Welcome to the New World of Run-Off. Part 2: New Restructuring Opportunities...
The global financial crisis of several years ago forever changed the way business looks at itself – as well as the way the public and regulators view business. The outlook of most business leaders has...
View ArticleTest Drive the Future of Runoff: The Vermont Legacy Insurance Management Act...
Companies and investors in the runoff space are generally aware that the State of Vermont’s new Legacy Insurance Management Act (LIMA), signed into law on February 19, 2014, has created a novel runoff...
View ArticleInsurance Business Transfer: Rhode Island’s Answer to Part VII
Something new and important is coming to the $200 billion plus run-off market in the U.S. Proposed amendments to Insurance Regulation 68 are pending in the State of Rhode Island (RI) and are expected...
View ArticleCan U.S. Insurance Companies Afford Not to Restructure?
Part 3: The case for expanding the Rhode Island Insurance Business Transfer to other lines of business Current global market conditions have increased pressure on business leaders to focus on efficient...
View ArticleRhode Island Regulation 68: Voluntary Restructuring of Solvent Insurers Act
Recently Rhode Island revised its Voluntary Restructuring of Solvent Insurers Act as implemented by DBR Regulation 68. This is, in many respects, modeled after the UK’s Part VII Transaction, which,...
View ArticleIs Reg. 68 Good for the Industry? A Chat with Dwyer, Broccoli and Brennan
At the Commutation & Networking Forum in October, 2016, the authors sat down with Elizabeth Dwyer, Jack Broccoli and Christopher Brennan to talk about the Rhode Island statute. Ms. Dwyer is the...
View ArticleThe Legacy Market: Strength. Stability. Transparency. Certainty. That Order.
In a world where “strong and stable” equates to weak and uncertain, the European legacy market remains strong and stable (as defined by the Oxford Dictionary), transparent, and continues to deliver...
View ArticleSeparate but Not Equal
Recent developments indicate that U.S. regulators are responding to these market realities. In 2015, Rhode Island passed regulations providing for “insurance business transfers” for commercial P&C...
View ArticleThe Legacy Market: Resistance. Protection. Equivalence. Vision. That Order.
In The Legacy Market article that ran in the Spring 2017 issue, we discussed the various exit and capital release tools available to the European insurance market with each providing different degrees...
View ArticleInsurance Business Transfer Statutes
A panel comprised of Eleni Iacovides of DARAG, Vincent Laurenzano and Bernhardt Nadell of Stroock & Stroock & Lavan, Jim Wrynn of FTI Consulting, and Frank Schmid of AIG discussed the various...
View ArticleThe Legacy Market: Anticipation. Excitement. Commitment. Patience. That Order.
In the previous three articles, we took a journey that would be a dream if it were a holiday itinerary: Europe and its uniform legal and regulatory framework for portfolio transfers; then Europe met...
View ArticleLegacy Watershed: Capitalizing on the New Legislative Options for Runoff
New legislation is loosening the tight regulatory knot that’s been wrapped around legacy insurance business in the U.S. Upcoming game-changers include: Key amendments to the Rhode Island Voluntary...
View ArticleA-Ok in OK
Carolyn Fahey and Francine Semaya recently had the pleasure of interviewing Oklahoma Insurance Department Commissioner John Doak and others in the Department. They talked about the Oklahoma Senate Bill...
View ArticleNAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and...
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...
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New beginnings: US regulation is generating more flexibility for legacy deals
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...
View ArticleInsurance Business Transfer – What now?
An esteemed panel discusses the relatively new legal frameworks that provide legal finality and a further exit solution in addition to the well tested and accepted Loss Portfolio Transfer mechanism....
View ArticleThe NCOIL IBT Model Law – Transforming the US Insurance Industry
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....
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