OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan. With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite … [Read more...] about Oklahoma Completes First Insurance Business Transfer in the United States
Industry News
Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions
With mounting novel coronavirus (COVID-19) liabilities straining insurers’ and reinsurers’ balance sheets, the pressing need to free the capital tied up in legacy portfolios can no longer be ignored. Sorting out legacy risk would not only relieve reserve pressure, but also release much needed capital to support growth. So, what are the options for tackling the legacy … [Read more...] about Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions
ARIAS • U.S. Virtual Arbitration Hearing Guidelines
ARIAS • U.S. issues guidelines on conducting virtual arbitration. https://www.arias-us.org/wp-content/uploads/2020/05/ARIAS-U.S.-Virtual-Arbitration-Guidelines.pdf … [Read more...] about ARIAS • U.S. Virtual Arbitration Hearing Guidelines
An Eye on the Exit
AIRROC's Executive Director, Carolyn Fahey, pens article for Captive International. Run-off is a corporate risk management tool giving insurers the flexibility to respond to the changing needs of its clients. It allows insurers to carve out lines or sell portfolios or entire captives, freeing them up to create new coverages, says Carolyn Fahey of the Association of … [Read more...] about An Eye on the Exit
