serves as auditor, income tax accountant and consultant for several managing general agencies ("MGA's") and retail agency groups with operations in Georgia, Florida, Alabama, South Carolina, Louisiana and Texas. While many agencies are not required to have their financial statements audited and are not subject to the same level of supervision as are insurers, there is a growing trend among insurers, particularly those subject to SEC requirements, to have their MGA financial statements audited. Through our experience, we are well acclimated to the challenges an agency faces, particularly during an initial audit, and can help make the process a smooth one. Beyond the audit, there are many financial business risks and opportunities agencies face daily. We bring expertise to help design appropriate strategies to effectively deal with these risks and opportunities.

Serving with Experience

PKM’s Insurance Services Group is a team of professionals with many decades of combined industry experience. Both PKM Partner Greg Foster and PKM Principal Jane Elliott each have more than 20 years’ experience. And, much of Jane's experience was gained working for insurers before joining PKM. They lead a team of professionals who go through extensive industry training before serving insurance clients.

PKM is actively involved in the Insurance Accounting and Systems Association (IASA) at both a local chapter and national level. We also support the Society of Financial Examiners, from which Jane Elliott has earned her Certified Financial Examiner designation, and we demonstrate our commitment to the industry by volunteering for industry service positions.