Introduction Since time out of mind, the arbitration clauses of reinsurance contracts have included language to the effect that arbitrators shall consider the contract as an honorable engagement, rather than merely a legal obligation, are relieved of all judicial formalities and may abstain from following the strict rules of law. One commentator described honorable engagement … [Read more...] about What is the Practical Effect of an Honorable Engagement Clause?
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AIRROC Continues to Build its Network Welcoming Five New Members
There is no better way to begin a new year that to welcome five new Members to our community. AIRROC continues to grow and expand its network because of the value proposition we offer and what each of our Members bring to an organization with a legacy of success! We are excited and thrilled to welcome Great American Insurance Company, Hannover Re, Augment Risk, EMC Re, and … [Read more...] about AIRROC Continues to Build its Network Welcoming Five New Members
Trends to Watch in 2024
Cyber attackers will continue to exploit vulnerabilities and adapt their methods Cyber threats continue to be the number one risk on business leaders’ minds, and there have been many lessons learned over the years related to which controls to prioritize and implement to mitigate a cyber-attack, e.g., a robust patch management process, endpoint detection and response, and … [Read more...] about Trends to Watch in 2024
2023: The Year AI Started to Be Taken Seriously in (Re)insurance
After the recent release of Gallagher Re’s Global InsurTech Report for Q4 23, Freddie Scarratt, Deputy Global Head of InsurTech at Gallagher Re, looks back at the biggest tech story of last year. Many topics drove the InsurTech narrative in 2023, but perhaps the one that grabbed the most universal attention was artificial intelligence (AI). The graph shows … [Read more...] about 2023: The Year AI Started to Be Taken Seriously in (Re)insurance
DARAG completes two captive transactions in NA
Legacy acquirer DARAG Group has concluded two undisclosed captive legacy transactions. The first transaction was a Bermuda-based captive for insured risks through 2016 and was completed at the end of 2023. The second was a Cayman-based captive for insured risks through 2015, concluding in early 2024. Both portfolios insured workers compensation, general liability and auto … [Read more...] about DARAG completes two captive transactions in NA