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Legacy Solutions

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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

R&Q’s Corver: Due diligence critical to managing social inflation as urges “buyer beware”

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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”

From the Brink: Tips to Revive A Stalled Mediation

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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

Survey: How is ESG impacting insurance companies?

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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?

Estimated global non-life run-off reserves rise 11% to US$960bn

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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

Oklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive & Insurance Business Transfer Conference

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OKLAHOMA CITY – The Oklahoma Insurance Department (OID) successfully hosted the inaugural Oklahoma Captive & Insurance Business Transfer (IBT) Conference in Oklahoma City. The two-day conference was held at the Omni Oklahoma City Hotel on August 24-25 and attracted a total of 287 attendees with more than 40 percent traveling to Oklahoma City from other states and the United … [Read more...] about Oklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive & Insurance Business Transfer Conference

US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions

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On August 11, 2022, the US National Association of Insurance Commissioners’ (“NAIC”) Executive (EX) Committee adopted a request from the Restructuring Mechanisms (E) Working Group (“RM Working Group”) to reopen the Property & Casualty Insurance Guaranty Association Model Act (#540) (“Model Act #540”) for amendment to ensure that policyholders will retain guaranty fund … [Read more...] about US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions

Insurers can win the war for talent—if they tell their story

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In our overview of the top issues facing the insurance industry, we note that carriers need to do a better job of fully committing to and funding their strategies. This commitment naturally extends to identifying the kinds of skills and attributes they want in their employees. This kind of prioritization may sound obvious, but most carriers are trying to catch up to their … [Read more...] about Insurers can win the war for talent—if they tell their story

Senate Banking Committee Chair Urges FIO and the NAIC to Monitor Private Equity and Affiliated Offshore Reinsurance

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Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners (NAIC) to examine the increasing role of private equity and alternative investment classes in the life insurance market as well as offshore reinsurance. The … [Read more...] about Senate Banking Committee Chair Urges FIO and the NAIC to Monitor Private Equity and Affiliated Offshore Reinsurance

Regulators Should Identify and Mitigate Climate Risks in the Insurance Industry

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The insurance industry plays a critical role in both the financial system and the economy overall, with U.S. insurance companies writing approximately $1.5 trillion in premiums and holding trillions of dollars more in assets on their balance sheets.1 By underwriting the risks of millions of individuals, businesses, and public entities, the insurance industry provides an … [Read more...] about Regulators Should Identify and Mitigate Climate Risks in the Insurance Industry

“Strong momentum in run-off sector continues”- PWC

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Strong momentum in the non-life run-off sector last year continued into 2022 with the announcement of eleven deals, says a new report from PWC. The professional services firm said that while the number of deals announced was slightly lower than Q1 2021, the total estimated value of executed deals during Q1 2022 exceeded that of the same period in 2021 ($4.2bn vs $3.3bn), … [Read more...] about “Strong momentum in run-off sector continues”- PWC

Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership

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Southern Fidelity Insurance Company has entered into receivership and is being liquidated, according to the Florida Office of Insurance Regulations (FLOIR). The state’s insurance office made the move on the basis that the insurer was impaired, insolvent or likely to become insolvent and that further transactions would be potentially hazardous to policyholders, creditors, … [Read more...] about Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership

Drop Anchor or Anchors Aweigh? Making the First Offer In Negotiations

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Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 3 Years ago, my wife and I took a trip to Mexico. The worker in me was ready to kick back and put down a tequila or two. But my inner negotiator was anxious to test his skills at a Mexican mercado (market). Who would win the test of wills between the novice American buyer and savvy … [Read more...] about Drop Anchor or Anchors Aweigh? Making the First Offer In Negotiations

2022 insurance industry forecast: trends and future risks

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Resilience will be the overarching theme for 2022. However, whilst last year necessitated a faster pace of change than was perhaps ideal, looking forward, insurers will want to continue to adapt to protect their operations, market and promote customer retention. Customer demand for more interactive and efficient digital platforms and products is set to continue, which will … [Read more...] about 2022 insurance industry forecast: trends and future risks

Roll of the Dice

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The first IRLA Congress since May 2019 was a storming success. Nearly 300 The Legacy Professionals Association delegates from across the international legacy market attended this three times postponed annual event and many declared it to be the best Congress to date. It was clear that delegates were very keen to catch up with colleagues and friends, and to meet and develop new … [Read more...] about Roll of the Dice

Making a run for it

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This article was originally published in the Captive Insurance Times, issue number 233 and is republished here with permission. Carolyn Fahey of AIRROC and James Cameron of PwC UK discuss the current state of the run-off market, and how legacy solutions can be utilised to help insurers take advantage of the hardening market In the current environment of a hardening … [Read more...] about Making a run for it

Prepare, Prepare, and Also, Prepare.

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Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 2 We all know the scenario: You’ve been chasing your counterparty for weeks, trying to get either payment, a meeting, or a substantive response.  On your end, you reviewed the file and calculated how much you want and, perhaps, how much you might settle for, based upon YOUR analysis … [Read more...] about Prepare, Prepare, and Also, Prepare.

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

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