FGH Parent, L.P., the ultimate parent company of Bermuda’s largest multi-line reinsurer (together with its subsidiaries, “Fortitude Re”), today announced the acquisition of Plans’ Liability Insurance Company, an Ohio-domiciled and widely licensed property & casualty insurer. This acquisition enables Fortitude Re to provide enhanced transactional flexibility and … [Read more...] about Fortitude Re Acquires U.S. Property & Casualty Insurer
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Milliman estimates $9.3 billion in federal black lung liabilities
Federal black lung claims are different from other workers’ compensation claims because they involve multiple potential payers, undergo a complex adjudication process, and exhibit considerably longer reporting and payment lags. The Government Accountability Office (GAO) has estimated the deficit of the federal government’s Black Lung Disability Trust Fund (Trust Fund).1 To our … [Read more...] about Milliman estimates $9.3 billion in federal black lung liabilities
Oklahoma Insurance Department Announces Inaugural Captive & Insurance Business Transfer Conference in August
OKLAHOMA CITY – Risk managers, business owners, regulators, financial executives and insurance professionals are invited to attend the Oklahoma Insurance Department’s (OID) first Captive & Insurance Business Transfer (IBT) Conference in Oklahoma City. The event will be held at the Omni Oklahoma City Hotel on August 24-25. This two-day conference will provide in-depth … [Read more...] about Oklahoma Insurance Department Announces Inaugural Captive & Insurance Business Transfer Conference in August
IRLA Congress has broader legacy on the agenda
Delegates are heading to Brighton for the Insurance and Reinsurance Legacy Association (IRLA) congress 2022 today and Steven Goate, explains that the market is growing and there is highly likely more to come. It came as little surprise that this year’s IRLA Congress sold out within a fortnight. The legacy market continues to grow and with changes to regulation around the … [Read more...] about IRLA Congress has broader legacy on the agenda
The End of ‘Bellefonte’: ‘Global Re’ and the Proper Reading of Facultative Reinsurance Contracts
In late December 2021, the U.S. Court of Appeals for the Second Circuit issued a blockbuster decision grappling with the Erie doctrine, stare decisis, and overturning a decades-old precedent. It was the fourth appellate decision in a lengthy litigation reminiscent of Dickens’ Bleak House. This was not litigation about constitutional rights or environmental justice, but a case … [Read more...] about The End of ‘Bellefonte’: ‘Global Re’ and the Proper Reading of Facultative Reinsurance Contracts
NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and other interested parties. The purpose of the Letter is to remind insurance industry participants of the … [Read more...] about NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
The Wild West of Weed: Oklahoma’s Growing Marijuana Industry
John Sparks, a Partner with Odom & Sparks, PLLC moderated a panel discussion on the blossoming cannabis industry in Oklahoma and implications and challenges faced by the insurance industry, given the uncharted nature of the market and the federal illegality issue. The panelist included Joe Marcantel, Director, Talisman Casualty Insurance Company and Michael Ridgeway, … [Read more...] about The Wild West of Weed: Oklahoma’s Growing Marijuana Industry
Compre hires CEO, North America
Compre, the international specialist legacy group, today announces the appointment of David Presley to the newly created role of Chief Executive Officer, North America. Presley, who will also join Compre’s executive committee, will join Compre at the end of April and be based in Kansas City, Missouri reporting to Group Chief Executive Officer, Will Bridger. With … [Read more...] about Compre hires CEO, North America
DARAG enters new North American captive transaction
Legacy acquirer, DARAG Group concluded a new agreement with an offshore captive insurance company, with the transaction value hitting the $10 million mark. The transaction structure was a novation, allowing the counterparty full legal finality, and has been written into DARAG North America, which will provide legal, economic and operational finality for the underlying US … [Read more...] about DARAG enters new North American captive transaction
AIRROC is “Back on Broadway”!
As NYC opens up and welcomes back visitors, AIRROC was glad to be able to do the same! Our first in-person membership meeting in two years was hosted from the 30th Floor offices of Norton Rose Fulbright. The spacious modern office was a perfect backdrop for 125 in-person attendees and another 70 online that joined us for the live streamed education day. It was great to see … [Read more...] about AIRROC is “Back on Broadway”!
Florida and Punitive Damages
Have you noticed an influx of hearings in Florida to add punitive damages to complaints lately? Here's why: Asserting a punitive damages claim is a strategy often utilized by plaintiffs to obtain financial discovery from commercial defendants to which they would otherwise not be entitled. The Florida Supreme Court amended Florida Rule of Appellate Procedure 9.130 regarding … [Read more...] about Florida and Punitive Damages
Decentralized Insurance – A New Frontier
If you are reading this Legal Update, chances are that you have already heard of Decentralized Finance (DeFi). Put simply, DeFi is a decentralized platform that enables peer-to-peer provision of various types of financial services without the need for a central intermediary (such as a bank). DeFi transactions are enabled by public blockchains, such as Ethereum, Solana, Terra … [Read more...] about Decentralized Insurance – A New Frontier
The End of Collateral for Non-US Reinsurers Is Here; An UPDATE on “Reciprocal Reinsurers”
As we previously reported a year ago, the National Association of Insurance Commissioners (NAIC) adopted amendments to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786) to implement the certain international agreements to eliminate collateral requirements for qualifying reinsurers. The Models created a new category of reinsurers, … [Read more...] about The End of Collateral for Non-US Reinsurers Is Here; An UPDATE on “Reciprocal Reinsurers”
Claims Update: The Opioids Epidemic and “All Sums” Claims Presentations
The afternoon education program of the Spring Membership Meeting included a claims update on topics touched upon before but, nonetheless, remain significant issues impacting the insurance industry and beyond. A video replay of this two-part presentation is available in the AIRROC On Demand library. Latest Developments in the Opioids Crisis Adam Berardi and Michael Kassak, … [Read more...] about Claims Update: The Opioids Epidemic and “All Sums” Claims Presentations
Ransomware’s Scary – Be Wary and Ready to Parry
The education portion of AIRROC’s Spring 2022 Membership Meeting commenced with an informative panel discussion on the evolving threat of ransomware; a topic that has dominated headlines over the past year with such high profile attacks on CNA, Colonial Pipeline and JBS Foods. Patrick Byrnes, Partner, with Locke Lord LLP moderated the discussion that featured remarks from … [Read more...] about Ransomware’s Scary – Be Wary and Ready to Parry
NextGen Task Force Corner
The AIRROC NextGen Task Force is gearing up for a busy year. On March 30th, NextGen member Jessica Groenewegen participated in a panel discussion at the AIRROC Spring Membership Meeting. The session was a collaboration among Jessica and Anna Dill from TigerRisk Partners, as well as Dan Gerber from Gerber Ciano Kelly Brady LLP, on the "Basics of Legacy Transactions – LPT’s and … [Read more...] about NextGen Task Force Corner
Basics of Legacy Transactions: LPTs and ADCs
The NextGen Task Force hosted the closing educational session on March 30th at the AIRROC Spring Membership Meeting led by panelists Anna Dill and Jessica Groenewegen, brokers at TigerRisk’s Legacy Practice Team along with Dan Gerber, Partner at Gerber Ciano Kelly Brady, LLP. The trio of legacy specialists provided an excellent overview on the basics of loss portfolio … [Read more...] about Basics of Legacy Transactions: LPTs and ADCs
Drop Anchor or Anchors Aweigh? Making the First Offer In Negotiations
Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 3 Years ago, my wife and I took a trip to Mexico. The worker in me was ready to kick back and put down a tequila or two. But my inner negotiator was anxious to test his skills at a Mexican mercado (market). Who would win the test of wills between the novice American buyer and savvy … [Read more...] about Drop Anchor or Anchors Aweigh? Making the First Offer In Negotiations
Genesis Legacy Solutions Completes Reinsurance Cover for Mary Free Bed Hospital
Genesis Legacy Solutions (“GLS”), part of Maiden Holdings, Ltd. (NASDAQ: MHLD), announced today an agreement to provide a medical expense reimbursement cover to the Washington, D.C. cell of the Michigan based Mary Free Bed Rehabilitation Hospital (“MFB”). MFB has a facility network that spans 39 cities and specializes in value-based rehabilitation and post-acute care. This … [Read more...] about Genesis Legacy Solutions Completes Reinsurance Cover for Mary Free Bed Hospital
R&Q to be acquired by 777 Partners backed Brickell PC Insurance
Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, is set to be acquired by one of its major shareholders, in an acquisition backed by investment group 777 Partners. The acquisition will value Randall & Quilter’s (R&Q’s) existing issued share capital at … [Read more...] about R&Q to be acquired by 777 Partners backed Brickell PC Insurance
