Legacy acquirer DARAG Insurance Guernsey Limited (DIGL) has announced it is to acquire a Cayman Islands-based re/insurance captive. The firm has signed a sale and purchase agreement (SPA) for a re/insurance captive from a very large multinational corporate that possesses long tail UK employers’ liability (EL) exposure. According to the announcement, DIGL intends to merge … [Read more...] about DARAG to acquire Cayman Islands re/insurance captive
Latest News
Spotlight Kimberly George
INDUSTRY OUTLOOK: The outlook for the insurance industry is strong. Insurance has long been the financial backstop for the global economy. With the constant evolution of risk and risk management, insurance is more important than ever. Tech is changing the way we think about and do business and much of that change is happening right now. It is exciting to experience the … [Read more...] about Spotlight Kimberly George
Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries
After a successful 2023, the insurance-linked securities sector needs to show it can produce sustained returns on equity to its investors, according to Kathleen Faries. The chief executive officer of Bermuda:Re+ILS company of the month Artex Capital Solutions, said the sector saw large capital inflows from “opportunistic” investors in 2023 and now needs to sow underwriting … [Read more...] about Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries
Update on Trading, Sale of Accredited and Sale of Interest in Joint Venture
R&Q Insurance Holdings Ltd, (AIM-RQIH) ("R&Q" or the "Group"), today provides the following update on trading, the sale of Accredited and also announces that it has reached an agreement for Obra Capital, Inc. (together with its affiliates and funds/clients advised by Obra Capital Management, LLC, collectively “Obra”) to acquire all of the interests held by R&Q and … [Read more...] about Update on Trading, Sale of Accredited and Sale of Interest in Joint Venture
Illinois Appoints New Insurance Director
Effective April 15, 2024, Illinois will have a new Acting Insurance Director, Illinois State Senator Ann Gillespie. Senator Gillespie will step down from her Senate seat and will need to be confirmed by the Senate in her new position. Read More... … [Read more...] about Illinois Appoints New Insurance Director
New Trends in Workers Comp Drugs: Unintended Consequences of the Changing Opioid Laws and Policies
The opioid epidemic has had a devastating impact on society and a profound toll on public health and opioid-involved deaths. The multifaceted aspects of the opioid crisis have had an effect clinically, financially and negatively influence workers compensation. While there has been a significant decline in opioid prescribing, new medications are diversifying the drivers of … [Read more...] about New Trends in Workers Comp Drugs: Unintended Consequences of the Changing Opioid Laws and Policies
Reopening Closed Remedial Sites
VERTEX’s Christopher De Carlo, Senior Technical Advisor, Environmental Insurance and Sandra Gaurin, Vice President, Client Services & Technical Support, along with Scott Davis, Partner at Husch Blackwell led a compelling discussion on “Reopening Closed Remedial Sites” at the 2024 Spring Membership Meeting in New York. The panel discussed the current legal and regulatory … [Read more...] about Reopening Closed Remedial Sites
A Regulator’s View of IBT’s, Division’s and the 2024 NAIC Priorities
Panelists Kathy Belfi, KB Regulatory Solutions (former Director of Financial Regulation, Connecticut Insurance Department), John Finston, Finston Consulting Inc. (former Executive Deputy Superintendent for Insurance, NY DFS), Glen Mulready, Commissioner, Oklahoma Insurance Department and Robert Romano, Partner, Norton Rose Fulbright held a roundtable discussion of the trends … [Read more...] about A Regulator’s View of IBT’s, Division’s and the 2024 NAIC Priorities
Nuclear Verdicts & Social Inflation: Juror Biases & Trends
How do you get the attention of 100 people attending the last session on the final day of an AIRROC conference? Well, this presentation started out with the group watching two brief videos of juries deliberating in advance of rendering their verdict. In both scenarios, audience members were able to hear the jurors discussing their opinions on the deep pockets of corporate … [Read more...] about Nuclear Verdicts & Social Inflation: Juror Biases & Trends
The Use of AI in Workers Compensation Legacy Transactions
Michael Terelmes, Managing Director-USA, Compre Group, moderated a panel on “The Use of AI in Workers Compensation Legacy Transactions” at the AIRROC Spring Membership Meeting. Panelists included Rooney Gleason, Chief Insurance Officer, Evolution IQ, Travis Grulkowski, Principal & Consulting Actuary, Milliman, and Justin Herring, Partner, Mayer Brown. The panelists … [Read more...] about The Use of AI in Workers Compensation Legacy Transactions
AIRROC Welcomes New Member RiverStone International
AIRROC extends a warm welcome to new member RiverStone International. We are delighted to have RiverStone join the AIRROC community and very much look forward to a constructive collaborating with them. RiverStone brings a wealth of market experience and their membership is highly valued and instrumental as AIRROC continues to expand its international reach. Jamie Saunders, … [Read more...] about AIRROC Welcomes New Member RiverStone International
Global Insurance Run-Off Survey 2023
https://player.vimeo.com/video/928071878?h=a317416669 https://player.vimeo.com/video/928071342?h=fa7dc337db The PwC 2023 Global Insurance Run-Off Survey is here! The key takeaway is that the global non-life run-off reserves are estimated to exceed $1 trillion, yes that’s $1 trillion. Read Here... … [Read more...] about Global Insurance Run-Off Survey 2023
AIRROC Continues to Build its Network Welcoming Five New Members
There is no better way to begin a new year that to welcome five new Members to our community. AIRROC continues to grow and expand its network because of the value proposition we offer and what each of our Members bring to an organization with a legacy of success! We are excited and thrilled to welcome Great American Insurance Company, Hannover Re, Augment Risk, EMC Re, and … [Read more...] about AIRROC Continues to Build its Network Welcoming Five New Members
Trends to Watch in 2024
Cyber attackers will continue to exploit vulnerabilities and adapt their methods Cyber threats continue to be the number one risk on business leaders’ minds, and there have been many lessons learned over the years related to which controls to prioritize and implement to mitigate a cyber-attack, e.g., a robust patch management process, endpoint detection and response, and … [Read more...] about Trends to Watch in 2024
2023: The Year AI Started to Be Taken Seriously in (Re)insurance
After the recent release of Gallagher Re’s Global InsurTech Report for Q4 23, Freddie Scarratt, Deputy Global Head of InsurTech at Gallagher Re, looks back at the biggest tech story of last year. Many topics drove the InsurTech narrative in 2023, but perhaps the one that grabbed the most universal attention was artificial intelligence (AI). The graph shows … [Read more...] about 2023: The Year AI Started to Be Taken Seriously in (Re)insurance
DARAG completes two captive transactions in NA
Legacy acquirer DARAG Group has concluded two undisclosed captive legacy transactions. The first transaction was a Bermuda-based captive for insured risks through 2016 and was completed at the end of 2023. The second was a Cayman-based captive for insured risks through 2015, concluding in early 2024. Both portfolios insured workers compensation, general liability and auto … [Read more...] about DARAG completes two captive transactions in NA
Marco Re launches from merger of former Credit Suisse ILS reinsurers
Marco Capital Holdings Limited, a European property and casualty (P&C) run-off specialist, has merged Guernsey based, former Credit Suisse ILS reinsurers Kelvin Re and Humboldt Re under the new brand Marco Re, following approval from the Guernsey Financial Services Commission in December of last year. Marco Capital acquired Humboldt Re in late 2021 and Kelvin Re in mid … [Read more...] about Marco Re launches from merger of former Credit Suisse ILS reinsurers
DARAG Group completes Hawaii captive acquisition
Legacy acquirer DARAG Group has completed the acquisition of a Hawaii-based captive. The transfer involves a portfolio of workers’ compensation business that entered runoff in 2023. It will now shift to an existing DARAG entity domiciled in the United States, providing complete legal closure. Tom Booth, CEO of DARAG, emphasized there is growing … [Read more...] about DARAG Group completes Hawaii captive acquisition
Carrick Group Announces LPT with IRB(Re)
January 17, 2024 – Carrick Group Limited (“Carrick”), a Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, today announced that Carrick Re Limited, a Bermuda class 3A reinsurer, has entered into a loss portfolio transfer with IRB(Re), a Brazilian private reinsurance company, on behalf of its UK Branch, ahead of a Part VII … [Read more...] about Carrick Group Announces LPT with IRB(Re)
“AI” Spells Effective, Efficient Legacy Claims Management
Artificial intelligence, or “AI” as it is called, is dominating the IT field in industries across the board. Discussions about this new breakthrough dominate articles, blogs, newscasts, and podcasts. “What are the advantages? What are the disadvantages? What are the dangers?”... and on and on. Should insurance, or more specifically legacy business, be excluded from this robust … [Read more...] about “AI” Spells Effective, Efficient Legacy Claims Management