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MetLife to Sell Auto & Home Business to Zurich Insurance Group Subsidiary Farmers Group, Inc. for $3.94 Billion

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NEW YORK, December 11, 2020 MetLife, Inc. (NYSE: MET) today announced that it has signed a definitive agreement to sell Metropolitan Property and Casualty Insurance Company and certain wholly owned subsidiaries to Farmers Group, Inc. (FGI), a subsidiary of Zurich Insurance Group, for $3.94 billion in cash, subject to the terms therein. FGI has informed MetLife that it will … [Read more...] about MetLife to Sell Auto & Home Business to Zurich Insurance Group Subsidiary Farmers Group, Inc. for $3.94 Billion

Notice of Direct Scheme Meeting and Notice of General Scheme Meeting of Stronghold Insurance Company Limited (In Administration)

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NOTICE OF THE DIRECT SCHEME MEETING IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES INSOLVENCY AND COMPANIES LIST (ChD) CR-2020-004278 STRONGHOLD INSURANCE COMPANY LIMITED (IN ADMINISTRATION) AND IN THE MATTER OF THE COMPANIES ACT 2006 NOTICE IS HEREBY GIVEN that, by an order dated 16 December 2020 made in the High Court of Justice, … [Read more...] about Notice of Direct Scheme Meeting and Notice of General Scheme Meeting of Stronghold Insurance Company Limited (In Administration)

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

Argo Group Announces Agreement to Sell Ariel Re to Pelican Ventures and J.C. Flowers

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Hamilton, Bermuda – Nov. 2, 2020 – Argo Group International Holdings, Ltd. (NYSE: ARGO), an underwriter of specialty insurance and reinsurance products, today announced an agreement to sell its reinsurance business, Ariel Re, to Pelican Ventures and J.C. Flowers & Co., both private equity investors with significant insurance expertise. Closing of the transaction is subject … [Read more...] about Argo Group Announces Agreement to Sell Ariel Re to Pelican Ventures and J.C. Flowers

Arch Capital Group Ltd. and Watford Holdings Ltd. Enter into Revised Merger Agreement 

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PEMBROKE, Bermuda--(BUSINESS WIRE)-- Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch” or “the Company”) and Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”) today announced a revised definitive agreement under which Arch will acquire all of the common shares of Watford for an increased price of $35.00 per share. This revised all-cash consideration is valued at approximately $700 … [Read more...] about Arch Capital Group Ltd. and Watford Holdings Ltd. Enter into Revised Merger Agreement 

AIRROC Awards Trish Getty Scholarship 9th Annual Award Recipient Ashley Martin

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AIRROC awarded it’s annual Trish Getty Scholarship to Ashley Martin, a junior with a double major in Risk Management and Accounting at Saint Joseph’s University in Philadelphia. In a first for AIRROC, the award was presented virtually by Executive Director Carolyn Fahey and while Ms. Martin could not participate in the live stream, she graciously thanked AIRROC in a … [Read more...] about AIRROC Awards Trish Getty Scholarship 9th Annual Award Recipient Ashley Martin

Insurance in the Working from Home Age

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The Jacobson Group’s Judy Busby, Senior Vice President, and Brett Carter, Managing Director, hosted this insightful session. They addressed the current state of the insurance industry’s labor market and the multi-generational makeup of its workforce.  The presentation was followed by a panel discussion moderated by Judy Busby, featuring a multi-generational panel of … [Read more...] about Insurance in the Working from Home Age

AIRROC Person of the Year 2020: Paul Corver, Group Head of M&A Randall & Quilter

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One key highlight of the AIRROC annual Transactions & Networking Forum is the presentation of the Person of the Year Award.  The award gives our band of brethren a chance to acknowledge and celebrate the vision, energy, and leadership of those in our business who play a key role in influencing our work and how the investment community perceives the value of our work.   This … [Read more...] about AIRROC Person of the Year 2020: Paul Corver, Group Head of M&A Randall & Quilter

The CFO Perspective

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Day 1 of our October 2020 meeting saw Scott Maries - CFO of Premia Re, Simon Hawkins – former CFO of Compre, and John Regan – CFO of Swiss Re of America, put on a presentation, moderated by Kelly Superczynski – Aon’s Head of Capital Advisory.  The discussion covered everything from legacy balance sheet and reporting matters, to raising capital, and the pace and trends in the … [Read more...] about The CFO Perspective

Insights on Legacy in 2020

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The Panelists for the first education session of our virtual Transactions & Networking Forum included: Paul Corver, Group Head of M&A, R&Q, Marcus Doran, EVP, Group Complex Claims Officer, Armour Risk Management (Moderator), Paul Ginnett, CEO, Allianz Reinsurance America, Inc., Linda Johnson, Head of Legacy Practice, TigerRisk and Matt Kunish, Chief Business … [Read more...] about Insights on Legacy in 2020

AIRROC Kicks Off 2020 Virtual Forum – A New Look at Legacy

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AIRROC kicked off its first virtual conference with a welcome and introduction from our Executive Director, Carolyn Fahey.  Carolyn spoke about the resiliency she has seen in our organization, and in our industry, during the past 6 months, culminating in the decision to go forward with our premier annual event in a new and exciting format.  After a thank you to the Board of … [Read more...] about AIRROC Kicks Off 2020 Virtual Forum – A New Look at Legacy

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

Enstar Plan marks milestone proof of concept for US insurance business transfers

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Court approval of an insurance business transfer (IBT) between two Enstar Group Limited affiliates provides a useful proof of concept for this legacy solution in the US. IBT provides insurers with an expanding regulatory toolkit alongside sale, reinsurance, and accelerated closure. So, what new doors does the first application of the Oklahoma IBT statute open and what does it … [Read more...] about Enstar Plan marks milestone proof of concept for US insurance business transfers

A New Legacy Has Been Established in the U.S. Legacy Liability Market

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It’s in the books! Oklahoma has now made good on its promise to become the leading domicile for a new U.S.-based insurance restructuring mechanism—the Insurance Business Transfer (IBT). In late November 2019, the Oklahoma Insurance Department approved the IBT application (or IBT Plan) of Providence Washington Insurance Company (part of Enstar Group) to transfer policies to … [Read more...] about A New Legacy Has Been Established in the U.S. Legacy Liability Market

OK Court Gives Enstar’s IBT The OK

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On October 15, 2020, the Oklahoma County District Court for the State of Oklahoma, issued its ‎Judgement and Order of Approval and Implementation of the Insurance Business Transfer Plan (“IBT ‎Plan”) (“Order”) filed by Providence Washington Insurance Company (“PWIC”), applicant and the ‎transferring insurer and Yosemite Insurance Company, the assuming insurer (“Yosemite”). This … [Read more...] about OK Court Gives Enstar’s IBT The OK

Oklahoma Completes First Insurance Business Transfer in the United States

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OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan. With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite … [Read more...] about Oklahoma Completes First Insurance Business Transfer in the United States

Fleming Re Acquisition of Sinclair Insurance Company

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Fleming Re Holdings LLC (“Fleming Re”) signed an agreement to acquire, subject to regulatory approval, Sinclair Insurance Company (“Sinclair”). Sinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies. The acquisition provides the Shareholders of Sinclair with an exit solution allowing full legal finality, … [Read more...] about Fleming Re Acquisition of Sinclair Insurance Company

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