AIRROC Update

Insurance & Reinsurance News

Latest News

AIRROC Announces New Board Leadership, Officers and Directors for 2022

By

AIRROC is pleased to announce our 2022 slate of Officers.  Heading up the board are Chair Bill Goldsmith (AIG) and Vice Chair Betsy Mitchell (A.G. Risk Management).  Marianne Petillo (ROM) will continue to serve as Treasurer, Megan McHugh (Brandywine) as Secretary and Robert Hendel (Guy Carpenter) as Accountant. Immediate Past Chair, Bill Teich (The Hartford) rotated off as … [Read more...] about AIRROC Announces New Board Leadership, Officers and Directors for 2022

Fortitude Re finalises acquisition of AIG’s legacy insurance business

By

Fortitude Group Holdings, LLC, the parent of Bermuda-based reinsurer Fortitude Re, has now completed its takeover of AIG’s legacy insurance businesses following the acquisition of Fortitude Life & Annuity Solutions, Inc. (FLAS) and Fortitude P&C Solutions, Inc. (FPCS). It was announced in late November 2019 that the Carlyle Group and T&D Holdings had partnered to … [Read more...] about Fortitude Re finalises acquisition of AIG’s legacy insurance business

The Hartford completes major sale

By

It’s a done deal for Premia Holdings and The Hartford, after the latter’s sale of Navigators Holdings (Europe) NV and its subsidiaries secured the required approvals from the National Bank of Belgium and the Commissariat Aux Assurances in Luxemburg. The acquired business, subsidiaries of which include Antwerp-headquartered property and casualty insurer Assurances … [Read more...] about The Hartford completes major sale

The Excepted Foreign State Club Gets Bigger

By

The Foreign Investment Risk Review Modernization Act (FIRRMA) gave the Committee on Foreign Investment in the United States (CFIUS) enhanced powers in August 2018.   Some reviews of foreign investments were mandated – especially investments in sensitive businesses by foreign governments and government-controlled entities.  For the first time, FIRRMA expressly authorized review … [Read more...] about The Excepted Foreign State Club Gets Bigger

Roll of the Dice

By

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

Swiss Re eyes stake in India’s Paytm Insuretech for $123mn

By

According to local reports, reinsurer Swiss Re is planning to make a Rs 920 crore (USD 123 million) investment in the Paytm Insuretech Private Limited (PIT) business of Indian financial services firm Paytm, through which it will take a 23% stake in the initiative. Paytm, which specializes in digital payment systems, e-commerce and finance, plans to leverage its customer base … [Read more...] about Swiss Re eyes stake in India’s Paytm Insuretech for $123mn

NextGen Task Force Corner

By

The bi-weekly podcast series is designed to introduce young professionals to the legacy (re)insurance space. You can find our podcasts on the AIRROC website under the Education tab or HERE. Episode 3: Marcus Doran, Senior Director of Commutations and Reinsurance Finance at AIG, stops by to discuss his legacy career. Marcus also provides his theories on why the insurance … [Read more...] about NextGen Task Force Corner

Making a run for it

By

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

Genesis Legacy Solutions announces its first Loss Portfolio Transfer

By

Genesis Legacy Solutions (“GLS”), part of the Maiden Holdings, Ltd. (NASDAQ: MHLD), today announced that it had issued its first Loss Portfolio Transfer Agreement through its Vermont cell to an affiliate of Cypress Property & Casualty Insurance Company. This agreement reinsures Cypress’ commercial general liability portfolio written in Florida and Texas from 2008 through … [Read more...] about Genesis Legacy Solutions announces its first Loss Portfolio Transfer

AIRROC Person of the Year 2021: Glen Mulready

By

Innovation distinguishes between a leader and a follower – Steve Jobs. AIRROC presented its annual Person of the Year Award for 2021 to Glen Mulready, the Commissioner of Insurance for the State of Oklahoma.  His “work advocating for a new era of runoff opportunities in the United States has been unmatched.” Robert Redpath, Senior VP and Corporate Counsel, Enstar. His role in … [Read more...] about AIRROC Person of the Year 2021: Glen Mulready

Congratulations to Oumou Tounkara, 2021 Trish Getty Scholarship Recipient

By

AIRROC in conjunction with the NextGen Task Force is excited to present the Trish Getty Scholarship to Oumou Tounkara. While the scholarship had significant interest from the many students aspiring to enter the insurance industry, Oumou stood out for her excellent academic performance, leadership and involvement in numerous extracurriculars. Oumou is a senior at Saint … [Read more...] about Congratulations to Oumou Tounkara, 2021 Trish Getty Scholarship Recipient

A Bright Time for Legacy

By

The education portion of AIRROC’s Fall 2021 Legacy Transactions & Networking Forum kicked off with a lively panel discussion on the current state of the legacy space, highlighting the large number of successful recent deals, the forces that drive transaction supply and demand, and the challenges that lie ahead.  Titled “A Bright Time for Legacy,” the discussion was … [Read more...] about A Bright Time for Legacy

IBT’s and Divisions – News and Noteworthy Developments

By

One of the highlights of the 2021 Legacy Transactions & Networking Forum hosted by AIRROC was the presentation by industry leaders and experts on the current legal and regulatory landscape affecting the Insurance Business Transfer (“IBT”) and Division space.  Jonathan Bank, Of Counsel, Locke Lord LLP, chaired the panel of state regulators, stakeholders, and experienced … [Read more...] about IBT’s and Divisions – News and Noteworthy Developments

The Anatomy of a Transaction

By

A reflection on the legacy market journey and what delivers success for all stakeholders. Transparency emerged as a recurring theme to a successful legacy transaction during the educational session, “The Anatomy of a Transaction” moderated by AIRROC’s Executive Director, Carolyn Fahey, at the October networking forum in Jersey City. Offering insights from their respective … [Read more...] about The Anatomy of a Transaction

Prepare, Prepare, and Also, Prepare.

By

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.

Claims Updates: Molestation and PFAS

By

The panel on emerging risks, hosted by Marcus Doran, Senior Director of Commutations, Reinsurance Finance at AIG, focused on molestation and PFA claims.   Amy Kallal of Mound, Cotton, Wollan & Greengrass updated the delegates on recent developments concerning molestation claims.  To date, there have been a number of different sources of molestation claims, including claims … [Read more...] about Claims Updates: Molestation and PFAS

MGA Issues in Legacy Business

By

The panelists for this insightful session on the relationships between insurers and the agents they work with included Katherine Billingham, General Counsel, DUAL North America, Joe Loggia, Vice President, Buxbaum Loggia, and Rod Perry, Senior Vice President, Rockville Risk Management with Katheleen Ehrhart, Partner at Freeborn & Peters serving as panel chair. MGA/TPA … [Read more...] about MGA Issues in Legacy Business

Resolution Life signs $9.4bn reinsurance deal with Lincoln Financial

By

Resolution Life US Holdings has announced the signing of a $9.4 billion reinsurance transaction between its insurance subsidiary, Security Life of Denver Insurance Company (SLD) and The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation. The deal consists primarily of bank and corporate owned life insurance business alongside a smaller … [Read more...] about Resolution Life signs $9.4bn reinsurance deal with Lincoln Financial

LinkedIn