New business consulting firm offers more choice in Canada for P&C industry

RSM, a global provider of audit, tax and consulting services focused on the middle market, has announced the launch of RSM Canada with an office of about 300 professionals in the heart of Toronto’s financial district.

Harry Blum will serve as managing partner of RSM Canada.

RSM Canada is comprised of RSM Canada LLP, the Canadian member of the RSM International Network, providing audit and tax services, and RSM Canada Consulting LP, a newly formed partnership of RSM Canada and RSM US LLP.

RSM Canada Consulting LP will provide expanded consulting services, such as those related to insurance, management consulting, IT infrastructure and business applications, as well as security, privacy and risk to clients in Canada.

Joel Cohen, national consulting services leader with RSM Canada Consulting LP, told Canadian Underwriter that RSM practices in a number of areas, including those involving traditional valuation, actuarial pension plan work, reinsurance, dynamic financial statement work and working with brokers. He used the example of assisting a client who has already purchased reinsurance, but is looking for a “knowledgeable and independent lens.”

“We would collect their historical claims data and the like and we would do an analysis as to what amount should be retained [and] what risk should be reinsured,” Cohen explained. “With that data, we can price what we think the reinsurance should be and then sit down to assist our clients to make sure they are buying the appropriate layers of reinsurance and the appropriate pricing for the reinsurance.”

Cohen, who is the insurance industry leader with RSM Canada Consulting LP, added that there have been situations over the years where RSM has helped clients negotiate the amount and price of reinsurance with brokers, “so we often function as an intermediary.”

In a press release on Dec. 1, RSM says its “overarching strategy eyes expansion beyond Toronto to key markets across Canada, with both fully integrated RSM Canada offices in major metropolitan areas and a robust alliance of firms in other markets to support client needs.”

Cohen said that the launch of RSM Canada will help expand the services and scope of work both in Canada and in the U.S. and, by extension, “add more complete services offerings and deeper service offering to our clients.

“RSM Canada sees this as a fantastic growth opportunity for our actuarial and insurance business by joining and powering with our colleagues in the U.S. to really be disruptive to the marketplace and drive it in a direction that, to date, it hasn’t been driven in,” he concluded.