Legacy acquirer, DARAG Group concluded a new agreement with an offshore captive insurance company, with the transaction value hitting the $10 million mark. The transaction structure was a novation, allowing the counterparty full legal finality, and has been written into DARAG North America, which will provide legal, economic and operational finality for the underlying US … [Read more...] about DARAG enters new North American captive transaction
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AIRROC is “Back on Broadway”!
As NYC opens up and welcomes back visitors, AIRROC was glad to be able to do the same! Our first in-person membership meeting in two years was hosted from the 30th Floor offices of Norton Rose Fulbright. The spacious modern office was a perfect backdrop for 125 in-person attendees and another 70 online that joined us for the live streamed education day. It was great to see … [Read more...] about AIRROC is “Back on Broadway”!
Florida and Punitive Damages
Have you noticed an influx of hearings in Florida to add punitive damages to complaints lately? Here's why: Asserting a punitive damages claim is a strategy often utilized by plaintiffs to obtain financial discovery from commercial defendants to which they would otherwise not be entitled. The Florida Supreme Court amended Florida Rule of Appellate Procedure 9.130 regarding … [Read more...] about Florida and Punitive Damages
Decentralized Insurance – A New Frontier
If you are reading this Legal Update, chances are that you have already heard of Decentralized Finance (DeFi). Put simply, DeFi is a decentralized platform that enables peer-to-peer provision of various types of financial services without the need for a central intermediary (such as a bank). DeFi transactions are enabled by public blockchains, such as Ethereum, Solana, Terra … [Read more...] about Decentralized Insurance – A New Frontier
The End of Collateral for Non-US Reinsurers Is Here; An UPDATE on “Reciprocal Reinsurers”
As we previously reported a year ago, the National Association of Insurance Commissioners (NAIC) adopted amendments to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786) to implement the certain international agreements to eliminate collateral requirements for qualifying reinsurers. The Models created a new category of reinsurers, … [Read more...] about The End of Collateral for Non-US Reinsurers Is Here; An UPDATE on “Reciprocal Reinsurers”
