Marco Capital Holdings Limited, a European property and casualty (P&C) run-off specialist, has merged Guernsey based, former Credit Suisse ILS reinsurers Kelvin Re and Humboldt Re under the new brand Marco Re, following approval from the Guernsey Financial Services Commission in December of last year. Marco Capital acquired Humboldt Re in late 2021 and Kelvin Re in mid … [Read more...] about Marco Re launches from merger of former Credit Suisse ILS reinsurers
Latest News
DARAG Group completes Hawaii captive acquisition
Legacy acquirer DARAG Group has completed the acquisition of a Hawaii-based captive. The transfer involves a portfolio of workers’ compensation business that entered runoff in 2023. It will now shift to an existing DARAG entity domiciled in the United States, providing complete legal closure. Tom Booth, CEO of DARAG, emphasized there is growing … [Read more...] about DARAG Group completes Hawaii captive acquisition
Carrick Group Announces LPT with IRB(Re)
January 17, 2024 – Carrick Group Limited (“Carrick”), a Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, today announced that Carrick Re Limited, a Bermuda class 3A reinsurer, has entered into a loss portfolio transfer with IRB(Re), a Brazilian private reinsurance company, on behalf of its UK Branch, ahead of a Part VII … [Read more...] about Carrick Group Announces LPT with IRB(Re)
“AI” Spells Effective, Efficient Legacy Claims Management
Artificial intelligence, or “AI” as it is called, is dominating the IT field in industries across the board. Discussions about this new breakthrough dominate articles, blogs, newscasts, and podcasts. “What are the advantages? What are the disadvantages? What are the dangers?”... and on and on. Should insurance, or more specifically legacy business, be excluded from this robust … [Read more...] about “AI” Spells Effective, Efficient Legacy Claims Management
AIRROC Announces New Board Leadership, Officers and Directors for 2024
AIRROC is pleased to announce the new 2024 leadership of the Board of Directors. Tom Mendralla (Swiss Re) takes over as Chair with Betsy Mitchell (A.G. Risk Management) and Dawn Ballin (Enstar) as Co-Vice Chairs. The board supporting officers are Marianne Petillo (ROM), Treasurer, Megan McHugh (Brandywine), Secretary and Susan Aldridge (Norton Rose) as General Counsel. … [Read more...] about AIRROC Announces New Board Leadership, Officers and Directors for 2024
Letters of Credit: The Good, The Bad and The Vesttoo
The education session on Letters of Credit (LOCs) at the 2023 Legacy Transactions & Networking Forum hosted by AIRROC was literally “ripped from the headlines” by covering the widely reported allegations of fraud arising from the Vesttoo bankruptcy and the attention it has drawn to the use of LOCs. Jonathan Bank, Counsel, Norton Rose Fulbright, chaired the panel of … [Read more...] about Letters of Credit: The Good, The Bad and The Vesttoo
R&Q completes LPT with UK motor insurer
Bermuda-based legacy insurer R&Q Insurance Holdings has signed a loss portfolio transfer (LPT) reinsurance agreement with a UK motor insurer. The signed agreement covers a net reserve of $80 million. The transaction is subject to regulatory approvals and other conditions of closing. Huw Battrick, co-head of legacy M&A at R&Q, commented: “We are pleased to … [Read more...] about R&Q completes LPT with UK motor insurer
Royal & Sun Alliance US runoff Arrowood placed into liquidation
Arrowood Indemnity Co., the runoff U.S. insurance operation of Royal & Sun Alliance Insurance Group PLC, was placed into liquidation on Thursday by the Chancery Court of Delaware. Arrowood estimated that for the third quarter, its projected future claims and expenses exceeded its assets by about $17 million, according to the complaint seeking liquidation that was filed … [Read more...] about Royal & Sun Alliance US runoff Arrowood placed into liquidation
Arch MI to Acquire RMIC Companies, Inc.
GREENSBORO, N.C.–(BUSINESS WIRE)– Arch U.S. MI Holdings (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., today announced it has entered into a definitive agreement to acquire RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation. Once the transaction is … [Read more...] about Arch MI to Acquire RMIC Companies, Inc.
Droughts and Wildfires – Floods and Hurricanes
David Snyder, Vice President and Assistant General Counsel of the American Property and Casualty Insurance Association, Aaron Koch, Principal and Consulting Actuary at Milliman, and Annie Shen, Actuary at Milliman, participated on a panel moderated by Katheleen Ehrhart, a partner in the litigation practice at Smith Gambrill Russell, that examined lessons to be drawn from the … [Read more...] about Droughts and Wildfires – Floods and Hurricanes
AIRROC Unveils New Leadership Award Established to Recognize NextGen Professionals
A well-kept secret was revealed at the 2023 AIRROC Legacy Transactions & Networking Forum this October. AIRROC established a new award that was announced for the first time - the AIRROC NextGen Leadership Award. This award acknowledges and celebrates the accomplishments and exemplary leadership of one of the NextGen members that has really made an impact over the course … [Read more...] about AIRROC Unveils New Leadership Award Established to Recognize NextGen Professionals
Global Economic and Geopolitical Risks: Trends and Challenges Impacting Insurance and Reinsurance Markets
AIRROC kicked off its 2023 Legacy Transactions & Networking Forum with keynote speaker Dr. Robert Hartwig, Director of the Risk Management and Uncertainty Center at the University of South Carolina. Dr. Hartwig took us on a whirlwind tour of the global economic and geopolitical forces shaping the outlook for the property casualty insurance market and helped us understand … [Read more...] about Global Economic and Geopolitical Risks: Trends and Challenges Impacting Insurance and Reinsurance Markets
Notes from the Battlefield: Navigating Reinsurance Disputes
Moderated by Guyon Knight, a panel consisting of Larry Greengrass, Debra Hall, Russel Bogen, and Frank DeMento engaged in a comprehensive discussion on the challenges and unique issues arising from reinsurance transactions. A video replay of this presentation is available on AIRROC’s On Demand plateform. Here, we distill their insights into ten key points: 1. Legacy … [Read more...] about Notes from the Battlefield: Navigating Reinsurance Disputes
Going retro: How recycling capital through customised and structured solutions can generate better returns
A tougher economic backdrop combined with a tightening of reinsurance capacity is prompting Asia Pacific insurers to look at optimising their balance sheets and consider new operating models. Jim Atwood and Roshan Perera explore the rising popularity of retrospective solutions in the region. Reinsurance renewals during 2023 revealed a strong emphasis on price and contract … [Read more...] about Going retro: How recycling capital through customised and structured solutions can generate better returns
Getting to Know Paul Brockman, AIRROC 2023 Person of the Year
AIRROC is proud to announce that it has chosen Paul Brockman, Enstar Group Chief Operating Officer and Chief Claims Officer, as its Person of the Year. This honor is bestowed annually on an individual or team that has made a significant contribution to the run-off industry and who has demonstrated the vision and creativity that make our work a vital part of the insurance … [Read more...] about Getting to Know Paul Brockman, AIRROC 2023 Person of the Year
Actuarial Student Jacob Hayes Awarded the 2023 Trish Getty Scholarship
AIRROC in conjunction with the NextGen Council was excited to present the 2023 Trish Getty Scholarship to Jacob Hayes during an awards ceremony at the October Legacy Transactions & Networking Forum. Each year since 2012, a $5,000 scholarship has been presented to an exceptional undergraduate student studying insurance, risk management or actuarial science. Students apply … [Read more...] about Actuarial Student Jacob Hayes Awarded the 2023 Trish Getty Scholarship
Monte Carlo le résumé
The 2023 Rendez-Vous de Septembre – in its 65th year – is the annual gathering of the reinsurance market in Monte Carlo. I had a very busy few days in Monte Carlo attending events organized by IRLA, PwC, Guy Carpenter, and Gallagher – just to name a few. I enjoyed meeting with a number of our members and of course sharing the benefit of AIRROC with those that are potential … [Read more...] about Monte Carlo le résumé
Paul Brockman named AIRROC “Person of the Year” for 2023
The Association of Insurance and Reinsurance Run-Off Companies (AIRROC) has selected Paul Brockman, Enstar Group’s Chief Operating Officer and Chief Claims Officer, as the recipient of their annual “Person of the Year” award for 2023. This is the 19th year that AIRROC has bestowed this annual award. The award was announced on October 16 at AIRROC’s annual Legacy Transactions … [Read more...] about Paul Brockman named AIRROC “Person of the Year” for 2023
Retrospective solutions: Where legacy and reinsurance meet
In recent years the retrospective market has evolved considerably, relieving (re)insurers of unwanted prior-year liabilities (PYL) in new ways and in greater volumes. Some recent transactions would not have been possible five years ago, yet the conditions now exist for further significant advances in the next two years. While retrospective solutions are many and varied, they … [Read more...] about Retrospective solutions: Where legacy and reinsurance meet
NextGen Council Corner
The NextGen Council is excited to launch its latest initiative! September is the kick-off of the AIRROC NextGen #WhatIsLegacy series on LinkedIn. With the goal to spread awareness about the Legacy space and the opportunity it offers, NextGen is featuring comments from Legacy professionals about their own industry. Check out some of the early comments from well-known industry … [Read more...] about NextGen Council Corner
