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 acquisitions, 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.
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.
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.