AIRROC Update

Insurance & Reinsurance News

Latest News

AIRROC Continues to Build its Network Welcoming New Member and Corporate Partner

By

AIRROC extends a warm welcome to the Illinois Department of Insurance as a new Member and Chaffetz Lindsey as a new Corporate Partner. What a terrific way to start off 2023 by expanding our network with the addition of these quality organizations. We are delighted to have the Illinois Department of Insurance and Chaffetz Lindsey join the AIRROC community and we look forward to … [Read more...] about AIRROC Continues to Build its Network Welcoming New Member and Corporate Partner

Davies strengthens its global consulting and technology capability through the acquisition of US based insurance specialist consulting business MVP Advisory Group

By

Davies, the leading specialist professional services and technology business, serving insurance and highly regulated markets, today announced the acquisition of MVP Advisory Group, LLC (“MVP”), the consulting business specialising in advisory & transformation projects for the property & casualty and life & health insurance markets. With headquarters in Chicago, … [Read more...] about Davies strengthens its global consulting and technology capability through the acquisition of US based insurance specialist consulting business MVP Advisory Group

RiverStone International Announces Loss Portfolio Transfer Deal with AXIS Capital

By

Pembroke, Bermuda, December 15, 2022 - RiverStone International today announced that it has entered into loss portfolio transfer (“LPT”) reinsurance agreements with affiliates of AXIS Capital Holdings Limited ("AXIS Capital" or “AXIS” or “the Company”) (NYSE: AXS), which cover several of its professional lines and liability insurance portfolios, predominantly relating to 2019 … [Read more...] about RiverStone International Announces Loss Portfolio Transfer Deal with AXIS Capital

R&Q and OBRA Invest in Joint Venture to Acquire Legacy Liabilities of MSA Safety

By

NEW YORK, January 6, 2023 – R&Q Insurance Holdings Ltd (“R&Q”) and Obra Capital, Inc. (“Obra”) today announced that they have acquired, through a newly formed joint venture, a wholly owned subsidiary of global safety equipment manufacturer MSA Safety Incorporated (“MSA Safety”).  The acquired subsidiary (the “Company”) holds product liability claims relating to coal … [Read more...] about R&Q and OBRA Invest in Joint Venture to Acquire Legacy Liabilities of MSA Safety

Third Circuit Dismisses Chapter 11 Filing by Johnson & Johnson Subsidiary Formed to Segregate Talc Liabilities

By

In a closely watched decision, the Court of Appeals for the Third Circuit ordered the dismissal of the Chapter 11 petition of LTL Management, LLC, the entity created by Johnson & Johnson to hold J&J’s talc-related liabilities in a divisional merger process under Texas law. Reversing the Bankruptcy Court for the District of New Jersey, the Third Circuit held that … [Read more...] about Third Circuit Dismisses Chapter 11 Filing by Johnson & Johnson Subsidiary Formed to Segregate Talc Liabilities

AIRROC Confirms Board Leadership and New Directors for 2023

By

AIRROC is pleased to announce that its board leaders remain the same for a second year in a row. Heading up the board are Chair Bill Goldsmith (AIG), along with Co-Vice Chairs Tom Mendralla (Swiss Re) and Betsy Mitchell (A.G. Risk Management). The board supporting officers are Marianne Petillo (ROM), Treasurer, Megan McHugh (Brandywine), Secretary and Susan Aldridge (Norton … [Read more...] about AIRROC Confirms Board Leadership and New Directors for 2023

Managing the Evolving Risks and Expectations Regarding Corporate ESG Disclosure

By

Kevin Harnisch, Head of White Collar and Co-Head of Regulation, Investigations, Securities, and Compliance at Norton Rose Fulbright moderated a panel that dissected the interplay between litigation, insurance, and the reinsurance and legacy worlds vis-à-vis ESG.  The panel consisted of John O’Bryan, Partner at Freeborn & Peters, Maureen Gorman, Managing Director at Marsh, … [Read more...] about Managing the Evolving Risks and Expectations Regarding Corporate ESG Disclosure

Corporate Liabilities Deals

By

The evolving market for restructuring and managing long-tail legacy corporate liabilities was the topic of the presentation entitled “Corporate Liabilities Deals.” The panelists included Peter Calleo, Vice President, Senior Legal Counsel, M&A, Investments and Commercial Contracts, Enstar, Andy Hill, Partner, Structured Solutions, McGill & Partners, Robert Hut, CEO, Fara … [Read more...] about Corporate Liabilities Deals

The Legacy Dealmaking Landscape: What do YOU think??

By

Expect another strong year for the legacy deal marketplace, say a panel of experts during an audience interactive session at the 2022 AIRROC Legacy Transactions & Networking Forum.  Mayer Brown LLP Partner, David Alberts, chaired the panel that included Edward S. Hochberg, Head of Global Risk Solutions, Managing Director, Guy Carpenter, Laura Pearson, Senior Manager, PwC, … [Read more...] about The Legacy Dealmaking Landscape: What do YOU think??

Attracting NextGen Professionals – What Can Companies Do?

By

The AIRROC NextGen Group hosted the first session of the day that kicked off the 2022 Legacy Transactions & Networking Forum education program. Chris Hamphshire, Vice President – Carrier Practice at Gallagher Bassett and Global President of the CPCU Society was the moderator and session leader.  The day started with a focused and thoughtful presentation by Chris on the … [Read more...] about Attracting NextGen Professionals – What Can Companies Do?

Fortitude Re named AIRROC “Team of the Year” for 2022

By

Each Year at its Legacy Transactions and Networking Forum AIRROC awards its “Person of the Year” to someone who has had a significant impact on the run-off industry.  This year, for the second time in its history, AIRROC awarded this honor to a team of industry professionals. This award acknowledges the team at Fortitude Re whose vision, hard work, and legacy expertise has made … [Read more...] about Fortitude Re named AIRROC “Team of the Year” for 2022

And The 2022 Trish Getty Scholarship Goes To Lori-Ann Knight

By

AIRROC in conjunction with the NextGen Council is excited to present the 2022 Trish Getty Scholarship to Lori-Ann Knight. Lori-Ann is a sophomore at Howard University in Washington D.C. She is majoring in mathematics with a concentration in actuarial science. Additionally, she is pursuing a minor in computer science. Established in 2012, the $5,000 annual scholarship is in … [Read more...] about And The 2022 Trish Getty Scholarship Goes To Lori-Ann Knight

AXA eyes growth in Spain with acquisition of GACM España

By

AXA Spain, a division of the global insurance group, has entered into exclusive negotiations with Groupe des Assurances du Crédit Mutuel for the potential takeover of Groupe Assurances du Crédit Mutuel España (GACM España), its predominantly P&C and health insurance subsidiary in Spain. AXA is looking to acquire GACM España for a cash consideration of €310 million, which … [Read more...] about AXA eyes growth in Spain with acquisition of GACM España

Compre continues to build MedMal specialism with Covéa acquisition

By

Compre, the Bermuda headquartered international legacy group, today announces it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Company DAC (MIC), which provided general liability insurance covering professional medical malpractice risks. MIC entered into run-off in 2015. The transaction represents a further significant step in Compre’s … [Read more...] about Compre continues to build MedMal specialism with Covéa acquisition

Reinsurance Capital to Drop $40B: AM Best

By

AM Best estimates that traditional reinsurance capital will drop by roughly $40 billion to $435 billion at year-end 2022, after hefty jumps recorded in each of the prior three years. The projected 8.4 percent decline to $435 billion for 2022 from $475 billion in 2021, following increases of 15.5 percent for 2019, 8.9 percent for 2020 and 10.7 percent in 2021, takes into … [Read more...] about Reinsurance Capital to Drop $40B: AM Best

Legacy Workers Compensation Management from Start to Finish

By

Most people in the legacy space have encountered, in one form or another, long tail worker's compensation claims. Too many of us have lost sleep trying to understand how this business was written in the first place, why it wasn’t set up to manage properly, and what can or should be done to manage and resolve lingering, long tail claims. Michael Terelmes of Compe Re, Anthony … [Read more...] about Legacy Workers Compensation Management from Start to Finish

Fortitude Re named AIRROC Team of the Year for 2022

By

The Association of Insurance and Reinsurance Run-Off Companies (AIRROC) has selected Fortitude Re as the recipient of their annual award for 2022. This is the 18th year that AIRROC has bestowed this annual award. The award was announced on October 17 at AIRROC’s 18th Annual Legacy Transactions Forum in Jersey City, New Jersey. This award is presented each year to recognize … [Read more...] about Fortitude Re named AIRROC Team of the Year for 2022

Legacy Solutions

By

The volatile and unpredictable insurance market conditions derived from the impacts of the COVID-19 pandemic, as well as emerging cyber, political, and environmental risks, has seen an increase in activity surrounding captives entering legacy transactions. Increasingly recognised as a strategic portfolio management tool, exit solutions help to free up capital and capacity to … [Read more...] about Legacy Solutions

NextGen Task Force Corner

By

In September, our favorite podcast – AIRROC's The Legacy Life – is back for Season 3! Unlike prior seasons where the interviews highlight career journeys of well-established industry leaders in the legacy (re)insurance space, Season 3 aims to spotlight rising stars among the "NextGen" professionals.  Episode 1 features Megan Kuzniewski, AVP and legal counsel in M&A … [Read more...] about NextGen Task Force Corner

LinkedIn