The advisory market is well supplied with analysis. What it lacks is the layer between.

NKR Advisory works in the layer between risk, underwriting and capital: translating analysis into the documents that govern decisions (the underwriting guideline, the bind-time questionnaire, the ORSA passage, the reinsurance rationale, the board minute) and into the ownership that makes them bite. That is the layer SS5/25 examines.

The practice is led by Nerina Wright, who has sat alongside CROs, CFOs and Heads of Underwriting at specialty insurers and Lloyd's managing agents, and worked on the market's response to the consultation that became PRA SS5/25. The work spans firm-level climate scenario analysis, operating-model redesign across underwriting and risk, board and ExCo papers on prudential risk, and underwriting process change from policy through to bind-time data capture.

Nerina has built a translation layer before: on the credit derivatives desk at JPMorgan around the 1999 ISDA Definitions, turning long-form documentation into a process traders could rely on. Different instrument, same chain.

Nerina leads every engagement personally and holds no more than two embedded engagements at a time. Where a scope needs depth she does not carry (actuarial modelling, catastrophe model validation, asset-side analysis) she brings in named specialists from a standing network, under her direction and accountability. One thread, one person answerable for it.