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Tagg-Michael (Color)

Michael Tagg

Managing Director

Michael Tagg is a Senior Managing Director with Teneo’s Financial Advisory business, based in London. Michael brings over 25 years of experience managing solvent and insolvent restructuring assignments in the insurance and reinsurance arenas, across a variety of jurisdictions.

Michael has taken formal insolvency appointments, predominantly over insurance and other financial services companies, and has also led complex solvent advisory engagements  spanning the entire insurance lifecycle. These engagements have included the licensing and operationalisation of new insurance companies, balance sheet optimisation, profit improvement and cost reduction, corporate simplifications, M&A integration and separation, run-off planning and implementation, early exits and solvent wind-downs.

Prior to joining Teneo, Michael was a Managing Director of Interpath (formerly KPMG’s restructuring business in the UK), where he led their insurance restructuring practice and was responsible for the delivery of restructuring engagements to clients in the insurance sector. Michael also spent five years in Bermuda working with insurance clients, including Captive insurers, and has worked extensively in the U.S., UK, Caribbean and Gibraltar insurance markets.

Michael is a Licensed Insolvency Practitioner, a Chartered Insurer and is currently the Chairman of the International Association of Insurance Receivers in the UK.

 

Selected Project Experience

  • Project Panther – Acted as advisor to an investor in a distressed international insurance group in the restructuring of the business that included a significant accelerated disposal program, contingency planning, cashflow management and the eventual debt refinancing.
  • Project Stort – Undertook an options analysis on a captive insurance company and led the accelerated disposal of the captive to a third party.
  • Project Tarn – A long-term project for an international reinsurance group advising them on their options for restructuring their business post-Brexit. It involved the licensing and operationalisation of a significant new insurance subsidiary in the UK.
  • Project Venus – Separation planning for the spin-off and sale of a significant UK personal lines insurance business in the UK.
  • Project Light – IBR and options analysis on behalf of a lender to a Gibraltar insurance business that led to the appointment of Michael as a fixed charge receiver over parts of the business and sale to a third party.
  • Project Jumbo – Acted as advisor to an international run-off consolidator on capital management and optimization. Undertook options analysis to restructure its U.S., Bermuda, UK and Maltese insurance businesses, release trapped capital and streamline the group’s legal entity structure.
  • Michael is currently Scheme Administrator over English and American Insurance Company and Liquidator of certain companies in the HIH Group.

Articles by Michael Tagg