Published date: 9 February 2018

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 8 December 2017

Contract summary

Industry

  • Business services: law, marketing, consulting, recruitment, printing and security - 79000000

Location of contract

Any region

Value of contract

£975,238

Procurement reference

BMS ITT Reference 60512

Published date

9 February 2018

Closing date

8 December 2017

Contract start date

23 January 2018

Contract end date

31 December 2018

Contract type

Service contract

Procedure type

Call-off from a framework agreement

A mini-competition or direct purchase from a pre-established framework agreement.

Contract is suitable for SMEs?

No

Contract is suitable for VCSEs?

No

Description

The Authority requires a third party corporate finance adviser to provide us with an actuarial analysis on each participating MDO's assets and liabilities, to provide input and advice into the commercial structuring of the Existing Liabilities Scheme (ELS) - considering the potential impact of regulation on the MDO's and how they may respond; and to assist with the MDO negotiation strategy and negotiations. We expect that the actuarial advice will be provided by the adviser themselves as opposed to using third party partner firms.
The project will cover:
Phase 1 - Pre-Due Diligence - regulation (January 2018)
Phase 2 - Actuarial Due Diligence on Medical Defence Organisation Balance Sheets (February 2018 to April 2018)
Phase 3 - Transaction Structuring (May 2018 - June 2018)
Phase 4 - Negotiation (July 2018 - September 2018)
Phase 5 - Commercial Due Diligence (October 2018 - November 2018)

This scope of works will provide appropriate expertise from a corporate finance adviser with internal actuarial expertise in support of the project's objectives. With the benefit of significant and detailed due diligence allowing us to obtain a full understanding of MDO's financial positions, we will be able to properly assess the level of assets that could be obtained versus the pace of regulation implementation. We need to ensure an appropriate balance which delivers value for money, does not contravene state aid principles and above all creates a safe, secure and affordable future operating environment for medical practitioners and patients.

Therefore the skills required to deliver these outputs are: -
• A good understanding and appreciation of the clinical negligence market in the UK.
• A strong and industry recognised non-life actuarial practice.
• Excellent knowledge of the solvency II regulation, its impact and its implementation.
• Prior financial transaction experience of working with government.
• An excellent understanding of government accounting.
• Evidence of inputting into negotiation strategies.
• Demonstrable creativity in structuring of solutions.

More information

Attachments

Award information

Awarded date

18 January 2018

Contract start date

23 January 2018

Contract end date

31 December 2018

Total value of contract

£975,238

This contract was awarded to 1 supplier.

PriceWaterhouse Coopers LLP

Address

1 Embankment Place
London
WC2N 6RH

Reference

None

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Contact name

John Cook

Address

39 Victoria Street,
Westminster
LONDON
SW1H 0EU
England

Telephone

0118 9027856

Email

john.cook@dh.gsi.gov.uk