The NAIC Executive Committee unanimously adopted an amendment to the NAIC Unfair Trade Practices Model Act (Model Law #880) on December 9, 2020. This amendment will allow insurers and producers to “rebate” consumers. With the exception of California and Florida, and until most recently, states have enforced strict anti-rebating laws, considering non-compliance as a serious … [Read more...] about NAIC Adopts New Rule Allowing Rebating
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Captive International reports on the increasingly vibrant US legacy market, where captives are divesting themselves of older liabilities to focus on new opportunities. Check out the "Embace your Legacy" article which quotes AIRROC's 2020 Person of the Year, Paul Corver and Executive Director, Carolyn Fahey.READ MORE... … [Read more...] about Captive International US Focus 2020
By On October 15th, 2020, the Oklahoma County District Court entered a Judgment and Order approving the first ever Insurance Business Transfer (“IBT”) in the United States.1 Much has been written and debated about the fledgling IBT process in the U.S.; concerns have been raised; perceived risks have been articulated, but now that a transaction has actually been completed, it is … [Read more...] about Finality at Last. The First U.S. IBT is Complete
AIRROC corporate partner AON in partnership with the Jacobson Group is conducting their Semi-Annual Insurance Labor Market Study now through July 31, 2020. This survey has offered valuable labor insights and has become an accurate predictor of the industry’s staffing outlook. We invite you to take the survey which will take no longer than five minutes to complete. All … [Read more...] about Survey of the Current Insurance Labor Market
Co-founder Ken Randall to retire as Executive Chairman in 2021, succeeded by William Spiegel.http://www.rqih.com/ken-randall-announces-retirement-date/ … [Read more...] about Ken Randall Announces Retirement Date
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
The legacy market is seeing an uptick in business as insurers seek to proactively mitigate the impact of the COVID-19 crisis.http://airrocmatters.org/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
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
Locke Lord provides a quick study of the key issues discussed during the recent NAIC Special Session on COVID-19.Read full article here - https://www.lockelord.com/newsandevents/publications/2020/03/take-aways-from-the-naic … [Read more...] about Take Aways From The NAIC Special Session on COVID-19 (Public Portion)
This article first appeared in Insurance Day on the 10th of March 2020Continental 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
The report explores how the run-off space is an efficient and thriving strategic risk tool in today's market.Carolyn Fahey and AIRROC partnered with Captive Review as well as other contributors including Paul Corver, Matt Kunish, Eric Haller, Michael Terelmes for the 2020 Legacy Solutions Report.See the full report here - … [Read more...] about Captive Review’s Legacy Solutions Report
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
Few in legacy circles would dispute that over the past three years the market has witnessed some of the most rapid change seen in decades.New deals from new sellers are steadily flowing into the market. New capital has arrived in the form of private equity and hedge fund money. And with both of these developments come new opportunities.The only thing missing is an … [Read more...] about The Legacy Roundtable – 2019
We are pleased to release the results of the Global Insurance Run-off Survey 2019. There has been tremendous growth in the run-off sector in the last decade as it has developed into a key component of the insurance macro market.This survey, based on responses from a cross-section of global risk carriers, run-off acquirers and service providers, predicts that momentum will … [Read more...] about Global Insurance Run-Off Survey 2019
Memorable MemoriesIt is a momentous year as IRLA (The Association of Run-Off Companies as it was originally known) was formed 20 years ago. IRLA began as a city-based group of like-minded (re)insurance, intermediary and professional service companies and professionals, and has become an association with the international breadth of membership to influence the way in which … [Read more...] about IRLA Celebrates 20 Years!
A good few eyes are focused on the daily, if not hourly, developing news on the UK’s departure from the European Union. What does it mean for the London Market and in turn for those who deal with its many participants both in the EU and throughout the rest of the world?The run-up to Brexit might have resonances of Y2K and the millennium bug but it is distinctly different. Y2K … [Read more...] about Brexit: Whats going on?
At the Commutation & Networking Forum in October, 2016, the authors sat down with Elizabeth Dwyer, Jack Broccoli and Christopher Brennan to talk about the Rhode Island statute. Ms. Dwyer is the Rhode Island Superintendent of Banking and Insurance in the Department of Business Regulation. Jack Broccoli is in the Rhode Island Department of Banking and Insurance and … [Read more...] about Is Reg. 68 Good for the Industry? A Chat with Dwyer, Broccoli and Brennan
Part 3: The case for expanding the Rhode Island Insurance Business Transfer to other lines of businessCurrent global market conditions have increased pressure on business leaders to focus on efficient capital management with an eye towards long-term trends. Rhode Island’s amendments to Insurance Regulation 68 are the first step in providing greater flexibility to the U.S. … [Read more...] about Can U.S. Insurance Companies Afford Not to Restructure?
In the Fall 2016 edition of AIRROC Matters, we discussed a series of contentious arbitration disputes between Meadowbrook and National Union that led to a noteworthy Sixth Circuit decision concerning the involvement of courts in arbitration proceedings and the impact of ex parte communications.In August 2016, in Star v. National Union, 2016 WL 4394563, at *1 (6th Cir. 2016), … [Read more...] about Sixth Circuit Follow-Up: Court Interventions in Arbitration Proceedings
Assume you are a reinsurer and you receive a number of arbitration demands. At least one of the demands pertains to a claim (“OLD CLAIM”) where you denied reinsurance coverage nearly 10 years ago. You agree to consolidate the arbitrations.You also name your arbitrator as a precaution because the treaties require that an arbitrator be named quickly and you still have to … [Read more...] about Lessons of ROM v. Continental: Who Decides Whether Claims are Timely and Under What Circumstances?