Our season of growth continues! AIRROC is thrilled to announce that White and Williams, LLP has joined the AIRROC network as a Corporate Partner. White and Williams has been a long time supporter of AIRROC and has now taken the step to formalize the relationship. We extend a warm welcome to our new Partner and look forward to collaborating and working with them. About … [Read more...] about White and Williams Joins as Corporate Partner
In a thorough overview of the current landscape of Opioid litigation, the final panel of the AIRROC Spring Membership Meeting presented a compelling view of why the liability trends and coverage issues involved in this litigation are expanding the scope and theories of exposure extend beyond opioid claims; it also highlighted the unique impact of opioid use on workers’ … [Read more...] about Opioids – Why this Still Needs our Attention
The 2021 AIRROC Spring Meeting was kicked off by the rise of the InsurTechs presentation given by Brian T. Casey and Benjamin P. Sykes of Locke Lord LLP, Cole Winans of Flyreel and Brent Williams of Benekiva. Many of the InsurTechs making headlines today are directly involved in one or more of the traditional segments of the insurance industry – selling, adjusting or … [Read more...] about The Non-InsurTechs – How Technology Focused InsurTechs Are Changing the Face of the Industry Without Selling a Single Policy
RiverStone has completed its deal to reinsure-to-close (RITC) the open years of Syndicate 376. The syndicate has been under the control of Whittington Capital Management, and is one of the largest in run-off in the Lloyd’s market. Syndicate 376 has gross liabilities of approximately $250mn, down from around $1bn. Alleghany’s Syndicate 376 collapsed on the Central Fund at the … [Read more...] about RiverStone Completes Deal to RITC Syndicate 376
DARAG today announced the acquisition of SunPoint Holdings Limited (“SunPoint”) in Bermuda. SunPoint will be integrated into DARAG Bermuda Ltd and will provide DARAG Bermuda with a platform for further expansion. This is DARAG’s first company acquisition in Bermuda since the launch of its Bermuda operation in 2019 and provides the seller with complete economic and legal … [Read more...] about DARAG Announces Acquisition of SunPoint in Bermuda
The Panelists for the first education session of day two of our virtual Spring Membership Meeting included Michelle Harnick, Managing Director, Guy Carpenter, David Luce, Partner, DLA Piper and Ed Torres, Executive Vice President, Willis Towers Watson. AIRROC Executive Director Carolyn Fahey who served as moderator facilitated the discussion. Michelle kicked off the … [Read more...] about Market Capacity – What Does it Mean for the Legacy Market?
On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020. Trower J’s judgment in the DeepOcean restructuring has been highly anticipated, and is the first time the court has set … [Read more...] about DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan
In 2020 over $7 billion was invested globally in InsurTechs as cited by Paul Chen, Partner at Mayer Brown, who moderated the educational session, “Creating Value in Runoff through Collaboration with InsurTechs.” Fellow Mayer Brown partner Stephanie Duchene joined the panel along with Nick Daley of Plug and Play, Nicos Vekiaridies of Attestiv and Andrew Naoum of EvolutionIQ. … [Read more...] about Creating Value in Runoff through Collaboration with InsurTechs
The brilliant answer that Bill Goldsmith gave to one of my favorite question for legacy link subjects was: “The Boy Scout Handbook.” And the question was…“What is your favorite business or leadership book?” The core principles of the Boy Scouts include teaching, mentoring, and the development of leadership skills. These same principles are what Bill finds most rewarding about … [Read more...] about Legacy Link: Meet Bill Goldsmith
Reinsurance run-off group, Premia Holdings Ltd., has agreed to acquire Armour Re Ltd., a Bermuda-based P&C legacy reinsurer and a wholly-owned subsidiary of Armour Group Ltd., in an all-share transaction. Armour Group is an Aquiline Capital Partners LLC portfolio company and in concurrence with the acquisition, an investor group led by Aquiline is making a growth equity … [Read more...] about Premia to acquire Armour Re; secures Aquiline-led equity investment
Keeping with our normal schedule, the AIRROC Spring Membership Meeting is coming to you virtually on March 9-10. You will have the opportunity to enjoy CLE education sessions on cutting-edge topics in the morning on both days and the ability to set up meetings to connect with other attendees with our neutral and secure platform. Connect with clients and companies that you are … [Read more...] about Spring Membership Meeting 2021
AIRROC extends a warm welcome to new member Genesis Legacy Solutions, LLC. We are delighted to have Genesis join the AIRROC community and look forward to collaborating with them. Genesis Legacy Solutions, LLC (“GLS”) was formed in December 2020 by Maiden Holdings. GLS specializes in providing a full range of legacy services to small US insurance entities, … [Read more...] about Meet Our Newest Member
Earlier this month AIRROC hosted its Insurance Business Transfer (“IBT”) Workshop, which brought together (virtually) industry leaders and experts for a half-day of presentations and discussions on the legal and regulatory landscape affecting the IBT space. A highlight of the day was a review of lessons learned during the recent, first-of-its kind transaction under Oklahoma’s … [Read more...] about Insurance Business Transfer Workshop
The AIRROC NextGen Task Force met virtually in February to kick start 2021 events and to continue the planning for 2021 activities. On February 3rd, Matt DiSanto, Co-Chair of NextGen Task Force, presented at the AIRROC webinar "2020 Deals: The Year in Review." A joint presentation from PwC, Aon, and the AIRROC NextGen Task Force, the session reviewed 2020 global deal … [Read more...] about NextGen Task Force Corner
CR-2020-004278 CR-2020-004271 We refer to the scheme documents issued by Stronghold Insurance Company Limited (In Administration) (the "Company") on 16 December 2020 in relation to the Direct Scheme (the "Direct Scheme Document") and the General Scheme (the “General Scheme Document”). Terms used but not defined in this notice shall have the meaning given to them in the scheme … [Read more...] about Stronghold Notice of Effective Dates and Direct Final Claims Time
February 5, 2021 HAMILTON, Bermuda, Feb. 05, 2021 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has completed a transaction with Continental Casualty Company (“CNA”) to reinsure a legacy portfolio of excess workers’ compensation business. Read More... … [Read more...] about Enstar Completes the Reinsurance of $690 Million of Continental Casualty Company’s Legacy Excess Workers’ Compensation Business
The new German stabilizing and out of court restructuring regime came into effect on 1 January 2021. The “Stabilization and Restructuring Framework of Companies Act”, known as StaRUG1 , heralds a new phase in the German restructuring landscape, introducing a framework of tools including a new restructuring plan, which will enable debtors to restructure and cram down minority … [Read more...] about New German Restructuring Regime (StaRUG): An Introductory Guide
Welcome to the thirteenth edition of PwC’s Global Insurance Run-off Survey, which has been produced in conjunction with IRLA and AIRROC. The growth in legacy activity predicted in the last edition of this survey has materialised, boosted by significant investment in both new and existing legacy players. The market has maintained its momentum, with over 100 legacy deals publicly … [Read more...] about Global Insurance Run-off Survey 2021
AIRROC is pleased to announce the addition of two new members, BMS Group Ltd. and Fortitude Reinsurance Company Ltd., and Gallagher Bassett as a new Corporate Partner. AIRROC looks forward to working together with BMS, Fortitude Re and Gallagher Bassett on a number of dimensions with the intention of delivering greater service to our shared communities of legacy … [Read more...] about AIRROC Continues to Grow its Network!
AIRROC Matters is being rebranded to increase its appeal to professionals working in the legacy sector. We would like your help in coming up with a fitting and catchy name! “AIRROC Matters” was the original name of our quarterly print magazine. In August of 2019 we switched to a digital newsletter to enable us to publish more frequently and provide our audience with the most … [Read more...] about Help Us Rename the AIRROC Matters Newsletter!