Matthew Francis, Insurance Director, KPMG UK

Matt is an chartered accountant with over twelve years of financial services experience and leads KPMG UK’s insurance prudential regulatory team. In this role, he provides assurance and advice to insurers and brokers on regulatory change and transformation (Solvency II, IDD, Brexit, IAIS, ICS, regulatory reporting, risk management, capital, governance, TCFD, ESG, climate change).

Matt’s clients seek specialist input in circumstances ranging from due diligence to finance and risk transformation; from regulatory compliance and reporting, to structuring their groups to deliver corporate strategy. He works with a range of life and general insurers, reinsurers and intermediaries based within and outside the EEA.

Professional and Industry Experience
Matt is currently advising a number of UK and European insurance groups and intermediary partners on the structural and operating model options available to them to be able to continue to underwrite and pay claims in relation to EU27 and UK risks in the event of a hard Brexit. He helped management design and develop target structures based on management’s preferences to retain as much the group’s existing operating structures and provided practical advice and commercial insights based on his experience of market developments.

Matt has lead prudential regulatory and capital input for a range of insurers as they prepare and implement their Brexit contingency plans. In addition to jurisdictional analyses for the domicile of a future EEA subsidiary of a number of UK insurers, Matt has advised a number of EU27 insurers in relation to regulatory requirements applicable to UK branches of third country insurers. He has also reviewed and commented on supporting documentation and provided technical input with regard to the drafting the regulatory business plan, the scheme of operations and the business strategy.

Matt regularly advises insurers on the regulatory capital and compliance issues arising in respect of portfolio transfer transactions and restructurings, including due diligence and working capital reports. Matt previously provided subject matter expertise on skilled persons reports in relation to prudential regulation matters.

Matt regularly meets with Regulatory and Compliance Directors at our clients and with the PRA to discuss a range of regulatory issues. Matt regularly attends the BIBA Brexit Committee and helps brokers understand the structural and operational impacts of Brexit. In the past year, Matt spoke at the International Travel and Health Insurance Conference (ITIC) on Brexit and was asked to join panel at the ABI’s Seminar on Prudential Regulation and Schroder’s Insurance Asset Management Conference. He also presented at seminars on Climate Change Risk for Insurers at an ABI breakfast seminar and at the Institute and Faculty of Actuaries (IFoA) annual conference.

Matt has a detailed knowledge of UK regulatory reporting having led KPMG’s response to the first year of Solvency II audits in the UK and was responsible for the prudential regulation aspects of over 80 audits where the firm had statutory obligations to sign reasonable assurance opinions. Matt directed a team to produce guidance and tools, design and deliver training to over 300 people, and provide technical support and review.