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”
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From the Brink: Tips to Revive A Stalled Mediation
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?
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
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 Group Announces Sale of Lloyd’s Syndicate 1200 to Westfield
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
Run-off Specialist Premia Completes Loss Portfolio
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
Meet Our Newest Corporate Partner
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
DARAG acquires North American captive insurance company for $30mn
Legacy acquirer, DARAG Group concluded a new agreement with an undisclosed captive insurance company, with a transaction value of approximately $30 million. The transaction, written into DARAG Bermuda, allows the original insurer full legal finality, with DARAG facing the original fronting insurer. Its structure was a novation of its 03-06 and 15/16 policy years with … [Read more...] about DARAG acquires North American captive insurance company for $30mn
Oklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive & Insurance Business Transfer Conference
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
The AIRROC 18th Annual NJ Legacy Transactions and Networking Forum Returns to Jersey City
Registration is now Open! AIRROC looks forward to reuniting with our legacy colleagues from Sunday, October 16 through Tuesday October 18, 2022. As in years past, our event host will be The Westin Jersey City Newport, located at 479 Washington Boulevard in Jersey City, New Jersey. The Westin is steps away from the Hudson River with spectacular views of the New York City … [Read more...] about The AIRROC 18th Annual NJ Legacy Transactions and Networking Forum Returns to Jersey City
Compre enters European medical malpractice with German liability portfolio acquisition
Compre, the Bermuda headquartered, international legacy group, today announces it has acquired the hospital liability (“MedMal”) portfolio of German insurer Basler Sachversicherungs-AG (“Basler”), an entity of the Baloise Group, subject to regulatory approval by the German Federal Financial Supervisory Authority (“BaFin”). Terms of the transaction are not disclosed. The … [Read more...] about Compre enters European medical malpractice with German liability portfolio acquisition
Exit ramp for Enhanze Re?
A joint venture with grand potential just a few years ago appears to be ending, an apparent victim of the catastrophe reinsurance and investment markets. It comes after substantial catastrophe and investment losses. Enhanzed Reinsurance Ltd, the Class 4 and Class E Bermuda reinsurer, was launched several years ago through a partnership of insurance and reinsurance run-off … [Read more...] about Exit ramp for Enhanze Re?
US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions
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
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
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
NextGen Task Force Corner
On May 18, NextGen Task Force member Grant Donkervoet moderated an AIRROC educational event discussing the three dimensions of alternative dispute resolutions (“ADR”). Panelists Bill Goldsmith from AIG, Teresa Snider from Porter Wright Morris & Arthur, LLP and Peter Scarpato, joined Grant. The panelists covered the full path of ADRs starting with negotiations, moving to … [Read more...] about NextGen Task Force Corner
Civil Human Trafficking Lawsuits: A Growing Risk for Insurance
Susan Aldridge Partner at Norton Rose Fulbright (US) LLP and Marc Penchansky, a Partner at White & Williams, LLP presented on the following topic: Human Trafficking Lawsuits: A Growing Risk for Insurance. Their presentation covered federal and state statues that provide relief for claimants who allege they have been trafficked, as well as a review of some applicable case … [Read more...] about Civil Human Trafficking Lawsuits: A Growing Risk for Insurance
The “Texas Two-Step” Bankruptcy Strategy
Panelists John Cruciani and Scott Davis, both Partners with Husch Blackwell gave an insightful presentation on the Texas Two-Step Bankruptcy, explaining how it works and providing an overview of the Texas corporate statutes from which the maneuver flows. They also discussed the high profile case of Johnson & Johnson (“J&J”), as well as an update on other ongoing cases, … [Read more...] about The “Texas Two-Step” Bankruptcy Strategy
Litigation Funding and Social Inflation: An Increasing Concern for Insurers
On a sweltering day in NYC, AIRROC opened its Summer Membership Education Day with a panel of experts that described our own industry climate change: the social inflation that is driving nuclear verdicts and run-away inflation in losses. Just as climate change increases the intensity of storms, the social climate surrounding litigation has increased the potential for more … [Read more...] about Litigation Funding and Social Inflation: An Increasing Concern for Insurers
Exploring Russian sanctions and insurance coverage
June 22, 2022 - According to White House statements, the "United States, with the G7 and the European Union, will continue to impose severe and immediate economic costs on the Putin regime for its atrocities in Ukraine, including in Bucha." As one part of this effort, in a statement by the White House on April 6, 2022, "devastating economic measures to ban new investment in … [Read more...] about Exploring Russian sanctions and insurance coverage
