AIRROC Update

Insurance & Reinsurance News

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AIRROC is Now On Demand!

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A brand new way for AIRROC members to access our sought after education content. Recorded content is available in modules along with a PDF of supporting slides and other resources if made available by the panelists. The library is organized by individual titles, is tagged by subject, is searchable by word, and can be filtered by a number of tags. There are more than 30 … [Read more...] about AIRROC is Now On Demand!

The Basic Cybersecurity Controls that Every Company MUST have

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When it comes to cybersecurity, companies must not underestimate the importance of basic controls. Employees and employers are exposed in the pandemic-induced work from home environment to new cyber risks, raising the stakes for cyber best practices and education. Cyber criminals typically follow a playbook where they seek out the lowest hanging fruit. They’re attacking … [Read more...] about The Basic Cybersecurity Controls that Every Company MUST have

State Regulatory Responses to the COVID-19 Pandemic: Mitigating Risk for Businesses and Individual Insureds

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The widespread effects of the Coronavirus 19 (COVID-19) pandemic have been unlike anything the world has experienced in more than a century. Governments worldwide have been forced to grapple with this unprecedented scenario and many have implemented measures aimed not only at curtailing the spread of the virus, but also designed to aid individual insureds and businesses to … [Read more...] about State Regulatory Responses to the COVID-19 Pandemic: Mitigating Risk for Businesses and Individual Insureds

Embedding Racial Equity in the Insurance Industry

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On April 21, 2021, AIRROC was thrilled to host a webinar during which a panel of experts in the field of diversity, equity and inclusion (“DEI”) convened for a frank discussion on racial equity in the insurance industry.  The panelists were: Brett Carter, MBA, a Managing Director for The Jacobson Group's executive search team, where he manages C-Level, vice president and … [Read more...] about Embedding Racial Equity in the Insurance Industry

Aon, Willis Towers Watson to Sell WTW Assets to Gallagher for $3.57 Billion

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Aon plc and Willis Towers Watson have agreed to sell Willis Re and a set of Willis Towers Watson corporate risk and broking and health and benefits services to Arthur J. Gallagher & Co. These businesses will be divested for a total consideration of $3.57 billion. The agreement helps resolve questions raised by the European Commission and is intended to address certain … [Read more...] about Aon, Willis Towers Watson to Sell WTW Assets to Gallagher for $3.57 Billion

Enstar Completes Transaction with AXA LX

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HAMILTON, Bermuda, May 03, 2021 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) announced today that one of its wholly owned subsidiaries has completed a transaction with AXA XL, a division of AXA, to provide adverse development cover. In the transaction, Enstar’s subsidiary assumed reinsurance losses incurred on or prior to December 31, 2019 on a diversified mix of … [Read more...] about Enstar Completes Transaction with AXA LX

DARAG announces reinsurance agreement with Lyft Captive

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Release Date: 05 May 2021 DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announces it has executed a reinsurance transaction (‘LPT’) with Pacific Valley Insurance Company (“PVIC”), Lyft Inc’s (“Lyft”) captive insurance company. The LPT, written through DARAG Bermuda Ltd, covers PVIC’s commercial auto liabilities (predominantly from an excess layer for … [Read more...] about DARAG announces reinsurance agreement with Lyft Captive

How COVID Impacts Insurance in Unforeseen Ways

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Having recently marked the one-year anniversary of the COVID-19 pandemic, it seems like an opportune time to consider how the pandemic has impacted the insurance industry. While business interruption (BI) lawsuits (totaling more than 1,500 as of March 31, 2021) have dominated the headlines, the pandemic’s effects stretch far beyond BI claims. Indeed, the pandemic has impacted … [Read more...] about How COVID Impacts Insurance in Unforeseen Ways

Uncertainty > Risk: Lessons for Legal Thought from the Insurance Runoff Market

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Abstract: Insurance ideas inform legal thought: from tort law, to health law, to theories of distributive justice. Within legal thought, insurance is often conceived as an ideal type in which insurers distribute determinable risks through contracts that fix the parties’ obligations in advance. This ideal type has normative appeal because, among other reasons, it explains how … [Read more...] about Uncertainty > Risk: Lessons for Legal Thought from the Insurance Runoff Market

HG Holdings, Inc. Announces Agreement to Acquire National Consumer Title Insurance Company From Southern Fidelity Insurance Company and Affiliates

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CHARLOTTE, N.C.--(BUSINESS WIRE)--HG Holdings, Inc. (OTCQB: STLY) announced that it has entered into an agreement to acquire 100% of the equity of National Consumer Title Insurance Company (“NCTIC”) and 100% of the interest in National Consumer Title Group, LLC, which indirectly owns 50% of the membership interest in Omega National Title Agency (“Omega”). As a closing … [Read more...] about HG Holdings, Inc. Announces Agreement to Acquire National Consumer Title Insurance Company From Southern Fidelity Insurance Company and Affiliates

SPAC spree presents opportunities for insurance industry

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The following is an editorial by Alicja Grzadkowska, senior news editor at Insurance Business. To reach out to Alicja, email her at alicja.grzadkowska@keymedia.com. Special purpose acquisition companies (SPACs), otherwise known as blank-check firms, have been making waves in the insurance industry lately. You may have seen several notable developments involving SPACs … [Read more...] about SPAC spree presents opportunities for insurance industry

States introduce changes to promote legacy deals for insurance sector

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Mergers and acquisitions among ongoing insurance sector companies are triggering more interest in runoff transactions to seal off old liabilities, and the trend has been boosted by legislation in various states seeking to simplify the process. Legislation passed in 2018 in Oklahoma led to the first transaction being approved in the state last year and several other states … [Read more...] about States introduce changes to promote legacy deals for insurance sector

Buoyant insurance M&A market rolls on amid abundant capital, hardening rates

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Mergers and acquisitions activity in the insurance sector was strong in 2020 despite COVID-19 and is expected to remain robust in 2021 as rising commercial insurance rates bolster earnings, making insurers attractive targets, and “deployable capital” remains abundant, analysts and others say. Insurance technology investments have also grown, providing another avenue to enter … [Read more...] about Buoyant insurance M&A market rolls on amid abundant capital, hardening rates

Drum roll please! Announcing the winner of our “Name our Newsletter Contest.”

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We are excited to announce the winner of the “Name our Newsletter Contest.”  First and foremost, we want to send a big thank you to everyone who participated in our contest, and did their best to give our newsletter a brilliant and memorable name.  You may recall back in January, we decided to hold a contest to rebrand our digital newsletter and asked for your help.  “AIRROC … [Read more...] about Drum roll please! Announcing the winner of our “Name our Newsletter Contest.”

NextGen Task Force Corner

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On April 7th, AIRROC hosted a webinar titled "The Evolving Role of Actuaries and Claims Professionals" in collaboration with PwC, where Grant Donkervoet represented the NextGen Task Force on a panel discussion. The webinar kicked off with a PwC presentation on workforce trends in the insurance industry, operational and functional changes in the claims and actuarial environment, … [Read more...] about NextGen Task Force Corner

White and Williams Joins as Corporate Partner

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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

Opioids – Why this Still Needs our Attention

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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 Non-InsurTechs – How Technology Focused InsurTechs Are Changing the Face of the Industry Without Selling a Single Policy

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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 Completes Deal to RITC Syndicate 376

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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

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