KEY FINDINGS • 62% of carriers globally say that legacy claims challenge profitability and operational efficiency. • General liability claims managed by Gallagher Bassett saw a 34% lower duration to close in North America. • 69% of carriers in North America have increased premiums due to the impact of social inflation. Legacy claims and their impact Legacy claims … [Read more...] about Best Practice Handling for Legacy Claims
Latest News
Enstar Agrees $400 Million Loss Portfolio Transfer With Siriuspoint
HAMILTON, Bermuda, April 30, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (NASDAQ: ESGR) has announced today that one of its wholly-owned subsidiaries has reached an agreement for a loss portfolio transfer with a subsidiary of SiriusPoint Ltd. (“SiriusPoint”) to reinsure a $400 million portfolio of Workers’ Compensation business covering underwriting years 2018 to 2023. Under … [Read more...] about Enstar Agrees $400 Million Loss Portfolio Transfer With Siriuspoint
Natural Catastrophe and Climate Report: Q1 2024
In this report, we summarize the global loss totals for the first quarter and focus on key issues driving current industry discussions regarding natural catastrophe and climate risk. The financial cost of natural catastrophes to start 2024 were manageable for federal governments and the insurance industry. The minimum USD43 billion in economic loss from all natural perils … [Read more...] about Natural Catastrophe and Climate Report: Q1 2024
NextGen Council Corner
AIRROC NextGen is pleased to announce its 2024 council and committee members. The NextGen Council and its Education, Social, Digital Content and Award committees are a cornerstone of AIRROC's commitment to nurturing young insurance professionals and providing members with invaluable opportunities for leadership, networking, and contributing fresh perspectives to the run-off … [Read more...] about NextGen Council Corner
AIRROC Returns to the Windy City
The AIRROC Chicago Regional Education Day is back! Join us in person at this one-day event on June 6, 2024 at the Willis Tower, 34th Floor Conference Center. Can’t make it in person, a virtual live stream is also offered. The views will be fantastic as is the content that we have planned for you! Our featured keynote speaker is Kimberly George, Global Chief Brand Officer of … [Read more...] about AIRROC Returns to the Windy City
Meet Our New Members!
Back in March we announced the addition of five new members — some who were spotlighted over the last two months (Great American, Hannover Re, and RiverStone International). Since that time, we have added another new member, bringing the total to six new members in the first quarter of 2024. Wow! As we all know, relationships in this industry are key and AIRROC’s emphasis on … [Read more...] about Meet Our New Members!
DARAG to acquire Cayman Islands re/insurance captive
Legacy acquirer DARAG Insurance Guernsey Limited (DIGL) has announced it is to acquire a Cayman Islands-based re/insurance captive. The firm has signed a sale and purchase agreement (SPA) for a re/insurance captive from a very large multinational corporate that possesses long tail UK employers’ liability (EL) exposure. According to the announcement, DIGL intends to merge … [Read more...] about DARAG to acquire Cayman Islands re/insurance captive
Spotlight Kimberly George
INDUSTRY OUTLOOK: The outlook for the insurance industry is strong. Insurance has long been the financial backstop for the global economy. With the constant evolution of risk and risk management, insurance is more important than ever. Tech is changing the way we think about and do business and much of that change is happening right now. It is exciting to experience the … [Read more...] about Spotlight Kimberly George
Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries
After a successful 2023, the insurance-linked securities sector needs to show it can produce sustained returns on equity to its investors, according to Kathleen Faries. The chief executive officer of Bermuda:Re+ILS company of the month Artex Capital Solutions, said the sector saw large capital inflows from “opportunistic” investors in 2023 and now needs to sow underwriting … [Read more...] about Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries
Update on Trading, Sale of Accredited and Sale of Interest in Joint Venture
R&Q Insurance Holdings Ltd, (AIM-RQIH) ("R&Q" or the "Group"), today provides the following update on trading, the sale of Accredited and also announces that it has reached an agreement for Obra Capital, Inc. (together with its affiliates and funds/clients advised by Obra Capital Management, LLC, collectively “Obra”) to acquire all of the interests held by R&Q and … [Read more...] about Update on Trading, Sale of Accredited and Sale of Interest in Joint Venture
Illinois Appoints New Insurance Director
Effective April 15, 2024, Illinois will have a new Acting Insurance Director, Illinois State Senator Ann Gillespie. Senator Gillespie will step down from her Senate seat and will need to be confirmed by the Senate in her new position. Read More... … [Read more...] about Illinois Appoints New Insurance Director
New Trends in Workers Comp Drugs: Unintended Consequences of the Changing Opioid Laws and Policies
The opioid epidemic has had a devastating impact on society and a profound toll on public health and opioid-involved deaths. The multifaceted aspects of the opioid crisis have had an effect clinically, financially and negatively influence workers compensation. While there has been a significant decline in opioid prescribing, new medications are diversifying the drivers of … [Read more...] about New Trends in Workers Comp Drugs: Unintended Consequences of the Changing Opioid Laws and Policies
Reopening Closed Remedial Sites
VERTEX’s Christopher De Carlo, Senior Technical Advisor, Environmental Insurance and Sandra Gaurin, Vice President, Client Services & Technical Support, along with Scott Davis, Partner at Husch Blackwell led a compelling discussion on “Reopening Closed Remedial Sites” at the 2024 Spring Membership Meeting in New York. The panel discussed the current legal and regulatory … [Read more...] about Reopening Closed Remedial Sites
A Regulator’s View of IBT’s, Division’s and the 2024 NAIC Priorities
Panelists Kathy Belfi, KB Regulatory Solutions (former Director of Financial Regulation, Connecticut Insurance Department), John Finston, Finston Consulting Inc. (former Executive Deputy Superintendent for Insurance, NY DFS), Glen Mulready, Commissioner, Oklahoma Insurance Department and Robert Romano, Partner, Norton Rose Fulbright held a roundtable discussion of the trends … [Read more...] about A Regulator’s View of IBT’s, Division’s and the 2024 NAIC Priorities
Nuclear Verdicts & Social Inflation: Juror Biases & Trends
How do you get the attention of 100 people attending the last session on the final day of an AIRROC conference? Well, this presentation started out with the group watching two brief videos of juries deliberating in advance of rendering their verdict. In both scenarios, audience members were able to hear the jurors discussing their opinions on the deep pockets of corporate … [Read more...] about Nuclear Verdicts & Social Inflation: Juror Biases & Trends
The Use of AI in Workers Compensation Legacy Transactions
Michael Terelmes, Managing Director-USA, Compre Group, moderated a panel on “The Use of AI in Workers Compensation Legacy Transactions” at the AIRROC Spring Membership Meeting. Panelists included Rooney Gleason, Chief Insurance Officer, Evolution IQ, Travis Grulkowski, Principal & Consulting Actuary, Milliman, and Justin Herring, Partner, Mayer Brown. The panelists … [Read more...] about The Use of AI in Workers Compensation Legacy Transactions
AIRROC Welcomes New Member RiverStone International
AIRROC extends a warm welcome to new member RiverStone International. We are delighted to have RiverStone join the AIRROC community and very much look forward to a constructive collaborating with them. RiverStone brings a wealth of market experience and their membership is highly valued and instrumental as AIRROC continues to expand its international reach. Jamie Saunders, … [Read more...] about AIRROC Welcomes New Member RiverStone International
Global Insurance Run-Off Survey 2023
https://player.vimeo.com/video/928071878?h=a317416669 https://player.vimeo.com/video/928071342?h=fa7dc337db The PwC 2023 Global Insurance Run-Off Survey is here! The key takeaway is that the global non-life run-off reserves are estimated to exceed $1 trillion, yes that’s $1 trillion. Read Here... … [Read more...] about Global Insurance Run-Off Survey 2023
AIRROC Continues to Build its Network Welcoming Five New Members
There is no better way to begin a new year that to welcome five new Members to our community. AIRROC continues to grow and expand its network because of the value proposition we offer and what each of our Members bring to an organization with a legacy of success! We are excited and thrilled to welcome Great American Insurance Company, Hannover Re, Augment Risk, EMC Re, and … [Read more...] about AIRROC Continues to Build its Network Welcoming Five New Members
Trends to Watch in 2024
Cyber attackers will continue to exploit vulnerabilities and adapt their methods Cyber threats continue to be the number one risk on business leaders’ minds, and there have been many lessons learned over the years related to which controls to prioritize and implement to mitigate a cyber-attack, e.g., a robust patch management process, endpoint detection and response, and … [Read more...] about Trends to Watch in 2024
