Mick Summersgill is a Senior Managing Director with Teneo in London, having joined Teneo as part of its purchase of Deloitte’s UK Restructuring business.

Prior to the acquisition, Mick was a Partner on Deloitte’s Restructuring team with a focus on the Financial Services industry. He has over 20 years’ experience in the Insurance industry working both within the Big 4 and as part of management teams within insurance companies. Prior to joining Deloitte in 2020, he was COO of a global specialty (re)insurer with Lloyd’s, company market, and US underwriting platforms.

Mick has led a wide range of projects in the insurance sector including business process transformation, exits from non-core and legacy portfolios, M&A integration and separation, and legal entity rationalization. He is highly familiar with the insurance run-off market having worked both buy-side and sell-side, and as an adviser and principal in both the solvent and insolvent markets.

Mick also spent 2 years as the CFO of one of the UK’s largest non-life insurance run-off portfolios. During that time, he led initiatives to create value and de-risk the balance sheet – commutation programs, reinsurance asset management, and portfolio exits. He was also responsible for the pro-active oversight of outsourced run-off managers.

Mick is experienced in dealing with distressed and insolvent insurance companies and other FS businesses and has implemented a variety of restructuring processes, including both solvent and insolvent schemes of arrangement.

As an adviser, Mick has led assignments to assist (re)insurers in identifying and executing opportunities to exit under-performing, legacy, or run-off portfolios to release capital and reduce costs. He has also advised stakeholders in relation to their exposure to distressed insurance businesses.

Selected Project Experience

As an insurance company executive, Mick has led or closely worked on the following projects:

• Acquisition and assimilation of portfolios.
• Operating cost reduction exercises.
• Designing the target operating model for end-to-end underwriting, claims, and MI reporting, and leading the subsequent business process change programme.
• Business sponsor of major IT transformation involving overhaul of policy administration, claims, and MI systems
• Exits of branches and subsidiaries.
• Remediation of premium processing backlogs, aged debt collection issues, and other back-office or legacy challenges.
• Exiting and closure of offshore back-office.
• Legal entity restructuring and rationalisation generating cost savings of c. $2m p.a.