Epic Insurance Brokers & Consultants, a New York-based retail P&C insurance broker and employee benefits consulting firm, has launched a restructuring services operation. The new offering will support the restructuring process with risk mitigation and risk transfer insurance capital solutions.
The IMF is now projecting that the US economy could shrink by 5.9% this year, as the coronavirus pandemic strangles economies across the globe. That would make it the worst recession since the Great Depression. The Washington-based organization expects the global economy to decline by 3% in 2020.
22 million Americans have filed for unemployment in the past four weeks, as the health crisis has impacted industries including hospitality, retailers, manufacturers, and law firms. Diane Swonk, Grant Thornton’s chief economist, told The New York Times it is “the deepest, fastest, most broad-based recession we’ve ever seen.”
Trying times for businesses, however, means an uptick in demand for turnaround and restructuring consulting services. Area specialists at the Big Three strategy firms and Big Four accounting and consulting firms, as well as AlixPartners, FTI Consulting, and Alvarez & Marsal, will be busy as the immediate and long-term impacts of the pandemic challenge a range of industries.
Epic’s new offering – located with the financial services division – will deliver risk mitigation and insurance solutions to support restructuring and bankruptcy professionals as well as turnaround investors. The new practice will work to improve liquidity, preserve business enterprises, and implement programs that boost financial performance.
The restructuring practice’s advisory approach will start with an in-depth understanding of a company’s objectives and business imperatives, proceed to a holistic analysis, and then develop a strategy and solution set that mitigates/transfers risks and protects enterprise value.
The practice will be led by Philip V. Moyles, Jr., EVP and head of financial services at Epic. Moyles has more than 30 years of insurance industry experience. In addition to leading the financial services business, he is also managing principal and CEO of Vanbridge, an Epic company. Before joining the firm in 2008, he spent twenty years at Marsh, where he was latterly EVP and CEO of the Americas.
“It is a pivotal time in our economy, and we’ve kept our focus on how we can create value for our clients in this very difficult environment. We realized we can play a valuable role across the entire restructuring lifecycle,” said Moyles. “Launching EPIC’s Restructuring Services capabilities under the Financial Services division was a strategic decision. Our unique interdisciplinary team has the depth and breadth of experience to comprehensively assess and clearly identify the areas of risk and opportunities to drive business enterprise preservation.”