Consulting Team Member






Paula Keyes


Professional Summary


Paula Keyes is a reinsurance expert with over 33 years experience in the insurance industry. Her primary activities include reinsurance accounting and collection of reinsurance proceeds on behalf of insolvent estates. As an independent consultant she has provided consulting services to numerous insurance companies in the reconciliation of their reinsurance balances and mapping them to the annual financial statement. She is a detailed-oriented professional with management and supervisory experience. Paula is as competent in leading a team of professionals as in serving as a member of the team. She is computer-literate and very knowledgeable in the common accounting programs as well as general office programs.


Profession Qualifications:
Pace University, New York City 1979 – 1983
Accounting and Liberal Arts
College of Insurance 1976 – 1979
Certificate in Insurance Accounting
ARe Designation March 1992
CPCU Designation June 1996
AIR Designation June 2000
Employment History
January 2008
  To Present
Affinitee Group, LLC
Partner in a newly formed consulting firm specializing in asset recoveries in the insurance industry, particularly the healthcare segment
January 2001
  To Present
Society of Financial Examiners (SOFE)
Altamonte Springs, Florida
Executive Director
Responsibilities include maintenance of membership database, membership recruiting, publications, financial & corporate record keeping website maintenance, administration of educational programs, and administration of testing applicants for qualification of designations bestowed by the Society.
May 1998
  To Present
Paula Keyes & Associates, LLC
Altamonte Springs, Florida
In 1998 became an independent consultant concentrating on reinsurance issues. Since that time I have worked on numerous projects including:
May 1998 to November 2000 worked as an accounting consultant on a trucking liability insurance company in rehabilitation. Also responsible for Annual Statements.
May 1998 to November 2000 continued in position as reinsurance consultant at the Office of the Special Deputy Receiver as described below.
May 2001 to December 2001 worked as an expert witness on a federal lawsuit between the Florida insurance company and an overseas reinsurer.
December 2003 to February 2004 worked on a U.S. insurer helping to mitigate their Schedule F penalty and collect reinsurance balances due in excess of $70 million.
December 2003 to January 2004 worked assisted a Boston-area insurer in decreasing $80 million in Schedule F penalties by collecting reinsurance balances, reconciling reinsurance accounts and writing off balances.
April 2004 to May 2004 worked on providing a high-level validation of the financial condition of a solvent U.S. insurer.
June & July 2004 worked on a project for PA insolvency in verifying an early access claim against the CIGA of over $8 million.
June 2004 to August 2004 worked on the validation of three proofs of claim totaling more than $20 million filed against an insolvent U.S. insurer by a managing general agent in the line of sub-standard auto business.
Aug. & Sept. 2005 assisted a Chicago-area insurance company become Sarbannes-Oxley compliant by documenting reinsurance transactions. Each of these assignments were on a temporary, part-time contract basis with RSI.
January to April 2006 assisted the Oklahoma Receivers Office in Class 1 Distribution reconciliations for three insolvent health care companies.
August to November 2006 assisted the Hawaiian Insurance Department monitor the activity of an insolvent P&C company located in Birmingham, AL. This involved oversight of the multi-state, multi-company insurer to protect the interests of Hawaii.
April to July 2007 assisted the Oklahoma Receivers Office with account reconciliations of an insolvent life & health insurer, who had not reconciled any of their general ledger accounts in over three years.
June 1999
  To March 2008
Altamonte Springs, Florida
Executive Director
Responsibilities include membership recruiting, publications, financial & corporate record keeping, meetings planning, website design & maintenance, and office administration.
January 1996
  To November 2000
Office of the Special Deputy Receiver (OSD)
Chicago, Illinois
Reinsurance Consultant
Worked on this five-year project initially as a consultant for another firm and then as an independent consultant under my own firm. The first three years involved a cedant evaluation project on Pine Top Insurance Company, In Liquidation. A team of 33 consultants and OSD staff reviewed over 1,800 reinsurance contracts for 800 cedants with the purpose of determining the estate’s liability to cedants and it’s potential receivable from retrocessionaires. I was one of two lead consultants on this project.
For the next two years I was only one of two consultants retained and I was assigned to two projects on Centaur Insurance Company, In Rehabilitation. I evaluated an assumed book of London business to determine the estate’s liability and the reinsurance recovery from retrocessionaires and I also analyzed a book of ceded business to determine the amount of reinsurance recovery to the estate.
1990 – 1998 Chiltington, Inc.
Orlando, Florida
Assistant Vice President
On behalf of this London based international firm, I handled various projects involving due diligence audits, reinsurance recoveries, claims audits, premium audits system review audits, and accounting reconstructions. One of my largest projects was the reinsurance recovery of over $33 million to eight Florida domiciled insurance companies that went into liquidation as a direct result of Hurricane Andrew. I also worked on the reconstruction of a Lloyd’s book of business that ultimately resulted in a recovery of over $20 million and a similar reconstruction on a Texas county mutual insurance company that resulted in collections of over $10 million. In additional I marketed new assignments for the Orlando and Hazlet, New Jersey offices.
1989 – 1990 Liquidation Office of the Ohio Department of Insurance
Columbus, Ohio
Assistant Manager – Reinsurance
Managed a staff of 7 in running-off reinsurance books of 6 liquidated companies.
1986 – 1989 Prudential-LMI Commercial Insurance Company
Mansfield, Ohio
Reinsurance Analyst
Responsible for running-off 400 assumed treaties.
1985 – 1986 The Home Insurance Company
New York, New York
Senior Corporate Accounting Officer
Managed a staff of 17 in collecting reinsurance recoverables, preparing ceded accounts, and accounting for Captives, Syndicates and Fair Plans.
1981 – 1985 Continental Reinsurance Corporation
New York, New York
Assistant Controller
Managed a staff of 5 in preparing financial statements for the home office and 4 international affiliates. Responsible for annual statements, except Schedules F & D.
1975 – 1981 American International Marine Agency, Inc. (Part of AIG)
New York, New York
Managed a staff of 20 in preparing consolidated financial statements for the home office and 7 affiliates, quarterly ceded accounts and Schedules O, P & F. Dealt extensively with EDP in setting up and maintaining a computer system.
1973 – 1975 American International Underwriters and C. V. Starr, Inc.
San Francisco, California
Handled the accounts receivable books for both of the AIG companies.
International Association of Insurance Receivers (IAIR) – Member since 1993; obtained the Accredited Insurance Receiver (AIR) designation in 2000. I have served as the Executive Director, Board Member, Education Chair and Membership Chair.
International Association of Insurance Women (NAIW) – Member since 1987; maintained dual membership in the Orlando, Florida and Chicago, Illinois local chapters for many years; now keep only the Orlando membership. Obtained the Certified Professional Insurance Woman (CPIW) designation in 1993 and the Diversified Advanced Education designation in 2003. Have served on the Florida State Council as well as holding various positions in both the Orlando and Chicago local associations.
Society of Chartered Property and Casualty Underwriters – Member since 1995. Obtained the Associated in Reinsurance designation in 1992 and the Chartered Property and Casualty Underwriter designation in 1996. Currently serve as the Treasurer of the Orlando chapter.










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