Kevin Harnisch, Head of White Collar and Co-Head of Regulation, Investigations, Securities, and Compliance at Norton Rose Fulbright moderated a panel that dissected the interplay between litigation, insurance, and the reinsurance and legacy worlds vis-à-vis ESG. The panel consisted of John O’Bryan, Partner at Freeborn & Peters, Maureen Gorman, Managing Director at Marsh, … [Read more...] about Managing the Evolving Risks and Expectations Regarding Corporate ESG Disclosure
The evolving market for restructuring and managing long-tail legacy corporate liabilities was the topic of the presentation entitled “Corporate Liabilities Deals.” The panelists included Peter Calleo, Vice President, Senior Legal Counsel, M&A, Investments and Commercial Contracts, Enstar, Andy Hill, Partner, Structured Solutions, McGill & Partners, Robert Hut, CEO, Fara … [Read more...] about Corporate Liabilities Deals
Expect another strong year for the legacy deal marketplace, say a panel of experts during an audience interactive session at the 2022 AIRROC Legacy Transactions & Networking Forum. Mayer Brown LLP Partner, David Alberts, chaired the panel that included Edward S. Hochberg, Head of Global Risk Solutions, Managing Director, Guy Carpenter, Laura Pearson, Senior Manager, PwC, … [Read more...] about The Legacy Dealmaking Landscape: What do YOU think??
The AIRROC NextGen Group hosted the first session of the day that kicked off the 2022 Legacy Transactions & Networking Forum education program. Chris Hamphshire, Vice President – Carrier Practice at Gallagher Bassett and Global President of the CPCU Society was the moderator and session leader. The day started with a focused and thoughtful presentation by Chris on the … [Read more...] about Attracting NextGen Professionals – What Can Companies Do?
Each Year at its Legacy Transactions and Networking Forum AIRROC awards its “Person of the Year” to someone who has had a significant impact on the run-off industry. This year, for the second time in its history, AIRROC awarded this honor to a team of industry professionals. This award acknowledges the team at Fortitude Re whose vision, hard work, and legacy expertise has made … [Read more...] about Fortitude Re named AIRROC “Team of the Year” for 2022
AIRROC in conjunction with the NextGen Council is excited to present the 2022 Trish Getty Scholarship to Lori-Ann Knight. Lori-Ann is a sophomore at Howard University in Washington D.C. She is majoring in mathematics with a concentration in actuarial science. Additionally, she is pursuing a minor in computer science. Established in 2012, the $5,000 annual scholarship is in … [Read more...] about And The 2022 Trish Getty Scholarship Goes To Lori-Ann Knight
AXA Spain, a division of the global insurance group, has entered into exclusive negotiations with Groupe des Assurances du Crédit Mutuel for the potential takeover of Groupe Assurances du Crédit Mutuel España (GACM España), its predominantly P&C and health insurance subsidiary in Spain. AXA is looking to acquire GACM España for a cash consideration of €310 million, which … [Read more...] about AXA eyes growth in Spain with acquisition of GACM España
Compre, the Bermuda headquartered international legacy group, today announces it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Company DAC (MIC), which provided general liability insurance covering professional medical malpractice risks. MIC entered into run-off in 2015. The transaction represents a further significant step in Compre’s … [Read more...] about Compre continues to build MedMal specialism with Covéa acquisition
AM Best estimates that traditional reinsurance capital will drop by roughly $40 billion to $435 billion at year-end 2022, after hefty jumps recorded in each of the prior three years. The projected 8.4 percent decline to $435 billion for 2022 from $475 billion in 2021, following increases of 15.5 percent for 2019, 8.9 percent for 2020 and 10.7 percent in 2021, takes into … [Read more...] about Reinsurance Capital to Drop $40B: AM Best
Most people in the legacy space have encountered, in one form or another, long tail worker's compensation claims. Too many of us have lost sleep trying to understand how this business was written in the first place, why it wasn’t set up to manage properly, and what can or should be done to manage and resolve lingering, long tail claims. Michael Terelmes of Compe Re, Anthony … [Read more...] about Legacy Workers Compensation Management from Start to Finish
The Association of Insurance and Reinsurance Run-Off Companies (AIRROC) has selected Fortitude Re as the recipient of their annual award for 2022. This is the 18th year that AIRROC has bestowed this annual award. The award was announced on October 17 at AIRROC’s 18th Annual Legacy Transactions Forum in Jersey City, New Jersey. This award is presented each year to recognize … [Read more...] about Fortitude Re named AIRROC Team of the Year for 2022
The volatile and unpredictable insurance market conditions derived from the impacts of the COVID-19 pandemic, as well as emerging cyber, political, and environmental risks, has seen an increase in activity surrounding captives entering legacy transactions. Increasingly recognised as a strategic portfolio management tool, exit solutions help to free up capital and capacity to … [Read more...] about Legacy Solutions
In September, our favorite podcast – AIRROC's The Legacy Life – is back for Season 3! Unlike prior seasons where the interviews highlight career journeys of well-established industry leaders in the legacy (re)insurance space, Season 3 aims to spotlight rising stars among the "NextGen" professionals. Episode 1 features Megan Kuzniewski, AVP and legal counsel in M&A … [Read more...] about NextGen Task Force Corner
Speaking to The Insurer TV as part of #ReinsuranceMonth, R&Q’s group head of legacy M&A said the firm was very conscious of the need to carry out thorough due diligence to properly understand exposures in terms of where claims are arising from within portfolios, and also to “get a real good feel” as to how claims are being managed. “These claims need to be kept on … [Read more...] about R&Q’s Corver: Due diligence critical to managing social inflation as urges “buyer beware”
Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 4 Mediation is generally a useful way to slow negotiating parties down and open their minds to optional pathways to an acceptable settlement. Accompanied by a willing counterparty and qualified, experienced mediator, you can often move immovable issues, explore “win-win” propositions, … [Read more...] about From the Brink: Tips to Revive A Stalled Mediation
Companies around the globe are creating or redefining their Environmental, Social and Governance (ESG) commitments and addressing rapidly changing regulatory obligations. Having worked closely with insurance companies for more than 80-years, we understand the unique risks and opportunities that ESG poses for the industry. We have developed a brief ESG survey for insurance … [Read more...] about Survey: How is ESG impacting insurance companies?
Global non-life run-off reserves estimated to have reached US$960bn An additional estimated US$68bn of legacy liabilities are held on the balance sheets of non-insurance corporations Loss portfolio transfers and adverse development covers predicted to be at the heart of future transaction activity Run-off activity at Lloyd’s and US insurance business transfers also … [Read more...] about Estimated global non-life run-off reserves rise 11% to US$960bn
Argo to receive total cash proceeds of approximately $125 million. Transaction will simplify corporate structure and drive greater efficiencies with increased focus on core U.S. businesses. Transaction expected to close in first half of 2023. HAMILTON, Bermuda – September 8, 2022 – Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or “the company”) today … [Read more...] about Argo Group Announces Sale of Lloyd’s Syndicate 1200 to Westfield
Premia Holdings Ltd., the Bermuda-based run-off specialist, announced that Premia Syndicate 1884 has entered into a loss portfolio transfer agreement with Hiscox Syndicate 33. The portfolio consists of a diverse mix of business underwritten by Syndicate 33 during years of account 1993 to 2018. Financial details of the transaction, which is retroactively effective to Jan. … [Read more...] about Run-off Specialist Premia Completes Loss Portfolio
AIRROC extends a warm welcome to our new Corporate Partner Eversheds Sutherland (International) LLC. We are delighted to have Eversheds Sutherland join the AIRROC community and look forward to collaborating with them. Eversheds Sutherland provides the full range of legal services to a global client base ranging from small and mid-sized businesses to the largest … [Read more...] about Meet Our Newest Corporate Partner