Does anyone have a fig model?
I'm currently running a FIG transaction and am a bit clueless when it comes to modeling.
Would anyone have a model to look at?
Much appreciated.
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What kind of FIG? life insurance very different from non-life, which is different to banking.
It would be a life insurance transaction. But I'd definitely appreciate if you have non-life and banking models too for future reference. We are relatively new in the FIG space. Thank you!
i'm just picturing some boutique FIG banker asking his intern to find a 'fig' model on the internet for them to use as a template. good luck fellas.
I'm a 1st year analyst in a BB but unfortunately, we've only focused consumer, real estate and tech. Now the team is looking to rebuild and focus on FIG transactions.
Thank you.
Have you checked m&i?
Yes but they do not build out the operating model for an insurance firm, only the embedded value.
Ah okay. From my memory of insurance models they are basically a run down of some basic financial info
underwriting revenue/profit from that (like an operating ratio or some technical term I’m blanking on) and then interest income more or less. There are some big insurance related ratio terms that kinda run the model. I don’t have them on the top of my head right now but hopefully a google search can turn them up for you. It’s like “how to value an insurance company” and hopefully an article with these terms and everything else necessary to build a financial model of one will come up for you
to value the company you kinda need an operating model to some extent
Check with your bank’s insurance ER team. If you’re at a BB, literally every single one has at least 1 analyst covering insurance. If you’re not, things to do some reading on: loss ratios/combined ratios, DAC/VOBA (for life insurance), NII, prior year developments (for p&c), cat losses, IBNR reserves, actuarial assumptions setting, difference btw stat and gaap accounting, new business strain, concept of FCF (hint hint, it ain’t the GAAP one), annuities/life product design and hedging, reinsurance structures, captives, seasonality, etc. Your question’s hard to answer without knowing whether you’re looking at a life vs p&c insurer vs a reinsurer vs a broker. But that should be a good starting point.
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