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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

Uncertainty > Risk: Lessons for Legal Thought from the Insurance Runoff Market

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Abstract: Insurance ideas inform legal thought: from tort law, to health law, to theories of distributive justice. Within legal thought, insurance is often conceived as an ideal type in which insurers distribute determinable risks through contracts that fix the parties’ obligations in advance. This ideal type has normative appeal because, among other reasons, it explains how … [Read more...] about Uncertainty > Risk: Lessons for Legal Thought from the Insurance Runoff Market

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

In Continental Europe, Legacy Transfer is a Tool for Operational Efficiency as Digitalisation Costs Increase

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This article first appeared in Insurance Day on the 10th of March 2020 Continental European insurance groups are turning to legacy transactions to reduce the cost and disruption to their      business of digital transformation.  The European legacy market is maturing – and it is operational efficiency that is becoming more and more of a key … [Read more...] about In Continental Europe, Legacy Transfer is a Tool for Operational Efficiency as Digitalisation Costs Increase

An Eye on the Exit

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AIRROC's Executive Director, Carolyn Fahey, pens article for Captive International.  Run-off is a corporate risk management tool giving insurers the flexibility to respond to the changing needs of its clients. It allows insurers to carve out lines or sell portfolios or entire captives, freeing them up to create new coverages, says Carolyn Fahey of the Association of … [Read more...] about An Eye on the Exit

The Legacy Roundtable – 2019

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Few in legacy circles would dispute that over the past three years the market has witnessed some of the most rapid change seen in decades. New deals from new sellers are steadily flowing into the market. New capital has arrived in the form of private equity and hedge fund money. And with both of these developments come new opportunities. The only thing missing is an … [Read more...] about The Legacy Roundtable – 2019

Global Insurance Run-Off Survey 2019

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We are pleased to release the results of the Global Insurance Run-off Survey 2019. There has been tremendous growth in the run-off sector in the last decade as it has developed into a key component of the insurance macro market.This survey, based on responses from a cross-section of global risk carriers, run-off acquirers and service providers, predicts that momentum will … [Read more...] about Global Insurance Run-Off Survey 2019

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