Key Takeaways
- A leading global (re)insurer needed to convert an existing legal entity into a services entity, requiring every supplier contract to be reviewed, reclassified, and transitioned.
- The transition had to meet strict regulatory requirements for Material Outsourcers, under aggressive, non-negotiable timelines.
- Procurato reviewed and risk-classified contracts, managed Novation and Amendment Agreements, and centralised everything into an upgraded contract database.
- The full transition was completed within the three-month deadline, with full compliance achieved across all Key Supplier contracts.
- Beyond compliance, the project uncovered savings opportunities and left the client with a stronger, centralised contract management framework.
At a Glance
| Client | Leading global (re)insurance firm |
| Sector | Financial Services / (Re)Insurance |
| Challenge | Regulatory-compliant supplier contract transition during legal entity restructuring |
| Service provided | Post-Merger Integration & Carve-Out Support |
| Related capability | Supplier Due Diligence |
| Timeline | 3 months |
| Outcome | Full regulatory compliance, on-time transition, centralised contract database, identified savings opportunities |
The Challenge: Restructuring Under Regulatory Pressure
A leading global (re)insurance company, recognised for its innovative approach to risk and capital management, needed to convert one of its existing legal entities into a services entity as part of a broader restructuring programme. That meant transitioning every relevant supplier contract to the new entity, while staying fully compliant with regulatory guidelines, particularly those governing Material Outsourcers.
With significant capacity demands and an aggressive timeline, the company brought in Procurato to manage the transition. The goal was straightforward to state but hard to deliver: ensure every contract was compliant, correctly structured, and transitioned in line with the company’s own outsourcing policies, without disrupting live supplier services along the way.
Objectives
To meet the client’s restructuring goals, the engagement was built around a clear set of objectives:
- Maintain strict alignment with the programme’s deadlines throughout.
- Transition and consolidate existing supplier contracts into the new services entity.
- Ensure compliance with regulatory requirements, particularly for Material Outsourcers.
- Review contracts thoroughly to confirm correct licensing and alignment with the new legal structure.
- Capture relevant contractual terms: change control, restructuring and divestment clauses, in the company’s supplier database.
- Support commercial and contractual review opportunities identified during the transition.
The Approach: Risk-Led, Deadline-Driven Execution
We conducted a comprehensive review of contracts, with particular focus on Key Suppliers, to confirm compliance and correct alignment with the new entity. Contracts were classified by risk and priority, with actions directed accordingly; the highest-risk, highest-priority agreements got the closest attention first.
Working closely with the client’s Service Delivery Manager, we provided templates, management reports and supporting materials to streamline the transition. Suppliers were engaged directly to confirm compliance with contractual obligations, supporting negotiations where needed, though the client’s own team led the majority of direct supplier conversations.
Progress was tracked rigorously throughout, with reporting weighted toward high-risk contracts to keep the highest-stakes work visible and on schedule.
The Results: Full Compliance, On Time
Working alongside the client’s Service Delivery and Procurement teams, the engagement delivered:
- Identified savings opportunities, drawing on Procurato’s benchmarking insights gathered during the review.
- Full compliance across all Key Supplier contracts, aligned with the company’s legal and regulatory requirements.
- On-time completion – the transition was finished within the three-month deadline set by the restructuring programme.
- Managed Novation and Amendment Agreements where required, mitigating compliance risk through thorough due diligence.
- Minimal service disruption, maintaining business continuity for suppliers throughout the transition.
- An enhanced contract database, centralising information to improve ongoing supplier oversight.
Services Used
- Post-Merger Integration & Carve-Out Support – mapping in-scope suppliers, determining novation/renewal/termination needs, and managing supplier engagement through the transition.
- Supplier Due Diligence – assessing regulatory compliance, licensing alignment, and risk across the supplier base.
- Supply Chain Risk Assessment – classifying contracts by risk and priority to focus effort where it mattered most.
- Financial Services procurement consulting – sector-specific expertise in regulatory frameworks governing outsourcing arrangements.
How Procurato Can Help
If your organisation is facing a similar restructuring, whether driven by a legal entity conversion, M&A, carve-out or regulatory change, our Post-Merger Integration & Carve-Out Support service brings the structure, pace and regulatory expertise needed to manage supplier contracts through complex transitions without losing control of risk, compliance or continuity.
Talk to us about your restructuring or compliance challenge →
Stay Ahead in Insurance
Join our newsletter for insights on claims innovation, operational efficiency and market trends for insurance leaders.
Related Case Studies
- Streamlining Operations and Achieving Procurement Efficiency Across Merged Entities – how a post-merger procurement programme delivered consolidated savings and a stronger SRM framework.
- Optimising Legal Services for a Leading Financial Services Provider – a supplier RFP and restructuring process for a major financial services and insurance provider.
- Travel Policy Optimisation and Supplier Consolidation for a Leading Global Insurer – a global RFP and supplier consolidation programme delivered against a tight implementation timeline.
