Engineering: leader della Digital Transformation

Engineering acquires<br>C Consulting

Engineering acquires
C Consulting

Awareness of the process and data governance for reliable IFRS and Solvency II financial statement compliance, and prospects for a positive international impact in the crucial area of insurance are key elements in the rationale for the operation.

Rome, December 16 2021



A new and strategic acquisition for Engineering, which continues its mission to enhance the value of technological innovation arising in Italy, strengthening its process impacts and producing benefits in terms of reliability and response to a need also internationally.

In particular the Engineering Digital Finance business unit, committed to defining new models and digital ecosystems for financial and insurance institutions, has finalised the full acquisition of C Consulting. This company has drawn on its 20 years of experience and team of 60 people to achieve solid market leadership by radically innovating the complex and delicate process of reinsurance for companies. An achievement arising from cutting-edge proprietary technology solutions (XLayers), as well as its in-depth knowledge of IFRS and Solvency II regulations, allowing it to support clients with a consultancy service based on solid expertise. This is a fundamental starting point for the success of the process review.

Given the delicate nature of the business and stringent regulations, the need for automation and precise, intelligent management of the huge volume of data and information exchanged between insurers and reinsurers is extremely high, and is still all too often managed using traditional approaches, both nationally and internationally, which involve a very high risk of error. Some industry studies estimate that in the preparation and exchange of data, the level of information leakage can range between as much as 2% and 4% of reinsured premiums. A snapshot of how C Consulting's AI- and automation-based technology solutions can help reduce error margins to zero and generate savings for companies of up to several hundred thousand euros a year.

Giuseppina Volpi, General Director Digital Finance of Engineering, comments "In our long history, we were among the first operators to interpret technology as a key factor in rethinking processes and models. Today, with the clear ecosystem vision that guides us through all the markets, we see in the insurance industry, which is as strategic and cross-cutting as ever, a very high need for innovation to respond efficiently to the rapid changes to Open Finance, as well as regulation. We are focused on this on a daily basis, and the acquisition of C Consulting, together with the commitment to support its international growth and the technological development of the XLayers platform, for which we have already planned a cloud version, falls exactly in line with our strategy of enhancing best-in-class solutions to generate the greatest possible positive impact in terms of simplification and competitiveness for the sector".

Aldo Capurro, CEO of C Consulting, adds "The specific segment of reinsurance in which we have always operated, which with an average amount of reinsured risk varying between 20% and 25% has always been a key element in enabling companies' business to grow, has also gradually taken on a decisive role in the balance sheet component in order to definine compliance correctly. The entry into the Engineering Group and the collaboration with the Digital Finance business unit, represent an enormous growth opportunity for C Consulting, in terms of both complementing the expertise in financial advisory services and expanding the geographical footprint".

With a market share of more than 65% in Italy, it has been achieved thanks to the expertise and extreme effectiveness of the XLayers platform, the aim now is to further consolidate the domestic market and to bring the know-how of C Consulting and the efficiency of its solutions across borders, where Engineering is now active.
One international profile which C Consulting has already started to build by working with a number of client companies in Spain, France, Greece and Luxembourg, and actively participating in the industry's most important initiative, is the Ruschlikon committee, a collaboration between ceding companies, brokers and reinsurers to define a common global standard for automated reinsurance management.

Engineering has completed the acquisition with a multidisciplinary team coordinated by Head of M&A Francesco Schininà and the general counsel Francesco Schininà, assisted by the KPMG advisor.
For all aspects relating to the legal structuring and negotiation of the operation, C Consulting has been assisted by Bird & Bird, with a team guided by partner Stefano Silvestri and made up of senior associate Francesco Barbieri and associate Laura Pallanze while the financial aspects have been monitored by Giorgio Visconti of Studio Giorgio Visconti & Partners.

 

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