Carolyn Fahey and Francine Semaya recently had the pleasure of interviewing Oklahoma Insurance Department Commissioner John Doak and others in the Department. They talked about the Oklahoma Senate Bill 1101, known as the Insurance Business Transfer Act, that was signed by Governor Mary Fallin on May 7, 2018. This new law provides an efficient mechanism for insurance companies … [Read more...] about A-Ok in OK
Latest News
IRLA Celebrates 20 Years!
Memorable Memories It is a momentous year as IRLA (The Association of Run-Off Companies as it was originally known) was formed 20 years ago. IRLA began as a city-based group of like-minded (re)insurance, intermediary and professional service companies and professionals, and has become an association with the international breadth of membership to influence the way in which … [Read more...] about IRLA Celebrates 20 Years!
Legacy Link: William Teich
With this edition, we are introducing Legacy Link, a new look and perspective that will replace our prior Spotlight column. In Legacy Link, we will highlight the personal side of the business. We hope to give our members a chance to connect by sharing professional experiences, hobbies and ideas that further our networking initiatives, and build our community of runoff claims … [Read more...] about Legacy Link: William Teich
Brexit: Whats going on?
A good few eyes are focused on the daily, if not hourly, developing news on the UK’s departure from the European Union. What does it mean for the London Market and in turn for those who deal with its many participants both in the EU and throughout the rest of the world? The run-up to Brexit might have resonances of Y2K and the millennium bug but it is distinctly different. Y2K … [Read more...] about Brexit: Whats going on?
IRLA Legacy Roundtable
AIRROC’s Carolyn Fahey participated in The Insurance Insider Roundtable with other prominent players in the legacy market. It was held in May, 2018, during the annual IRLA Congress in Brighton, England. The Roundtable was a spirited and enlightening discussion on the current optimism in the legacy market, the impact of Brexit, and the overall outlook and trends for the legacy … [Read more...] about IRLA Legacy Roundtable
Results Are In… AIRROC Co-Sponsors First PwC Global Insurance Runoff Survey
In January 2018, we launched the eleventh edition of our run- off survey, in conjunction with both IRLA and, for the first time, AIRROC. Our survey was expanded to account for the worldwide nature of the run-off market and estimated the value of the global non-life run-off market to be at least US$730bn. It is no shock that the U.S. dominates the global market by value and, by … [Read more...] about Results Are In… AIRROC Co-Sponsors First PwC Global Insurance Runoff Survey
AIRROC Awards Trish Getty Scholarship
AIRROC presented the Trish Getty Scholarship to two very deserving St. Joseph’s University students. The 6th Annual award recipients are Ashley Myers and Samantha String, who are both juniors majoring in Risk Management and Insurance. The selection committee had a difficult time choosing between the two candidates so decided to split the scholarship for the first time in its … [Read more...] about AIRROC Awards Trish Getty Scholarship
AIRROC Person of the Year 2017 – Stephen J. Johnson
Stephen Johnson exemplified the attributes that earned him this award by beginning his acceptance speech with praise for this year’s recipients of the Trish Getty Scholarship award. He led an enthusiastic round of applause for Ashley Myers and Samantha String (both students at Saint Joseph’s University) and the prospect of a future in the insurance business that includes such … [Read more...] about AIRROC Person of the Year 2017 – Stephen J. Johnson
“Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks
All insurance and reinsurance companies want to avoid public disclosures or headlines regarding significant reserve increases, such as the recent newsworthy reserve adjustments that more than a few companies have taken for asbestos, silicosis, or other large tort liability claims. But how? The secret lies in the early identification of “bad” claims when there is time to alter … [Read more...] about “Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks
The Legacy Market: Strength. Stability. Transparency. Certainty. That Order.
In a world where “strong and stable” equates to weak and uncertain, the European legacy market remains strong and stable (as defined by the Oxford Dictionary), transparent, and continues to deliver Certainty (the capital C is not a typo!) and a cleaner, leaner and stronger balance sheet to each carrier that engages in the process through the implementation of the most … [Read more...] about The Legacy Market: Strength. Stability. Transparency. Certainty. That Order.
Paul Corver, R&Q the “IRLA” of Run Off
Please tell our readers about your work history and lessons you have learned. Having worked in insurance for 32 years, of which the last 27 years has been in the run-off sector, I learned at an early stage that run-off was an exciting place to be. The innovation and determination of practitioners to find a solution or manage a problem keeps the sector fresh and an enjoyable … [Read more...] about Paul Corver, R&Q the “IRLA” of Run Off
Learning about Legacy: Interview with Ben Baker of IRLA and Carolyn Fahey of AIRROC
Legacy education and training is a growing market. Barbara Hadley of Iskaboo asked Ben Baker of IRLA and Carolyn Fahey of AIRROC how they define ‘training’ and ‘education’ in the context of their respective associations. ‘To the IRLA Academy, training and education go hand in hand depending on what needs to be achieved,’ says Baker. ‘Training is aimed at developing a new, or … [Read more...] about Learning about Legacy: Interview with Ben Baker of IRLA and Carolyn Fahey of AIRROC
The Legacy Market: Innovation. Flexibility. Creativity. Capital Appeal. That Order.
The insurance industry has shown through the years that it has a remarkable ability to respond to challenges, and to adopt and adapt, whether this relates to a new financial or regulatory framework or to respond to demands for new products and solutions. One of the biggest challenges that the European industry faced in recent years was the implementation of Solvency II, the … [Read more...] about The Legacy Market: Innovation. Flexibility. Creativity. Capital Appeal. That Order.
Is Reg. 68 Good for the Industry? A Chat with Dwyer, Broccoli and Brennan
At the Commutation & Networking Forum in October, 2016, the authors sat down with Elizabeth Dwyer, Jack Broccoli and Christopher Brennan to talk about the Rhode Island statute. Ms. Dwyer is the Rhode Island Superintendent of Banking and Insurance in the Department of Business Regulation. Jack Broccoli is in the Rhode Island Department of Banking and Insurance and … [Read more...] about Is Reg. 68 Good for the Industry? A Chat with Dwyer, Broccoli and Brennan
Susan Aldridge: Counsel at Chadbourne & Parke and General Counsel of AIRROC
What is not readily discernible about Susan Aldridge is her rich and varied legal career. She began in the white collar criminal group at Fulbright & Jaworski (now Norton Rose Fulbright), and also did pro bono work, principally on child custody cases. When her one-year pro bono sabbatical ended, she was relieved to return to representing large insurance companies fighting … [Read more...] about Susan Aldridge: Counsel at Chadbourne & Parke and General Counsel of AIRROC
Can U.S. Insurance Companies Afford Not to Restructure?
Part 3: The case for expanding the Rhode Island Insurance Business Transfer to other lines of business Current global market conditions have increased pressure on business leaders to focus on efficient capital management with an eye towards long-term trends. Rhode Island’s amendments to Insurance Regulation 68 are the first step in providing greater flexibility to the U.S. … [Read more...] about Can U.S. Insurance Companies Afford Not to Restructure?
Sixth Circuit Follow-Up: Court Interventions in Arbitration Proceedings
In the Fall 2016 edition of AIRROC Matters, we discussed a series of contentious arbitration disputes between Meadowbrook and National Union that led to a noteworthy Sixth Circuit decision concerning the involvement of courts in arbitration proceedings and the impact of ex parte communications. In August 2016, in Star v. National Union, 2016 WL 4394563, at *1 (6th Cir. 2016), … [Read more...] about Sixth Circuit Follow-Up: Court Interventions in Arbitration Proceedings
AIRROC Person of the Year 2016: Bill Flaherty
Our process of writing a profile of the Person of the Year began, as it always begins, with an interview of our star, Bill Flaherty, and questions that lend themselves to a description of his career. But the storyline of Bill’s career is epitomized by the fact that this interview may be only the second time in his career he has been interviewed. The first was when he entered … [Read more...] about AIRROC Person of the Year 2016: Bill Flaherty
AIRROC Awards Trish Getty Scholarship: 5th Annual Award Recipient Taylor Stack
AIRROC presented the Trish Getty Scholarship to a very deserving Temple University student this year. The 5th Annual award recipient is Taylor Stack, who is a Senior majoring in Risk Management and Insurance. In presenting the honor, Ed Gibney shared some remarks from the namesake of the scholarship, former Executive Director Trish Getty. Although she wasn’t able to be there in … [Read more...] about AIRROC Awards Trish Getty Scholarship: 5th Annual Award Recipient Taylor Stack
Learning about Leah: Head of Business Runoff Operations at Munich Reinsurance America, Inc.
Leah Spivey is the type of person who wanted to put her own stamp on her career, and that philosophy led her to the highest levels of the legacy sector of the reinsurance industry. Leah believes her personality—as a self-described “driver” as well as a “people person”— allows her to simultaneously produce results and build strong client relationships. Leah’s route to the top … [Read more...] about Learning about Leah: Head of Business Runoff Operations at Munich Reinsurance America, Inc.
