AIRROC's Executive Director, Carolyn Fahey and Steve McElhiney of Artex pen article for Captive International. Notice COVID-19 has destabilised the global economy and increased risk across all types of business. Run-off solutions can help captives better manage these risks, say Steve McElhiney of Artex and Carolyn Fahey of AIRROC. The concept of insurance “run-off” … [Read more...] about Captives Can Benefit From Run-off In The COVID-19 World
Runoff
No Tort Liability in Reinsurance Contract Dispute Under California Law
California federal court addressing an issue of the first impression holds that tort liability for breach of the implied covenant of good faith and fair dealing was not a valid cause of action under California law in a reinsurance dispute. A typical reinsurance dispute is essentially a breach of a contract dispute. A reinsurance agreement is a contract between two insurance … [Read more...] about No Tort Liability in Reinsurance Contract Dispute Under California Law
The Current Impact of Legacy Losses
Milliman provides an overview of legacy exposures that can impact the general liability books of commercial insurance companies. https://www.milliman.com/en/insight/The-current-impact-of-legacy-losses … [Read more...] about The Current Impact of Legacy Losses
The Rise of Runoffs
After transforming its reputation and broadening its scope, the run-off market could play an important role in the wake of COVID-19. http://news.ambest.com/articlecontent.aspx?refnum=296269&altsrc=43 … [Read more...] about The Rise of Runoffs
Legacy-market relief for COVID-19 woes
The legacy market is seeing an uptick in business as insurers seek to proactively mitigate the impact of the COVID-19 crisis. http://airrocupdate.wpengine.com/wp-content/uploads/2020/05/200504_Reactions_Legacy-market-relief-for-COVID-19-woes.pdf “The article was originally published by Reaction in their May 2020 edition. Please go … [Read more...] about Legacy-market relief for COVID-19 woes
In Memoriam of Terry Kelaher
AIRROC honors the memory of our long-time friend Terry Kelaher who passed away recently after battling cancer and kidney disease. Terry was a co-founder and vice chairman of AIRROC. He joined Allstate Insurance Company in 1988 where he served as vice president and general manager of the company's Specialty Operations Division, responsible for the management of … [Read more...] about In Memoriam of Terry Kelaher
In Continental Europe, Legacy Transfer is a Tool for Operational Efficiency as Digitalisation Costs Increase
This article first appeared in Insurance Day on the 10th of March 2020 Continental European insurance groups are turning to legacy transactions to reduce the cost and disruption to their business of digital transformation. The European legacy market is maturing – and it is operational efficiency that is becoming more and more of a key … [Read more...] about In Continental Europe, Legacy Transfer is a Tool for Operational Efficiency as Digitalisation Costs Increase
Gotham Insurance Symposium
Dentons Gotham Insurance Symposium hosts panel on new insurance business transfer mechanisms in Oklahoma and the US. Please join Dentons for its fifth annual Gotham Insurance Symposium, as they delve into some of the most pressing issues facing the insurers today, including insurance business transfer mechanisms in Oklahoma and the US. This panel presentation will … [Read more...] about Gotham Insurance Symposium
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
New beginnings: US regulation is generating more flexibility for legacy deals
Written by Luann Petrellis Luann is an insurance professional who specializes in developing runoff and restructuring strategies for discontinued (re)insurance businesses. Luann drafted the Insurance Business Transfer regulations for the state of Rhode Island, the first restructuring tool of its kind that enables companies to achieve finality for commercial P&C legacy … [Read more...] about New beginnings: US regulation is generating more flexibility for legacy deals
Legacy Roundtable 2019
AIRROC's Executive Director, Carolyn Fahey, participated in the Insurance Insider’s annual Legacy Roundtable with many of the most influential business leaders in the legacy market in what proved to be a thoughtful and engaging discussion around what a legacy carrier needs not just to survive, but to thrive in the new market norm. Read more by clicking on this link. … [Read more...] about Legacy Roundtable 2019
IRLA Legacy Roundtable
AIRROC’s Carolyn Fahey participated in The Insurance Insider Roundtable with other prominent players in the legacy market. It was held in May, 2018, during the annual IRLA Congress in Brighton, England. The Roundtable was a spirited and enlightening discussion on the current optimism in the legacy market, the impact of Brexit, and the overall outlook and trends for the legacy … [Read more...] about IRLA Legacy Roundtable
Brexit Implications for the Runoff Business: A Macroeconomic Perspective
On June 23, 2016, the United Kingdom held a referendum on membership in the European Union (EU), which the country had joined in 1973. As a surprise to many, the referendum resulted in a majority favoring an exit. The Brexit vote prompted a change in political leadership in the following month, with Theresa May being appointed Prime Minister. On March 29, 2017, the United … [Read more...] about Brexit Implications for the Runoff Business: A Macroeconomic Perspective
Why Are We Here?
Perhaps Don Regan, the one-time Chief of Staff to President Reagan, best described what we do: “Some of us are like a shovel brigade that follow a parade down Main Street cleaning up.” Not that run-off is less than an honorable profession. We aren’t the glamour kids, though. We are the ghosts of mistakes past, of the failures that had many fathers when they were shiny new … [Read more...] about Why Are We Here?
Commutations – A Historical Perspective
When the opportunity arose to put together an article for AIRROC Matters on the historical perspective of commutations, I agreed as long as: (a) it could be a bit irreverent to the sacred beliefs of our industry, and (b) I could seek collaboration. As you will see, they agreed to both points. I decided to go back to 1986 when I was hired at Continental Insurance as the … [Read more...] about Commutations – A Historical Perspective