AIRROC Update

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AIRROC Continues to Build its Network Welcoming Five New Members

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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

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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

2023: The Year AI Started to Be Taken Seriously in (Re)insurance

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After the recent release of Gallagher Re’s Global InsurTech Report for Q4 23, Freddie Scarratt, Deputy Global Head of InsurTech at Gallagher Re, looks back at the biggest tech story of last year. Many topics drove the InsurTech narrative in 2023, but perhaps the one that grabbed the most universal attention was artificial intelligence (AI). The graph shows … [Read more...] about 2023: The Year AI Started to Be Taken Seriously in (Re)insurance

DARAG completes two captive transactions in NA

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Legacy acquirer DARAG Group has concluded two undisclosed captive legacy transactions. The first transaction was a Bermuda-based captive for insured risks through 2016 and was completed at the end of 2023. The second was a Cayman-based captive for insured risks through 2015, concluding in early 2024. Both portfolios insured workers compensation, general liability and auto … [Read more...] about DARAG completes two captive transactions in NA

Marco Re launches from merger of former Credit Suisse ILS reinsurers

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Marco Capital Holdings Limited, a European property and casualty (P&C) run-off specialist, has merged Guernsey based, former Credit Suisse ILS reinsurers Kelvin Re and Humboldt Re under the new brand Marco Re, following approval from the Guernsey Financial Services Commission in December of last year. Marco Capital acquired Humboldt Re in late 2021 and Kelvin Re in mid … [Read more...] about Marco Re launches from merger of former Credit Suisse ILS reinsurers

DARAG Group completes Hawaii captive acquisition

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Legacy acquirer DARAG Group has completed the acquisition of a Hawaii-based captive. The transfer involves a portfolio of workers’ compensation business that entered runoff in 2023. It will now shift to an existing DARAG entity domiciled in the United States, providing complete legal closure. Tom Booth, CEO of DARAG, emphasized there is growing … [Read more...] about DARAG Group completes Hawaii captive acquisition

Carrick Group Announces LPT with IRB(Re)

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January 17, 2024 – Carrick Group Limited (“Carrick”), a Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, today announced that Carrick Re Limited, a Bermuda class 3A reinsurer, has entered into a loss portfolio transfer with IRB(Re), a Brazilian private reinsurance company, on behalf of its UK Branch, ahead of a Part VII … [Read more...] about Carrick Group Announces LPT with IRB(Re)

“AI” Spells Effective, Efficient Legacy Claims Management

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Artificial intelligence, or “AI” as it is called, is dominating the IT field in industries across the board. Discussions about this new breakthrough dominate articles, blogs, newscasts, and podcasts. “What are the advantages? What are the disadvantages? What are the dangers?”... and on and on. Should insurance, or more specifically legacy business, be excluded from this robust … [Read more...] about “AI” Spells Effective, Efficient Legacy Claims Management

AIRROC Announces New Board Leadership, Officers and Directors for 2024

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AIRROC is pleased to announce the new 2024 leadership of the Board of Directors.  Tom Mendralla (Swiss Re) takes over as Chair with Betsy Mitchell (A.G. Risk Management) and Dawn Ballin (Enstar) as Co-Vice Chairs.  The board supporting officers are Marianne Petillo (ROM), Treasurer, Megan McHugh (Brandywine), Secretary and Susan Aldridge (Norton Rose) as General Counsel.  … [Read more...] about AIRROC Announces New Board Leadership, Officers and Directors for 2024

Letters of Credit: The Good, The Bad and The Vesttoo

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The education session on Letters of Credit (LOCs) at the 2023 Legacy Transactions & Networking Forum hosted by AIRROC was literally “ripped from the headlines” by covering the widely reported allegations of fraud arising from the Vesttoo bankruptcy and the attention it has drawn to the use of LOCs. Jonathan Bank, Counsel, Norton Rose Fulbright, chaired the panel of … [Read more...] about Letters of Credit: The Good, The Bad and The Vesttoo

R&Q completes LPT with UK motor insurer

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Bermuda-based legacy insurer R&Q Insurance Holdings has signed a loss portfolio transfer (LPT) reinsurance agreement with a UK motor insurer. The signed agreement covers a net reserve of $80 million. The transaction is subject to regulatory approvals and other conditions of closing. Huw Battrick, co-head of legacy M&A at R&Q, commented: “We are pleased to … [Read more...] about R&Q completes LPT with UK motor insurer

Royal & Sun Alliance US runoff Arrowood placed into liquidation

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Arrowood Indemnity Co., the runoff U.S. insurance operation of Royal & Sun Alliance Insurance Group PLC, was placed into liquidation on Thursday by the Chancery Court of Delaware. Arrowood estimated that for the third quarter, its projected future claims and expenses exceeded its assets by about $17 million, according to the complaint seeking liquidation that was filed … [Read more...] about Royal & Sun Alliance US runoff Arrowood placed into liquidation

Arch MI to Acquire RMIC Companies, Inc.

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GREENSBORO, N.C.–(BUSINESS WIRE)– Arch U.S. MI Holdings (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., today announced it has entered into a definitive agreement to acquire RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation. Once the transaction is … [Read more...] about Arch MI to Acquire RMIC Companies, Inc.

Droughts and Wildfires – Floods and Hurricanes

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David Snyder, Vice President and Assistant General Counsel of the American Property and Casualty Insurance Association, Aaron Koch, Principal and Consulting Actuary at Milliman, and Annie Shen, Actuary at Milliman, participated on a panel moderated by Katheleen Ehrhart, a partner in the litigation practice at Smith Gambrill Russell, that examined lessons to be drawn from the … [Read more...] about Droughts and Wildfires – Floods and Hurricanes

AIRROC Unveils New Leadership Award Established to Recognize NextGen Professionals

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A well-kept secret was revealed at the 2023 AIRROC Legacy Transactions & Networking Forum this October. AIRROC established a new award that was announced for the first time  - the AIRROC NextGen Leadership Award.  This award acknowledges and celebrates the accomplishments and exemplary leadership of one of the NextGen members that has really made an impact over the course … [Read more...] about AIRROC Unveils New Leadership Award Established to Recognize NextGen Professionals

Global Economic and Geopolitical Risks: Trends and Challenges Impacting Insurance and Reinsurance Markets

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AIRROC kicked off its 2023 Legacy Transactions & Networking Forum with keynote speaker Dr. Robert Hartwig, Director of the Risk Management and Uncertainty Center at the University of South Carolina. Dr. Hartwig took us on a whirlwind tour of the global economic and geopolitical forces shaping the outlook for the property casualty insurance market and helped us understand … [Read more...] about Global Economic and Geopolitical Risks: Trends and Challenges Impacting Insurance and Reinsurance Markets

Notes from the Battlefield: Navigating Reinsurance Disputes

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Moderated by Guyon Knight, a panel consisting of Larry Greengrass, Debra Hall, Russel Bogen, and Frank DeMento engaged in a comprehensive discussion on the challenges and unique issues arising from reinsurance transactions.  A video replay of this presentation is available on AIRROC’s On Demand plateform. Here, we distill their insights into ten key points: 1.  Legacy … [Read more...] about Notes from the Battlefield: Navigating Reinsurance Disputes

Going retro: How recycling capital through customised and structured solutions can generate better returns

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A tougher economic backdrop combined with a tightening of reinsurance capacity is prompting Asia Pacific insurers to look at optimising their balance sheets and consider new operating models. Jim Atwood and Roshan Perera explore the rising popularity of retrospective solutions in the region. Reinsurance renewals during 2023 revealed a strong emphasis on price and contract … [Read more...] about Going retro: How recycling capital through customised and structured solutions can generate better returns

Getting to Know Paul Brockman, AIRROC 2023 Person of the Year

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AIRROC is proud to announce that it has chosen Paul Brockman, Enstar Group Chief Operating Officer and Chief Claims Officer, as its Person of the Year. This honor is bestowed annually on an individual or team that has made a significant contribution to the run-off industry and who has demonstrated the vision and creativity that make our work a vital part of the insurance … [Read more...] about Getting to Know Paul Brockman, AIRROC 2023 Person of the Year

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