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Getting to Yes: Where It All Began

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Series: Negotiation Strategies: Tips for Establishing Connection and Optimizing Results We all do it every day: with our spouses and significant others, with our children, co-workers and counterparties, with people getting on and off of an elevator, and even while jockeying with other cars in traffic.  The “it” is negotiation: exchanging verbal or non-verbal messages with a … [Read more...] about Getting to Yes: Where It All Began

Arkansas Insurance Department Lauds New Insurance Business Transfer Law

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 LITTLE ROCK, Ark. – Earlier this spring, Arkansas joined a handful of U.S. states in adopting the new insurance business transfer model called the Insurance Business Transfer (IBT) Act. The law provides insurance companies an organized and efficient process to transfer blocks of insurance business from any jurisdiction to another insurance company in Arkansas, benefiting … [Read more...] about Arkansas Insurance Department Lauds New Insurance Business Transfer Law

As the SPAC Market Cools, What Comes Next?

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2020 was called the "Year of the SPAC" but 2021 is already on track to surpass it.  At the Summer Membership Meeting, Jack Vales, Partner at Dentons, moderated a lively discussion covering all you need to know about the rapid rise of SPACs in the educational session entitled “SPAC-tacular Ascent: The Rise of SPACs.”  Fellow Dentons partners Ilan Katz and Ira L. Kotel joined the … [Read more...] about As the SPAC Market Cools, What Comes Next?

Insurance M&A deals reach $24.6B in first-half 2021

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“The pace and magnitude of insurance dealmaking continued to accelerate in the first half of the year as sellers look to capitalize on the high valuations driven by strong demand for insurance businesses,” Mark Friedman, PwC insurance deals leader, said in a statement. (Photo: nespixt/Adobe Stock) Five megadeals in the first half of 2021 are just the beginning of what’s … [Read more...] about Insurance M&A deals reach $24.6B in first-half 2021

Reinsurance rate growth to boost run-off market: KBW

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According to reports from Keefe, Bruyette & Woods (KBW), industry executives are optimistic about the prospects for the run-off reinsurance market, which they say should benefit from rising pricing trends. KBW recently hosted a series of meetings with Florida and Bermuda re/insurance executives about their outlook on various sectors of the market. One of the key … [Read more...] about Reinsurance rate growth to boost run-off market: KBW

The Basic Cybersecurity Controls that Every Company MUST have

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When it comes to cybersecurity, companies must not underestimate the importance of basic controls. Employees and employers are exposed in the pandemic-induced work from home environment to new cyber risks, raising the stakes for cyber best practices and education. Cyber criminals typically follow a playbook where they seek out the lowest hanging fruit. They’re attacking … [Read more...] about The Basic Cybersecurity Controls that Every Company MUST have

State Regulatory Responses to the COVID-19 Pandemic: Mitigating Risk for Businesses and Individual Insureds

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The widespread effects of the Coronavirus 19 (COVID-19) pandemic have been unlike anything the world has experienced in more than a century. Governments worldwide have been forced to grapple with this unprecedented scenario and many have implemented measures aimed not only at curtailing the spread of the virus, but also designed to aid individual insureds and businesses to … [Read more...] about State Regulatory Responses to the COVID-19 Pandemic: Mitigating Risk for Businesses and Individual Insureds

How COVID Impacts Insurance in Unforeseen Ways

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Having recently marked the one-year anniversary of the COVID-19 pandemic, it seems like an opportune time to consider how the pandemic has impacted the insurance industry. While business interruption (BI) lawsuits (totaling more than 1,500 as of March 31, 2021) have dominated the headlines, the pandemic’s effects stretch far beyond BI claims. Indeed, the pandemic has impacted … [Read more...] about How COVID Impacts Insurance in Unforeseen Ways

SPAC spree presents opportunities for insurance industry

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The following is an editorial by Alicja Grzadkowska, senior news editor at Insurance Business. To reach out to Alicja, email her at alicja.grzadkowska@keymedia.com. Special purpose acquisition companies (SPACs), otherwise known as blank-check firms, have been making waves in the insurance industry lately. You may have seen several notable developments involving SPACs … [Read more...] about SPAC spree presents opportunities for insurance industry

States introduce changes to promote legacy deals for insurance sector

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Mergers and acquisitions among ongoing insurance sector companies are triggering more interest in runoff transactions to seal off old liabilities, and the trend has been boosted by legislation in various states seeking to simplify the process. Legislation passed in 2018 in Oklahoma led to the first transaction being approved in the state last year and several other states … [Read more...] about States introduce changes to promote legacy deals for insurance sector

Buoyant insurance M&A market rolls on amid abundant capital, hardening rates

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Mergers and acquisitions activity in the insurance sector was strong in 2020 despite COVID-19 and is expected to remain robust in 2021 as rising commercial insurance rates bolster earnings, making insurers attractive targets, and “deployable capital” remains abundant, analysts and others say. Insurance technology investments have also grown, providing another avenue to enter … [Read more...] about Buoyant insurance M&A market rolls on amid abundant capital, hardening rates

DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan

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On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020. Trower J’s judgment in the DeepOcean restructuring has been highly anticipated, and is the first time the court has set … [Read more...] about DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan

NAIC Adopts New Rule Allowing Rebating

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The NAIC Executive Committee unanimously adopted an amendment to the NAIC Unfair Trade Practices Model Act (Model Law #880) on December 9, 2020.  This amendment will allow insurers and producers to “rebate” consumers.  With the exception of California and Florida, and until most recently, states have enforced strict anti-rebating laws, considering non-compliance as a serious … [Read more...] about NAIC Adopts New Rule Allowing Rebating

Finality at Last. The First U.S. IBT is Complete

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By On October 15th, 2020, the Oklahoma County District Court entered a Judgment and Order approving the first ever Insurance Business Transfer (“IBT”) in the United States.1 Much has been written and debated about the fledgling IBT process in the U.S.; concerns have been raised; perceived risks have been articulated, but now that a transaction has actually been completed, it is … [Read more...] about Finality at Last. The First U.S. IBT is Complete

Survey of the Current Insurance Labor Market

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AIRROC corporate partner AON in partnership with the Jacobson Group is conducting their Semi-Annual Insurance Labor Market Study now through July 31, 2020. This survey has offered  valuable labor insights and has  become an accurate predictor of the industry’s staffing outlook. We invite you to take the survey which will take no longer than five minutes to complete. All … [Read more...] about Survey of the Current Insurance Labor Market

In Memoriam of Terry Kelaher

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AIRROC honors the memory of our long-time friend Terry Kelaher who passed away recently after battling cancer and kidney disease.  Terry was a co-founder and vice chairman of AIRROC.  He joined Allstate Insurance Company in 1988 where he served as vice president and general manager of the company's Specialty Operations Division, responsible for the management of … [Read more...] about In Memoriam of Terry Kelaher

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