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ESG and internal investigations: New compliance challenges

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“ESG” refers to a set of criteria used to measure a company’s non-financial ethical and sustainability practices. Investors, regulators and consumers are scrutinizing to varying degrees how companies manage environmental responsibilities, treat their own workforce and communities affected by their value chain, and govern their operations. As organizations embrace ESG … [Read more...] about ESG and internal investigations: New compliance challenges

The role of alternative risk transfer solutions in the future of cyber insurance

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A recent report from the Geneva Association (GA) highlighted how maintaining the pace of growth seen across the cyber insurance market will require additional capital to manage ever-more complex cyber risks. The report explored the potential of alternative risk transfer (ART) solutions, including insurance-linked securities (ILS), such as cyber catastrophe bonds, to facilitate … [Read more...] about The role of alternative risk transfer solutions in the future of cyber insurance

Non-life insurance run-off deals – 2024 year-end review

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The final quarter of 2024 saw 9 publicly announced deals, transferring $2.4bn in disclosed liabilities – capping off a significantly more active second half of the year for the insurance legacy market. 2024 deal activity by region North America again dominated with 58% of disclosed transactions in 2024, followed by the UK & Ireland at 27%. … [Read more...] about Non-life insurance run-off deals – 2024 year-end review

Non-life insurance run-off deals review Q3 2024

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Q3 2024 saw 15 deals disclosed, almost double the number of deals in the first half of the year, bringing the total deal numbers to 23 year to date. North America was the most active territory in Q3, with ten deals disclosed and the six with disclosed deal values transferring a combined $2.6bn of gross reserves. The UK and Ireland also saw four deals announced in Q3 … [Read more...] about Non-life insurance run-off deals review Q3 2024

U.S. Runoff Industry

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MULREADY MINUTES PODCAST Mulready Minutes Podcast series examines key topics in the insurance industry from a regulator’s point of view. Featured guests are top executives in insurance and private sector companies. Get inspired by professionals from around the globe and in all sectors as they share their challenges, triumphs, and successes. Expand your knowledge and learn … [Read more...] about U.S. Runoff Industry

Locke Lord and Troutman Pepper Announce Merger

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With More Than 1,600 Attorneys, the Combined Firm Will Have an Expanded Footprint With Deeper Capabilities in Key Industries (September 6, 2024) – Locke Lord and Troutman Pepper have agreed to merge effective January 1, 2025. The new law firm, which will be named Troutman Pepper Locke, will have more than 1,600 attorneys in 33 offices in the United States and two in Europe, … [Read more...] about Locke Lord and Troutman Pepper Announce Merger

Legacy market begins to bounce back after challenging start to 2024

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R&Q, a distressed legacy acquirer that was managing circa $1bn in reserves at the end of 2023, entered liquidation in June, after years of heavy legacy deteriorations and delays to the sale of its profitable fronting arm Accredited. In August, Darag announced a deal to offload its North America and Bermuda entities to focus on its European operations. Darag Bermuda had … [Read more...] about Legacy market begins to bounce back after challenging start to 2024

US NAIC Summer 2024 National Meeting Highlights

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The US National Association of Insurance Commissioners (“NAIC”) held its Summer National Meeting in Chicago on August 12-15, 2024. The Risk-Focused Surveillance (E) Working Group (“RFSWG”) did not meet during the Summer National Meeting. However, a discussion of its recent work with respect to affiliate investment managers and affiliate investments, as well as regarding … [Read more...] about US NAIC Summer 2024 National Meeting Highlights

GB D&O Market Update H1 2024

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After significant rate reductions throughout 2023 and early 2024, median rates are no longer dropping as drastically as they have over the last 3 years which is in line with our expectations given the significant reductions that have already taken place. Nonetheless, our initial data for H1 2024 indicates 72% of our clients that renewed in Q2 saw their primary rates decrease … [Read more...] about GB D&O Market Update H1 2024

After a landmark year, what’s on the horizon for global reinsurers?

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Carlos Wong-Fupuy (pictured above), senior director at AM Best, discussed the findings of a recent report, noting that despite global challenges in benchmarking due to the adoption of IFRS 17, the reinsurance segment continues to expand. Returns on equities in the sector are also expected to remain well above the cost of capital. When asked about a key theme from … [Read more...] about After a landmark year, what’s on the horizon for global reinsurers?

Connecticut Enacts New Changes to Its Captive Insurance Laws

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On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance”, (the “Act”) into law. … [Read more...] about Connecticut Enacts New Changes to Its Captive Insurance Laws

US State Insurance Regulatory Scrutiny of Private Equity Investors in the Insurance Industry

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Private equity (“PE”) firms have been increasingly active in the US insurance industry, attracted by the opportunity to access long-term capital and manage large pools of assets. However, this trend has also raised concerns among US state insurance regulators, who are tasked with, among other things, protecting the interests of policyholders and ensuring the financial stability … [Read more...] about US State Insurance Regulatory Scrutiny of Private Equity Investors in the Insurance Industry

With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?

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R&Q Insurance Holdings Ltd. has this morning confirmed that it is filing for a provisional liquidation in Bermuda, raising questions over the future of its collateralised legacy sidecar vehicle Gibson Re. R&Q has been through the wars, both in terms of persistent historical reserve deterioration, a debt-load that has shackled the company, and some might call them … [Read more...] about With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?

Augment Risk hires legacy expert Paul Corver as Advisor

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Reinsurance broker Augment Risk has announced that Paul Corver, formerly of R&Q Insurance Holdings (R&Q), will join the firm as an Advisor. Corver brings deep experience and insights in the reinsurance industry to the broker as it looks to strengthen its legacy build-out. He retired from his position as Group Head of Legacy M&A at R&Q in April 2023. He was … [Read more...] about Augment Risk hires legacy expert Paul Corver as Advisor

Best Practice Handling for Legacy Claims

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KEY FINDINGS • 62% of carriers globally say that legacy claims challenge profitability and operational efficiency. • General liability claims managed by Gallagher Bassett saw a 34% lower duration to close in North America. • 69% of carriers in North America have increased premiums due to the impact of social inflation. Legacy claims and their impact Legacy claims … [Read more...] about Best Practice Handling for Legacy Claims

Natural Catastrophe and Climate Report: Q1 2024

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In this report, we summarize the global loss totals for the first quarter and focus on key issues driving current industry discussions regarding natural catastrophe and climate risk. The financial cost of natural catastrophes to start 2024 were manageable for federal governments and the insurance industry. The minimum USD43 billion in economic loss from all natural perils … [Read more...] about Natural Catastrophe and Climate Report: Q1 2024

Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries

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After a successful 2023, the insurance-linked securities sector needs to show it can produce sustained returns on equity to its investors, according to Kathleen Faries.  The chief executive officer of Bermuda:Re+ILS company of the month Artex Capital Solutions, said the sector saw large capital inflows from “opportunistic” investors in 2023 and now needs to sow underwriting … [Read more...] about Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries

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