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New German Restructuring Regime (StaRUG): An Introductory Guide

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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

NAIC Adopts New Rule Allowing Rebating

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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

Finality at Last. The First U.S. IBT is Complete

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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

Legacy Roundtable 2019

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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

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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

Results Are In… AIRROC Co-Sponsors First PwC Global Insurance Runoff Survey

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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

“Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks

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All insurance and reinsurance companies want to avoid public disclosures or headlines regarding significant reserve increases, such as the recent newsworthy reserve adjustments that more than a few companies have taken for asbestos, silicosis, or other large tort liability claims. But how? The secret lies in the early identification of “bad” claims when there is time to alter … [Read more...] about “Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks

The Legacy Market: Strength. Stability. Transparency. Certainty. That Order.

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In a world where “strong and stable” equates to weak and uncertain, the European legacy market remains strong and stable (as defined by the Oxford Dictionary), transparent, and continues to deliver Certainty (the capital C is not a typo!) and a cleaner, leaner and stronger balance sheet to each carrier that engages in the process through the implementation of the most … [Read more...] about The Legacy Market: Strength. Stability. Transparency. Certainty. That Order.

The Legacy Market: Innovation. Flexibility. Creativity. Capital Appeal. That Order.

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The insurance industry has shown through the years that it has a remarkable ability to respond to challenges, and to adopt and adapt, whether this relates to a new financial or regulatory framework or to respond to demands for new products and solutions. One of the biggest challenges that the European industry faced in recent years was the implementation of Solvency II, the … [Read more...] about The Legacy Market: Innovation. Flexibility. Creativity. Capital Appeal. That Order.

Legacy Attracts New Investors: Hadley Explains How “Runoff” Equals “Payoff” for Investors

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The legacy sector offers expanding investment opportunities as more companies prepare to sell off non-core or non-performing portfolios while investors look for new outlets. Barbara Hadley reports. This could well herald a boom time for the legacy market; an increase in sellers, favourable regulatory climate and capital looking for somewhere to go. According to a Swiss Re … [Read more...] about Legacy Attracts New Investors: Hadley Explains How “Runoff” Equals “Payoff” for Investors

Blending Free Market Economy with a Sense of Reality: The Federal Insurance Office

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Update Since the time when I penned this article that appeared in the Spring 2011 issue of AIRROC Matters, a lot has changed. At the end of 2014, the U.S. still topped the world market with a GDP of $17.3 Trillion, up $4.4 Trillion from year end 2009. China was second, with a GDP of $10.4 Trillion. The Federal Insurance Office published its Annual Report for the U.S. … [Read more...] about Blending Free Market Economy with a Sense of Reality: The Federal Insurance Office

Let’s Make a Deal: Current Trends in Buying and Selling Runoff Business and Blocks

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David Schieldrop, Managing Director and Global Co-Head of the Insurance Investment Banking Division of Barclays, Sylvain Villeroy de Galhau, EVP of AXA Liabilities Managers, and David Alberts, Partner at Mayer Brown, shared their insights on the current marketplace for buying and selling runoff business. The consensus of the panel was that market conditions – including downward … [Read more...] about Let’s Make a Deal: Current Trends in Buying and Selling Runoff Business and Blocks

RX for Runoff: Four Experts Expound

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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

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