Following the successful launch of the podcast series “The Legacy Life”, AIRROC NextGen Task Force released our second episode on September 22nd. In this episode, Kathryn Reynolds sits down with Paul Corver, Head of Legacy M&A at R&Q, to discuss his career in the legacy space and why young professionals should be excited about runoff. Paul starts off by explaining the extensive process on how R&Q acquires runoff companies in the legacy sector – from evaluating a company, conducting due diligence on the companies’ liabilities, to providing the final offer, and obtaining necessary regulatory approvals.
Paul shares encouraging words with young professionals on why the legacy (re)insurance industry is an exciting career to pursue. “Every deal is different, you could be looking at a portfolio of US general liability one minute and then it could be French Workers Compensation the next, then it could be Bermudan captive… so many different opportunities, so many different exposures where you develop a very broad understanding of the industry.” Paul further shares a story of a colleague who left the runoff sector to join a well-known insurance company as an indemnity underwriter. The colleague later decided to come back to the legacy runoff sector because he enjoyed having broader exposures working at a runoff carrier. He finished his story off with “You will learn an awful lot in one runoff legacy acquisition because you get exposed to the whole insurance sector, you are not pigeon-holed into a particular exposure, it really is a fascinating place.” The podcast is available on Spotify, Apple Podcasts, Google Play, and Stitcher. Tune in on your favorite app to hear more on this interesting interview with Paul Corver.
On September 9, 2021 AIRROC hosted a virtual (re)insurance Arbitration Workshop developed in conjunction with Corporate Partners Porter Wright Morris & Arthur, Stroock & Stroock & Lavan, AIRROC NextGen Task Force, and IRLA YPG. Acting as tour of the arbitration process, participants were invited to observe an organizational meeting, abbreviated evidentiary hearing and panel deliberations. The arbitration panel consisted of experienced industry arbitrators who had many years of knowledge and insights to share. The interactive schedule also included time for facilitated small group sessions, giving the attendees the opportunity to ask questions and interact with the presenting firms. A big thank you to our arbitrators, facilitators and attendees for participating in this engaging and informative session. Please be sure to check out a replay of this workshop in the AIRROC On Demand library.
Also in September, The NextGen Task Force has started the review process of the 2021 AIRROC Trish Getty Scholarship in conjunction with AIRROC. There has been great participation from our university partners, St. John’s University and St. Saint Joseph’s University. Please follow us on LinkedIn at AIRROC NextGen Task Force to get our latest updates.