Success is best when shared. Check out IRLA’s flipbook reflection on this year’s Congress. Read More... … [Read more...] about Congress Reflection
Latest Industry News
Alternative capital flat at $100bn high at mid-year 2023: Aon
Alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, remained static at its $100 billion at the mid-point of 2023, according to insurance and reinsurance broker Aon. The latest analysis of global reinsurance capital from Aon’s Reinsurance Solutions division, presented just prior to the annual Monte Carlo Rendez-Vous reinsurance … [Read more...] about Alternative capital flat at $100bn high at mid-year 2023: Aon
Global Life and Health Insurance Mergers and Acquisitions (M&A)
Each year, Milliman studies the trends in mergers and acquisitions (M&A) of global health and life insurance companies, with a particular focus on data and deals in North America, Europe, and Asia. In 2022, life and health insurance transaction activity was down sharply. Our research points to the likely causes and projects the landscape for future life and health insurance … [Read more...] about Global Life and Health Insurance Mergers and Acquisitions (M&A)
NAIC Summer 2023 National Meeting Highlights
The Reinsurance (E) Task Force (“RTF”) of the US National Association of Insurance Commissioners (“NAIC”) held a virtual meeting on July 24, 2023, in lieu of meeting in person at the NAIC’s 2023 Summer National Meeting. In addition to routine matters such as adoption of the RTF’s 2023 Spring National Meeting minutes and minor revisions to RTF’s 2024 Proposed Charges, the … [Read more...] about NAIC Summer 2023 National Meeting Highlights
Legacy Roundtable and Survey 2023
I have moderated our annual legacy roundtable for several years now, and there is a comforting familiarity which comes with it. Because in many ways, it is pretty much always the same. The occasion – the annual IRLA gathering – is the same. The venue – the Brighton Grand – is the same. And one thing you can always guarantee is that the conversation at this roundtable is … [Read more...] about Legacy Roundtable and Survey 2023
Alternative capital raises accelerate to ~$11bn YTD, says Berenberg
Having only a few weeks ago estimated that as much as $8 billion of alternative reinsurance and insurance-linked securities (ILS) capital had been raised year-to-date, analysts from investment bank Berenberg have now upped that amount to ~$11 billion. As a result, the analysts now believe that alternative and ILS capital flows into the insurance and reinsurance market are … [Read more...] about Alternative capital raises accelerate to ~$11bn YTD, says Berenberg
Opportunities increase as IRLA Congress highlights the need for expertise
Steven Goate reveals discussions at the Insurance and Reinsurance Legacy Association (IRLA) Congress 2023, point to a dynamic market and one which will require a range of services which will see Davies in demand. Once again, the IRLA Congress saw the market come together for a sold-out event, which was not short of topics to discuss. Those topics were broad and diverse, with … [Read more...] about Opportunities increase as IRLA Congress highlights the need for expertise
Swiss Re ILS deal maps the future of ILS: Lohmann
Swiss Re’s recent innovative ILS deal, completed with JP Morgan and designed to help the reinsurer manage its capital, has the potential to grow the sector exponentially, says one of the industry’s pioneers Dirk Lohmann, speaking ahead of the conference Re/insurance Outlook Europe, being held in Zurich in June. New types of ILS deals designed to help re/insurers manage … [Read more...] about Swiss Re ILS deal maps the future of ILS: Lohmann
US NAIC Update: Restructuring Mechanisms (E) Working Group
At its recent meeting on April 4, 2023, the Restructuring Mechanisms (E) Working Group (the “Working Group”) of the US National Association of Insurance Commissioners (“NAIC”) continued to advance the best practices framework it is developing for Insurance Business Transfers (“IBTs”) and Corporate Divisions (“CDs”) in the United States. An IBT is a transaction whereby a … [Read more...] about US NAIC Update: Restructuring Mechanisms (E) Working Group
Non-life insurance run-off deals review Q1 2023
Q1 2023 saw a number of super-sized non-life runoff transactions being announced continuing the trend observed in our 2022 year-end Deals review. 11 deals in total were disclosed in this period, whilst an estimated combined US$6.7bn of gross reserves was transferred to legacy market participants. This estimate represents a record high for any one quarter and equates to 83% of … [Read more...] about Non-life insurance run-off deals review Q1 2023
Observations on the Banking Crisis of 2023
The unprecedented events of the last two weeks in the banking industry have been breathtaking. As the banking and capital markets turn their focus to the Federal Reserve and Washington, the crisis of confidence that has ping-ponged between California, New York and Switzerland has caused many clients and investors to change their relationships in the banking world. Let’s review … [Read more...] about Observations on the Banking Crisis of 2023
ESG Battlegrounds: How the States Are Shaping the Regulatory Landscape in the U.S.
When it comes to ESG in the United States, among the most dramatic developments is an ideological battle unfolding at the state level, pitting liberal-leaning state governments that have embraced ESG-focused investing against conservative-led states that would seek to exclude it. To date, the general consensus had been that the U.S. is lagging on its ESG focus, particularly … [Read more...] about ESG Battlegrounds: How the States Are Shaping the Regulatory Landscape in the U.S.
Smith Gambrell Russell and Freeborn & Peters Complete Combination to Create Global Am Law 150 Firm
ATLANTA and CHICAGO (April 1, 2023) – Smith, Gambrell & Russell, LLP and Freeborn & Peters, LLP announced today that they have completed their combination, effective April 1, creating a global Am Law 150 law firm operating under the Smith Gambrell Russell name. The combined firm is led by SGR managing partner and executive committee chair, Stephen M. Forte, with legacy … [Read more...] about Smith Gambrell Russell and Freeborn & Peters Complete Combination to Create Global Am Law 150 Firm
More On ChatGPT And Insurance Coverage
At the end of February, I did an article, for a Coverage Opinions email blast, that shared the results of my ChatGPT insurance coverage test. I had asked the much talked-about artificial intelligence platform – that offers answers to questions in human-like conversation – what it knew about insurance coverage. Very simple. I asked five very specific questions with answers … [Read more...] about More On ChatGPT And Insurance Coverage
Third Circuit Reverses; Dismisses LTL’s “Texas Two-Step” Bankruptcy Case
In the AIRROC Annual 2022, the authors published “Dancing to the Beat of Divisive Mergers; The ‘Texas Two-Step’ Bankruptcy Strategy,” summarizing the strategy and discussing several recent cases.1 Most notably, the LTL Management, LLC (Johnson & Johnson) case was discussed in detail. In that case, the talc claimants and others filed a motion to dismiss, arguing that the … [Read more...] about Third Circuit Reverses; Dismisses LTL’s “Texas Two-Step” Bankruptcy Case
Potential Impact of the Silicon Valley Bank Insolvency on the Insurance Industry
Financial institutions, including Insurers, are considering the potential impact of the Silicon Valley Bank’s (“SVB’s”) insolvency. SVB and its parent holding company have provided funding and debt financing to InsurTech Insurers and other venture investment firms. Some of those Insurers have already publicly announced the extent to which the SVB Insolvency has had an impact. … [Read more...] about Potential Impact of the Silicon Valley Bank Insolvency on the Insurance Industry
US NAIC Fall 2022 National Meeting Highlights
The US National Association of Insurance Commissioners (“NAIC”) held its National Fall Meeting from December 12 through December 16. Check out Mayer Brown’s updates from the US NAIC Fall 2022 National Meeting. Read More... … [Read more...] about US NAIC Fall 2022 National Meeting Highlights
Third Circuit Dismisses Chapter 11 Filing by Johnson & Johnson Subsidiary Formed to Segregate Talc Liabilities
In a closely watched decision, the Court of Appeals for the Third Circuit ordered the dismissal of the Chapter 11 petition of LTL Management, LLC, the entity created by Johnson & Johnson to hold J&J’s talc-related liabilities in a divisional merger process under Texas law. Reversing the Bankruptcy Court for the District of New Jersey, the Third Circuit held that … [Read more...] about Third Circuit Dismisses Chapter 11 Filing by Johnson & Johnson Subsidiary Formed to Segregate Talc Liabilities
Reinsurance Capital to Drop $40B: AM Best
AM Best estimates that traditional reinsurance capital will drop by roughly $40 billion to $435 billion at year-end 2022, after hefty jumps recorded in each of the prior three years. The projected 8.4 percent decline to $435 billion for 2022 from $475 billion in 2021, following increases of 15.5 percent for 2019, 8.9 percent for 2020 and 10.7 percent in 2021, takes into … [Read more...] about Reinsurance Capital to Drop $40B: AM Best
Survey: How is ESG impacting insurance companies?
Companies around the globe are creating or redefining their Environmental, Social and Governance (ESG) commitments and addressing rapidly changing regulatory obligations. Having worked closely with insurance companies for more than 80-years, we understand the unique risks and opportunities that ESG poses for the industry. We have developed a brief ESG survey for insurance … [Read more...] about Survey: How is ESG impacting insurance companies?
