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AIRROC Person of the Year 2020: Paul Corver, Group Head of M&A Randall & Quilter

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One key highlight of the AIRROC annual Transactions & Networking Forum is the presentation of the Person of the Year Award.  The award gives our band of brethren a chance to acknowledge and celebrate the vision, energy, and leadership of those in our business who play a key role in influencing our work and how the investment community perceives the value of our work.   This … [Read more...] about AIRROC Person of the Year 2020: Paul Corver, Group Head of M&A Randall & Quilter

The CFO Perspective

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Day 1 of our October 2020 meeting saw Scott Maries - CFO of Premia Re, Simon Hawkins – former CFO of Compre, and John Regan – CFO of Swiss Re of America, put on a presentation, moderated by Kelly Superczynski – Aon’s Head of Capital Advisory.  The discussion covered everything from legacy balance sheet and reporting matters, to raising capital, and the pace and trends in the … [Read more...] about The CFO Perspective

Insights on Legacy in 2020

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The Panelists for the first education session of our virtual Transactions & Networking Forum included: Paul Corver, Group Head of M&A, R&Q, Marcus Doran, EVP, Group Complex Claims Officer, Armour Risk Management (Moderator), Paul Ginnett, CEO, Allianz Reinsurance America, Inc., Linda Johnson, Head of Legacy Practice, TigerRisk and Matt Kunish, Chief Business … [Read more...] about Insights on Legacy in 2020

AIRROC Kicks Off 2020 Virtual Forum – A New Look at Legacy

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AIRROC kicked off its first virtual conference with a welcome and introduction from our Executive Director, Carolyn Fahey.  Carolyn spoke about the resiliency she has seen in our organization, and in our industry, during the past 6 months, culminating in the decision to go forward with our premier annual event in a new and exciting format.  After a thank you to the Board of … [Read more...] about AIRROC Kicks Off 2020 Virtual Forum – A New Look at Legacy

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

Enstar Plan marks milestone proof of concept for US insurance business transfers

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Court approval of an insurance business transfer (IBT) between two Enstar Group Limited affiliates provides a useful proof of concept for this legacy solution in the US. IBT provides insurers with an expanding regulatory toolkit alongside sale, reinsurance, and accelerated closure. So, what new doors does the first application of the Oklahoma IBT statute open and what does it … [Read more...] about Enstar Plan marks milestone proof of concept for US insurance business transfers

A New Legacy Has Been Established in the U.S. Legacy Liability Market

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It’s in the books! Oklahoma has now made good on its promise to become the leading domicile for a new U.S.-based insurance restructuring mechanism—the Insurance Business Transfer (IBT). In late November 2019, the Oklahoma Insurance Department approved the IBT application (or IBT Plan) of Providence Washington Insurance Company (part of Enstar Group) to transfer policies to … [Read more...] about A New Legacy Has Been Established in the U.S. Legacy Liability Market

OK Court Gives Enstar’s IBT The OK

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On October 15, 2020, the Oklahoma County District Court for the State of Oklahoma, issued its ‎Judgement and Order of Approval and Implementation of the Insurance Business Transfer Plan (“IBT ‎Plan”) (“Order”) filed by Providence Washington Insurance Company (“PWIC”), applicant and the ‎transferring insurer and Yosemite Insurance Company, the assuming insurer (“Yosemite”). This … [Read more...] about OK Court Gives Enstar’s IBT The OK

Oklahoma Completes First Insurance Business Transfer in the United States

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OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan. With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite … [Read more...] about Oklahoma Completes First Insurance Business Transfer in the United States

Fleming Re Acquisition of Sinclair Insurance Company

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Fleming Re Holdings LLC (“Fleming Re”) signed an agreement to acquire, subject to regulatory approval, Sinclair Insurance Company (“Sinclair”). Sinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies. The acquisition provides the Shareholders of Sinclair with an exit solution allowing full legal finality, … [Read more...] about Fleming Re Acquisition of Sinclair Insurance Company

Arch Capital Group Ltd. to Acquire Watford Holdings Ltd. for $31.10 per Common Share in All-Cash Transaction

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PEMBROKE, Bermuda--(BUSINESS WIRE)--Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the Company”) and Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”) today announced they have entered into a definitive agreement under which Arch will acquire all the common shares of Watford in an all-cash transaction valued at approximately $622 million. Following closing, which is expected … [Read more...] about Arch Capital Group Ltd. to Acquire Watford Holdings Ltd. for $31.10 per Common Share in All-Cash Transaction

American Financial Group, Inc. Announces Agreement to Sell Run-off Lloyd’s-based Insurer, Neon

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CINCINNATI--(BUSINESS WIRE)--Sep. 28, 2020-- American Financial Group, Inc. (NYSE: AFG) today announced that it has reached a definitive agreement to sell GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own its Lloyd’s of London insurer, Neon, to RiverStone Holdings Limited (“RiverStone”). Upon closing of the sale, AFG expects release of all of its … [Read more...] about American Financial Group, Inc. Announces Agreement to Sell Run-off Lloyd’s-based Insurer, Neon

White Mountains Significantly Expand Capitalization of Ark Insurance Holdings; Will Acquire Majority Interest

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HAMILTON, Bermuda, Oct. 1, 2020 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that it has entered into a definitive agreement to invest fresh capital in and to acquire a majority interest in Ark Insurance Holdings Ltd, the ultimate parent company of Ark Syndicate Management Limited. Ark is a leading Lloyd's platform well positioned to take … [Read more...] about White Mountains Significantly Expand Capitalization of Ark Insurance Holdings; Will Acquire Majority Interest

A Virtual Zoom call with the AIRROC NextGen Task Force

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A Virtual Zoom call with the AIRROC NextGen Task Force An actual Zoom call would be harder to schedule than a virtual happy hour in the pandemic-hectic work lives of our busy NextGen Task Force members. So, we asked the Task Force members to answer few questions about their views on remote work and the Task Force.  What follows is a virtual version of a virtual team meeting. … [Read more...] about A Virtual Zoom call with the AIRROC NextGen Task Force

Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions

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With mounting novel coronavirus (COVID-19) liabilities straining insurers’ and reinsurers’ balance sheets, the pressing need to free the capital tied up in legacy portfolios can no longer be ignored. Sorting out legacy risk would not only relieve reserve pressure, but also release much needed capital to support growth. So, what are the options for tackling the legacy … [Read more...] about Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions

Aon and Willis Towers Watson Announce Shareholder Approval of Proposed Combination

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DUBLIN, Aug. 26, 2020 -- Aon plc (“Aon”) (NYSE: AON) and Willis Towers Watson Public Limited Company (“Willis Towers Watson”) (NASDAQ: WLTW) today announced that their respective shareholders voted FOR all proposals at their respective extraordinary general meetings and at the special meeting of Willis Towers Watson shareholders ordered by the High Court of Ireland. Aon and … [Read more...] about Aon and Willis Towers Watson Announce Shareholder Approval of Proposed Combination

DARAG Completes Loss Portfolio Transfer Transaction with Hallmark Financial Services

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DARAG has completed the Hallmark Financial Services transaction and the acquisition of a Bermuda class 3A reinsurance company. 13 August 2020 – DARAG, a leading legacy acquirer, today announced its North American division, DARAG North America, has closed the loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North … [Read more...] about DARAG Completes Loss Portfolio Transfer Transaction with Hallmark Financial Services

Third Point Re and Sirius Group to Combind

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Third Point Reinsurance Ltd., backed by U.S. hedge-fund manager Daniel Loeb, announces a merger with Sirius International Insurance Group Ltd. Notice SiriusPoint to be a Top-Tier Global Specialty (Re)Insurer Well-Positioned to Capitalize on Short and Long-Term Market Opportunities Transaction Expected to be Accretive in First Year After Close Experienced Insurance Executive … [Read more...] about Third Point Re and Sirius Group to Combind

Captives Can Benefit From Run-off In The COVID-19 World

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AIRROC's Executive Director, Carolyn Fahey and Steve McElhiney of Artex pen article for Captive International. Notice COVID-19 has destabilised the global economy and increased risk across all types of business. Run-off solutions can help captives better manage these risks, say Steve McElhiney of Artex and Carolyn Fahey of AIRROC. The concept of insurance “run-off” … [Read more...] about Captives Can Benefit From Run-off In The COVID-19 World

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