Accounting, Reporting & Compliance Expertise
Palmetto Surety Corporation Case Study
For Insurance Statutory Compliance, Financial Management & Regulatory Support.
The Challenge
Palmetto Surety Corporation, a South Carolina-based commercial and court surety bond provider, faced complex challenges around their annual NAIC statutory reporting. The company needed comprehensive support across multiple filing components: Schedule D (investments), Schedule E (notes to financial statements), RBC calculations, and supporting documentation. The complexity of surety bond accounting required specialized expertise that their internal team could not fully support. Additionally, their data coordination processes needed optimization to ensure efficient, accurate reporting that would withstand regulatory scrutiny.
The Solution
ARC Strategic Services partnered with Palmetto Surety to strengthen their statutory reporting and regulatory compliance. Understanding the common problems with NAIC annual statement filings, we implemented targeted solutions:
- NAIC Statutory Filing Support – Expert guidance on annual and quarterly filings, ensuring accuracy, completeness, and full regulatory compliance.
- Risk-Based Capital Analysis & Forecasting – Comprehensive RBC forecast and analysis to provide insights for capital planning and strengthen regulatory standing.
- Financial Schedule Enhancement & Investment Calculations – Review and enhancement of critical schedules, with expert calculation of bond amortization and investment valuations.
The Results
Over the past year of partnership, Palmetto Surety has achieved significant improvements in their statutory reporting quality and regulatory standing:
✓ Strengthened NAIC filings – Enhanced Schedules D & E and improved overall financial statement quality, reducing examiner findings.
✓ Robust RBC forecasting – Comprehensive Risk-Based Capital analysis provides confidence in capital planning and regulatory standing.
✓ Improved process efficiency – Streamlined data coordination and process improvements result in faster, more accurate reporting.
As Palmetto’s CFO noted, the ARC team’s “depth of knowledge and insight is outstanding” and their “efficiency and timely” approach has been “instrumental in helping us enhance our Notes as well as several schedules.” The partnership has successfully relieved Palmetto’s statutory and regulatory burden, allowing their team to focus on strategic initiatives and growth.
“We have been partnering with the ARC team for a year now and are so happy with our decision to work with this team. Their depth of knowledge and insight is outstanding. They are efficient and timely with a high degree of communication, quality and accuracy in completing our NAIC statutory filings. Recently, the ARC team prepared a Risk Based Capital Forecast and Analysis for us prior to year-end. ARC also provided the review and investment calculations for year-end amortization of bond discount and premium. The experience of this team was instrumental in helping us enhance our Notes as well as several schedules, including Schedules D and E. They also helped with process improvement for data coordination for the Notes and Schedules. They are relieving our statutory and regulatory burden and I look forward to a long partnership with the ARC team!”
Colleen H.
CFO, Palmetto Surety
About Palmetto Surety Corporation
Palmetto Surety Corporation is domiciled in South Carolina and provides commercial and court surety bonds at all levels throughout the Southeast. The company constantly strives to advance the surety bond industry by utilizing state-of-the-art technologies and developing custom-built solutions that allow them to approve and underwrite most applications within 24 hours. Their commitment to efficiency, innovation, and customer service has made them a trusted partner for bonding solutions across the region.
Services Provided
NAIC Statutory Filing Support
Expert guidance on annual and quarterly NAIC filings with focus on accuracy and regulatory alignment.
Risk-Based Capital Analysis
Comprehensive RBC forecasting and analysis to strengthen capital planning and regulatory standing.
Financial Schedule Enhancement
Review and enhancement of critical financial schedules (D, E, Notes) to improve transparency.
Investment & Data Coordination
Investment calculations, bond amortization reviews, and streamlined data coordination.
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Testimonials
Our clients' thoughts
Our company is looking to move forward and improve our Annual Statement filing accounting and preparation methods. After meeting with the team from ARC Strategic Services, we confidently feel that we are on the right path to making those improvements. They are very knowledgeable about the insurance industry as well as what is expected of us for reporting compliance. We are excited to work with them and look forward to seeing great results! I can’t say enough about how easy they are to talk with and it was a true pleasure to meet with such a great team.
Bonnie Bishop
We are thrilled to be partnering with the ARC team! We initially brought them on board to help with our NAIC statutory filings. The experience of this team was instrumental in helping us enhance our Notes as well as several schedules, including Schedules D and E. They helped with process improvement for data coordination for the Notes and Schedules. This will ensure efficiency, accuracy and completeness well into the future. The team’s deep expertise beyond basic accounting and statutory reporting allows them to effectively assist with inquiries from the regulators. They help relieve the statutory and regulatory burden, allowing me to focus on other strategic areas of the business. I would highly recommend ARC Strategic Services.
Colleen Handy
ARC Strategic Services has been an invaluable partner in supporting our statutory reporting and regulatory compliance efforts. Their team brings a high level of expertise in NAIC reporting, and their work on our Risk-Based Capital analysis and financial schedules has strengthened both our reporting accuracy and internal processes. They are responsive, detail-oriented, and consistently deliver high-quality work. Just as important, they work collaboratively with our team and feel like a true extension of our organization.
Lisa M.
ARC Strategic Services has made a meaningful impact on how we approach financial reporting and regulatory compliance. Their team took the time to understand our processes and quickly identified opportunities to improve efficiency, including automating key reporting functions and refining our consolidated financial statements. What stands out most is their ability to combine deep insurance accounting expertise with practical solutions that actually work in a day-to-day environment. We now have stronger processes, better data visibility, and more confidence in our reporting.
Mark S.
The ARC team was a wonderful find for AllCare Health and the perfect fit for our team and our needs. Their depth of knowledge and experience in insurance accounting and regulatory compliance is unmatched and we are so happy to be partnering with them. We initially brought them in to assist with regulatory compliance and various forms completion. We quickly realized the depth of their knowledge and have expanded their work to include readiness for our examination as well as a policy and procedures review and enhancement. Our mission includes leading the way to better healthcare for Oregon and its people. A part of meeting that mission is assurance that we continue to maintain excellent processes to propel us into the future and effectively support our members. The ARC team has so much knowledge and experience to bring to that effort. They are relieving the statutory and regulatory burden, allowing our team to focus on other high impact areas of the organization. I would highly recommend ARC Strategic Services.
Matthew Woodin
Partnering with the ARC team has been an excellent decision! I met the team at a conference and knew immediately they had the knowledge and professionalism we were looking for to help with a variety of needs, starting with our statutory filings. Q1 filing was completed early, which removed the stress of meeting the deadline. This team has such deep insurance regulatory expertise, I can feel confident that the filings are done accurately and in full compliance with the NAIC.
Brian has also made recommendations and helped by improving the process for our cash reconciliations and mapping data over to the statutory statement. I recently requested they help with another process improvement project that I anticipate will save us considerable time on a monthly basis. I cannot recommend ARC Strategic Services enough. They are a great team to work with!
Michael Eldridge
At Investors Preferred, we understand that a solid ERM framework can increase risk-related focus across all functions of our business. We wanted a partner with an established ERM track record, and we were impressed with ARC's robust experience working with insurance firms like ours. We were confident the ARC's team would be able to appreciate the complex regulatory environment we face.
Nikki Pethtel
I had great experiences collaborating with ARC Strategic Services while I was a Senior Manager at MCM CPAs & Advisors LLP. When I took the role of Director of Finance & Accounting with KY AGC/SIF, I knew I could use their unique and tailored experiences for our large transition accounting & system needs. The ARC team has valued expertise ranging anywhere from project management, systems implementation, regulatory compliance, and CFO services. With ARC on our side, I know the Fund is setting itself up for future success and growth.