NOTICE OF THE DIRECT SCHEME MEETING IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES INSOLVENCY AND COMPANIES LIST (ChD) CR-2020-004278 STRONGHOLD INSURANCE COMPANY LIMITED (IN ADMINISTRATION) AND IN THE MATTER OF THE COMPANIES ACT 2006 NOTICE IS HEREBY GIVEN that, by an order dated 16 December 2020 made in the High Court of Justice, … [Read more...] about Notice of Direct Scheme Meeting and Notice of General Scheme Meeting of Stronghold Insurance Company Limited (In Administration)
Regulatory
Mysteries Underlying Black Lung Liabilities
Estimating future liabilities for even the most basic line of business involves in-depth analysis of data, expert knowledge of modeling, and professional application of assumptions. Black lung liabilities take reserving to an entirely different level. Black lung compensation is rooted in a complex regulatory and legislative history. The disease itself—pneumoconiosis—involves … [Read more...] about Mysteries Underlying Black Lung Liabilities
Expect Increased New York State Regulatory Enforcement in the Banking and Financial Services Industry
The New York Attorney General and the New York State Department of Financial Services are leaders in the efforts to fill in the regulatory gap in the wake of perceived reduction in federal enforcement. Read the full article here... … [Read more...] about Expect Increased New York State Regulatory Enforcement in the Banking and Financial Services Industry
The New Restructuring Plan – In Depth
The new UK legislation for companies in financial difficulty represents a fundamental shift in approach to restructuring in Europe and adds an important new tool to the UK restructuring framework. https://eurorestructuring.weil.com/reform-proposals-and-implementations/the-new-restructuring-plan-in-depth/ … [Read more...] about The New Restructuring Plan – In Depth
Doncasters’ Restructuring Successfully Implemented
Doncasters Group Restructuring of £1.22 Billion Debt Successfully Implemented Read the full article here - /wp-content/uploads/2020/03/Doncasters_Successfully_Implements_Restructuring.pdf … [Read more...] about Doncasters’ Restructuring Successfully Implemented
The NCOIL IBT Model Law – Transforming the US Insurance Industry
The NCOIL IBT model law provides an efficient restructuring tool that will allow companies to achieve operational and capital efficiencies to compete more effectively in the global marketplace. U.S. insurers and reinsurers now have an expanded landscape for restructuring options in the United States. On March 8th, 2020 the Executive Committee of the National Council of … [Read more...] about The NCOIL IBT Model Law – Transforming the US Insurance Industry
2019 Annual Review of Non-Life Insurance Run-Off Deals
PwC issue their second annual summary of publicly announced non-life run-off deals which shows a continuing trend of transaction activity across the globe. Read more here - /wp-content/uploads/2020/03/non-life-insurance-run-off-q4-deals-update.pdf … [Read more...] about 2019 Annual Review of Non-Life Insurance Run-Off Deals
Congress Takes First Step to Banking on Cannabis
High hopes as the US House of Representatives passes historic marijuana reform legislation which allows banks and other financial institutions to work with state-legal cannabis industry. Currently, thirty-three states and the District of Columbia have passed laws legalizing marijuana for medical and/or adult-use. … [Read more...] about Congress Takes First Step to Banking on Cannabis
Catalina commits £5 million to mesothelioma research in partnership with the British Lung Foundation
AIRROC’s Corporate Partner Catalina announces new partnership with British Lung Foundation. Hamilton, Bermuda – Catalina Holdings (Bermuda) Ltd (“Catalina”), an industry leader in the insurance legacy space, is pleased to announce a partnership with the British Lung Foundation, committing £5 million in funding to accelerate research into mesothelioma. Continue … [Read more...] about Catalina commits £5 million to mesothelioma research in partnership with the British Lung Foundation
Gotham Insurance Symposium
Dentons Gotham Insurance Symposium hosts panel on new insurance business transfer mechanisms in Oklahoma and the US. Please join Dentons for its fifth annual Gotham Insurance Symposium, as they delve into some of the most pressing issues facing the insurers today, including insurance business transfer mechanisms in Oklahoma and the US. This panel presentation will … [Read more...] about Gotham Insurance Symposium
New York State Department Of Financial Services “Expects” Insurers To “Cooperate Fully” With The Child Victims Act
New York urges insurers with potential exposure to legal claims stemming from the Child Victims Act to act promptly and in good faith. The New York Child Victims Act (“CVA”) was signed into law on February 14, 2019. Among other things, the CVA extended the civil statute of limitations for sexual abuse claims against alleged perpetrators and … [Read more...] about New York State Department Of Financial Services “Expects” Insurers To “Cooperate Fully” With The Child Victims Act
New beginnings: US regulation is generating more flexibility for legacy deals
Written by Luann Petrellis Luann is an insurance professional who specializes in developing runoff and restructuring strategies for discontinued (re)insurance businesses. Luann drafted the Insurance Business Transfer regulations for the state of Rhode Island, the first restructuring tool of its kind that enables companies to achieve finality for commercial P&C legacy … [Read more...] about New beginnings: US regulation is generating more flexibility for legacy deals
NAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and Corporate Division Statutes
AIRROC’s Corporate Partner Locke Lord provides a “Quick Study” on the NAIC’s Summer Meeting in New York on August 4, 2019; specifically the NAIC’s Restructuring Mechanisms Working Group progress on insurance business transfers and corporate division statutes. Read more by clicking on this link. … [Read more...] about NAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and Corporate Division Statutes
Preparing for CECL: A Ceded Reinsurance Perspective
In June 2016, the Financial Accounting Standards Board (FASB) approved a new accounting standard, the Current Expected Credit Loss (CECL) model, to replace the former incurred loss model for measuring credit risk on financial instruments. This change will accelerate the financial reporting of credit losses on loans and other financial instruments, including reinsurance … [Read more...] about Preparing for CECL: A Ceded Reinsurance Perspective
A-Ok in OK
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
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
Legacy Watershed: Capitalizing on the New Legislative Options for Runoff
New legislation is loosening the tight regulatory knot that’s been wrapped around legacy insurance business in the U.S. Upcoming game-changers include: Key amendments to the Rhode Island Voluntary Restructuring Statute (the ‘Rhode Island Statute’), which, among other amendments (House Bill 8163), would allow (re)insurers to transfer eligible portfolios without requiring … [Read more...] about Legacy Watershed: Capitalizing on the New Legislative Options for Runoff
Corporate Governance
How many times are we going to learn about another corporate misstep? The list of companies making headlines for the wrong reasons never seems to end —Wells Fargo, Volkswagen, Target, Toshiba, Experian, Yahoo, Weinstein, Wynn, Uber—just to name a few. What do all of these companies have in common? A lack of strong corporate governance. Corporate governance can simply be … [Read more...] about Corporate Governance
The Impact of the Tax Reform Act on the Insurance Industry
Touted as the most significant federal tax legislation since 1986, Public Law 115-97 – informally known as the “Tax Cuts and Jobs Act” (the “TCJA”) – was enacted on December 22, 2017. This article examines the potential impact of several provisions of the TCJA on the insurance industry. The changes in the TCJA to domestic corporate tax provisions, including the corporate tax … [Read more...] about The Impact of the Tax Reform Act on the Insurance Industry