The new UK legislation for companies in financial difficulty represents a fundamental shift in approach to restructuring in Europe and adds an important new tool to the UK restructuring framework. https://eurorestructuring.weil.com/reform-proposals-and-implementations/the-new-restructuring-plan-in-depth/ … [Read more...] about The New Restructuring Plan – In Depth
Think Tank
Navigating through the post-COVID 19 minefield
From cost control and claims handling to compliance and capital management, the COVID-19 outbreak has turned processes and procedures on their head.https://runoffresolve.com/2020/06/01/navigating-post-covid-19-minefield/ … [Read more...] about Navigating through the post-COVID 19 minefield
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://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
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 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 Revolution in Analysis of Cancer Causation and Genomics Liability
Genes or the environment? Advances in genomics science provide a new legal framework for a genetic defense to toxic tort claims. Legacy (re)insurers holding or acquiring toxic tort liabilities may be relying too heavily on outdated legal strategies to defend their policyholders. In our view, millions (perhaps billions) of dollars might be saved if reinsurers … [Read more...] about The Revolution in Analysis of Cancer Causation and Genomics Liability
Allegations of Clergy Misconduct
In the wake of the recent release of another investigating grand jury report regarding abuse of minors by clerics, Pennsylvania state lawmakers have introduced a proposal to revive previously time-barred civil claims arising out of allegations of childhood sexual abuse. If passed, the new law would open a two-year “window” during which victims could file such claims without … [Read more...] about Allegations of Clergy Misconduct
Results Are In… AIRROC Co-Sponsors First PwC Global Insurance Runoff Survey
In January 2018, we launched the eleventh edition of our run- off survey, in conjunction with both IRLA and, for the first time, AIRROC. Our survey was expanded to account for the worldwide nature of the run-off market and estimated the value of the global non-life run-off market to be at least US$730bn. It is no shock that the U.S. dominates the global market by value and, by … [Read more...] about Results Are In… AIRROC Co-Sponsors First PwC Global Insurance Runoff Survey
RX for Runoff: Four Experts Expound
Fred Pomerantz, Goldberg Segalla, and Connie O’Mara, O’Mara Consulting, had an opportunity to pose questions on the topic of rating run-off reinsurers to key players in the business: Gerry Glombicki, a Director of Fitch Rating Agency; Brian Johnston, a Senior Vice President and Chief Operating Officer of SOBC Corporation; Andrew Rothseid, President and CEO of RunOff Re.Solve … [Read more...] about RX for Runoff: Four Experts Expound
Test Drive the Future of Runoff: The Vermont Legacy Insurance Management Act of 2014
Companies and investors in the runoff space are generally aware that the State of Vermont’s new Legacy Insurance Management Act (LIMA), signed into law on February 19, 2014, has created a novel runoff business transfer method in a runoff market that has long been in need of growth and innovation, but the Act, its background and its potential applications have only begun to be … [Read more...] about Test Drive the Future of Runoff: The Vermont Legacy Insurance Management Act of 2014