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Estimated global non-life run-off reserves rise 11% to US$960bn

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Global non-life run-off reserves estimated to have reached US$960bn An additional estimated US$68bn of legacy liabilities are held on the balance sheets of non-insurance corporations Loss portfolio transfers and adverse development covers predicted to be at the heart of future transaction activity Run-off activity at Lloyd’s and US insurance business transfers also … [Read more...] about Estimated global non-life run-off reserves rise 11% to US$960bn

Oklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive & Insurance Business Transfer Conference

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OKLAHOMA CITY – The Oklahoma Insurance Department (OID) successfully hosted the inaugural Oklahoma Captive & Insurance Business Transfer (IBT) Conference in Oklahoma City. The two-day conference was held at the Omni Oklahoma City Hotel on August 24-25 and attracted a total of 287 attendees with more than 40 percent traveling to Oklahoma City from other states and the United … [Read more...] about Oklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive & Insurance Business Transfer Conference

US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions

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On August 11, 2022, the US National Association of Insurance Commissioners’ (“NAIC”) Executive (EX) Committee adopted a request from the Restructuring Mechanisms (E) Working Group (“RM Working Group”) to reopen the Property & Casualty Insurance Guaranty Association Model Act (#540) (“Model Act #540”) for amendment to ensure that policyholders will retain guaranty fund … [Read more...] about US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions

Insurers can win the war for talent—if they tell their story

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In our overview of the top issues facing the insurance industry, we note that carriers need to do a better job of fully committing to and funding their strategies. This commitment naturally extends to identifying the kinds of skills and attributes they want in their employees. This kind of prioritization may sound obvious, but most carriers are trying to catch up to their … [Read more...] about Insurers can win the war for talent—if they tell their story

Senate Banking Committee Chair Urges FIO and the NAIC to Monitor Private Equity and Affiliated Offshore Reinsurance

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Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners (NAIC) to examine the increasing role of private equity and alternative investment classes in the life insurance market as well as offshore reinsurance. The … [Read more...] about Senate Banking Committee Chair Urges FIO and the NAIC to Monitor Private Equity and Affiliated Offshore Reinsurance

Exploring Russian sanctions and insurance coverage

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June 22, 2022 - According to White House statements, the "United States, with the G7 and the European Union, will continue to impose severe and immediate economic costs on the Putin regime for its atrocities in Ukraine, including in Bucha." As one part of this effort, in a statement by the White House on April 6, 2022, "devastating economic measures to ban new investment in … [Read more...] about Exploring Russian sanctions and insurance coverage

Insurers need to change business models to drive climate resiliency, report shows

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New research published from Capgemini and Efma’s recent World Property and Casualty Insurance Report reveals that climate change is hurting the insurance industry, and that insurers need to change their business models to achieve climate resiliency. The inaugural report titled – “Walking the Talk: How insurers can lead climate change resiliency”, addresses the impacts on … [Read more...] about Insurers need to change business models to drive climate resiliency, report shows

Regulators Should Identify and Mitigate Climate Risks in the Insurance Industry

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The insurance industry plays a critical role in both the financial system and the economy overall, with U.S. insurance companies writing approximately $1.5 trillion in premiums and holding trillions of dollars more in assets on their balance sheets.1 By underwriting the risks of millions of individuals, businesses, and public entities, the insurance industry provides an … [Read more...] about Regulators Should Identify and Mitigate Climate Risks in the Insurance Industry

“Strong momentum in run-off sector continues”- PWC

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Strong momentum in the non-life run-off sector last year continued into 2022 with the announcement of eleven deals, says a new report from PWC. The professional services firm said that while the number of deals announced was slightly lower than Q1 2021, the total estimated value of executed deals during Q1 2022 exceeded that of the same period in 2021 ($4.2bn vs $3.3bn), … [Read more...] about “Strong momentum in run-off sector continues”- PWC

Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership

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Southern Fidelity Insurance Company has entered into receivership and is being liquidated, according to the Florida Office of Insurance Regulations (FLOIR). The state’s insurance office made the move on the basis that the insurer was impaired, insolvent or likely to become insolvent and that further transactions would be potentially hazardous to policyholders, creditors, … [Read more...] about Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership

IRLA Congress has broader legacy on the agenda

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Delegates are heading to Brighton for the Insurance and Reinsurance Legacy Association (IRLA) congress 2022 today and Steven Goate, explains that the market is growing and there is highly likely more to come. It came as little surprise that this year’s IRLA Congress sold out within a fortnight. The legacy market continues to grow and with changes to regulation around the … [Read more...] about IRLA Congress has broader legacy on the agenda

2022 insurance industry forecast: trends and future risks

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Resilience will be the overarching theme for 2022. However, whilst last year necessitated a faster pace of change than was perhaps ideal, looking forward, insurers will want to continue to adapt to protect their operations, market and promote customer retention. Customer demand for more interactive and efficient digital platforms and products is set to continue, which will … [Read more...] about 2022 insurance industry forecast: trends and future risks

Roll of the Dice

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The first IRLA Congress since May 2019 was a storming success. Nearly 300 The Legacy Professionals Association delegates from across the international legacy market attended this three times postponed annual event and many declared it to be the best Congress to date. It was clear that delegates were very keen to catch up with colleagues and friends, and to meet and develop new … [Read more...] about Roll of the Dice

Making a run for it

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This article was originally published in the Captive Insurance Times, issue number 233 and is republished here with permission. Carolyn Fahey of AIRROC and James Cameron of PwC UK discuss the current state of the run-off market, and how legacy solutions can be utilised to help insurers take advantage of the hardening market In the current environment of a hardening … [Read more...] about Making a run for it

Recognition for long serving IRLA Head of Academy

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The Board of the Insurance and Reinsurance Legacy Association (“IRLA”) are delighted to announce that Leslie-Ann Giovnilli was recognised with its Services to Legacy Award at its Gala Dinner at Congress in Brighton yesterday. Ms Giovnilli received a standing ovation from all 280 diners present. In presenting the award Paul Corver noted that this was in part recognition of … [Read more...] about Recognition for long serving IRLA Head of Academy

For Now, No Need for Federal Cyber Reinsurance Backstop: Experts

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Business owners need guidance rather than a federal reinsurance backstop to help them navigate an increasingly volatile cyber insurance market, a panel of experts said recently. “I don’t think a compelling case has been made yet for an explicit government intervention,” said Phil Edmundson, founder and CEO of Corvus Insurance, an MGA focused, in part, on providing specialty … [Read more...] about For Now, No Need for Federal Cyber Reinsurance Backstop: Experts

Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector

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On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a conceptual framework for categorizing climate-related financial risk and its three pronged approach to implement portions of the President’s January 27, 2021 Executive Order on the Climate … [Read more...] about Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector

Divided We Stand

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American states have risen to the challenge. Faced with a decided advantage that re/insurers have to shed books of business under Part VII of the UK’s Financial Services and Markets Act, and responding to requests by US re/insurers for a similar mechanism, the American states have enacted a variety of legislative approaches to enable such transactions in the US. The two … [Read more...] about Divided We Stand

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