AIRROC Update

Insurance & Reinsurance News

Governance

Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions

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With mounting novel coronavirus (COVID-19) liabilities straining insurers’ and reinsurers’ balance sheets, the pressing need to free the capital tied up in legacy portfolios can no longer be ignored. Sorting out legacy risk would not only relieve reserve pressure, but also release much needed capital to support growth. So, what are the options for tackling the legacy … [Read more...] about Inflection Point: COVID-19 and resulting balance sheet pressures spur hunt for lasting legacy solutions

The NCOIL IBT Model Law – Transforming the US Insurance Industry

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The NCOIL IBT model law provides an efficient restructuring tool that will allow companies to achieve operational and capital efficiencies to compete more effectively in the global marketplace. U.S. insurers and reinsurers now have an expanded landscape for restructuring options in the United States. On March 8th, 2020 the Executive Committee of the National Council of … [Read more...] about The NCOIL IBT Model Law – Transforming the US Insurance Industry

New beginnings: US regulation is generating more flexibility for legacy deals

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Written by Luann Petrellis Luann is an insurance professional who specializes in developing runoff and restructuring strategies for discontinued (re)insurance businesses. Luann drafted the Insurance Business Transfer regulations for the state of Rhode Island, the first restructuring tool of its kind that enables companies to achieve finality for commercial P&C legacy … [Read more...] about New beginnings: US regulation is generating more flexibility for legacy deals

NAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and Corporate Division Statutes

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AIRROC’s Corporate Partner Locke Lord provides a “Quick Study” on the NAIC’s Summer Meeting in New York on August 4, 2019; specifically the NAIC’s Restructuring Mechanisms Working Group progress on insurance business transfers and corporate division statutes. Read more by clicking on this link. … [Read more...] about NAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and Corporate Division Statutes

Corporate Governance

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How many times are we going to learn about another corporate misstep? The list of companies making headlines for the wrong reasons never seems to end —Wells Fargo, Volkswagen, Target, Toshiba, Experian, Yahoo, Weinstein, Wynn, Uber—just to name a few. What do all of these companies have in common? A lack of strong corporate governance. Corporate governance can simply be … [Read more...] about Corporate Governance

Eyeballing Excellence: Establishing and Executing an Effective Watch List Process/Policy

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A well-executed watch list process can significantly benefit P&C insurance companies. From the initial establishment of the process, which includes identifying which exposures and claims to include, to the ongoing review of the process as new exposures and claim types emerge, actuarial, claims, and underwriting departments significantly impact the success of a watch list … [Read more...] about Eyeballing Excellence: Establishing and Executing an Effective Watch List Process/Policy

“Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks

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All insurance and reinsurance companies want to avoid public disclosures or headlines regarding significant reserve increases, such as the recent newsworthy reserve adjustments that more than a few companies have taken for asbestos, silicosis, or other large tort liability claims. But how? The secret lies in the early identification of “bad” claims when there is time to alter … [Read more...] about “Eyes-On” Management: Watch Lists for Effective Management of Significant P&C Insurance Risks

A Call to Action: Recruiting the Next Generation of Insurance Talent

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The insurance industry stands at the cusp of a growing talent crisis. With an increasingly “greying” workforce, an impending wave of retirements and a startling lack of incumbent talent, the need for an industry solution is real and immediate. Unfortunately, many insurers are unprepared to face a fiercely competitive recruitment climate. To ensure the continued success of … [Read more...] about A Call to Action: Recruiting the Next Generation of Insurance Talent

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