In July 2025, AIRROC’s NextGen Council and Mayer Brown co-hosted a webinar, “Legacy Liftoff: Launching into Runoff Fundamentals,” (the “Webinar”) an interactive webinar designed to provide emerging professionals with a comprehensive primer on the ever-evolving insurance runoff marketplace. Moderated by David Silvers (RiverStone), the panelists included Angela Sampson (Guy Carpenter), Jessica Groenewegen (Howden), Megan Kuzniewski (Enstar), Benjamin Dovey (Xitus) and Juliana Toes (Mayer Brown). Designed for those new to the industry, the Webinar provided a comprehensive overview of foundational concepts in the runoff market, while also offering a behind-the-scenes look at the wide range of career opportunities available in this dynamic and growing sector.
Juliana Toes from Mayer Brown set the stage for the Webinar by first demystifying essential runoff terminology used in the runoff market. Ben Dovey then offered a clear and accessible overview of what it means for an insurance portfolio to enter runoff, setting the sage for deeper exploration. Megan Kuzniewski brought these topics to life with compelling examples of latent legacy liabilities—from asbestos and environmental claims to emerging risks such as PFAS and climate-change litigation—challenging the audience to consider what might become the “next asbestos.”
The discussion then shifted to the pivotal question: why consider a legacy transaction? Angela Sampson and Jessica Groenewegen highlighted the capital, operational, and strategic reasons that drive companies toward legacy solutions. They explored how legacy transactions can deliver capital relief, reduce earnings volatility, and free up resources for growth—all while navigating an increasingly complex regulatory landscape.
Expanding the discussion, Juliana Toes delivered a global market overview, sharing recent survey data that estimate worldwide non-life runoff reserves at nearly US $1t trillion. She mapped out the expansive “legacy universe,” spotlighting the roles of specialist consolidators, reinsurers, brokers, TPAs, private equity, and regulators, and showcasing the wide variety of career paths available in this sector.
Next, Megan Kuzniewski took a deep dive into the different transaction structures and degrees of finality, comparing traditional retroactive reinsurance and loss-portfolio transfers with innovative solutions like insurance business transfers. Megan broke down the practical differences between economic, operational, and legal finality, illustrating how each structure shapes the allocation of risk and control between parties.
Building on this momentum, panelists then went through a step-by-step walkthrough of a legacy deal. Jessica Groenewegen and Angela Sampson detailed the early stages of a legacy transaction—scoping, data-gathering, marketing, and due diligence—while Juliana Toes and Megan Kuzniewski provided guidance from a legal perspective on contract negotiation and the crucial closing and post-closing steps, including regulator approvals, the seamless transfer of claims files, data migration, and ongoing performance monitoring.
Throughout the Webinar, the panel kept the audience engaged with actionable insights, real-world case studies, and interactive Q&A. The Webinar was not only an informative launch pad for NextGen members eager to navigate the complexities of the runoff arena, but also a showcase of the opportunities that define a career in legacy insurance—reinforcing the NextGen’s commitment to fostering the next generation of industry leaders. For information on upcoming AIRROC events, visit: https://www.airrocupdate.org/category/airroc-events
