Stephen Johnson exemplified the attributes that earned him this award by beginning his acceptance speech with praise for this year’s recipients of the Trish Getty Scholarship award. He led an enthusiastic round of applause for Ashley Myers and Samantha String (both students at Saint Joseph’s University) and the prospect of a future in the insurance business that includes such … [Read more...] about AIRROC Person of the Year 2017 – Stephen J. Johnson
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
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 Certainty (the capital C is not a typo!) and a cleaner, leaner and stronger balance sheet to each carrier that engages in the process through the implementation of the most … [Read more...] about The Legacy Market: Strength. Stability. Transparency. Certainty. That Order.
Please tell our readers about your work history and lessons you have learned. Having worked in insurance for 32 years, of which the last 27 years has been in the run-off sector, I learned at an early stage that run-off was an exciting place to be. The innovation and determination of practitioners to find a solution or manage a problem keeps the sector fresh and an enjoyable … [Read more...] about Paul Corver, R&Q the “IRLA” of Run Off
Legacy education and training is a growing market. Barbara Hadley of Iskaboo asked Ben Baker of IRLA and Carolyn Fahey of AIRROC how they define ‘training’ and ‘education’ in the context of their respective associations. ‘To the IRLA Academy, training and education go hand in hand depending on what needs to be achieved,’ says Baker. ‘Training is aimed at developing a new, or … [Read more...] about Learning about Legacy: Interview with Ben Baker of IRLA and Carolyn Fahey of AIRROC
The insurance industry has shown through the years that it has a remarkable ability to respond to challenges, and to adopt and adapt, whether this relates to a new financial or regulatory framework or to respond to demands for new products and solutions. One of the biggest challenges that the European industry faced in recent years was the implementation of Solvency II, the … [Read more...] about The Legacy Market: Innovation. Flexibility. Creativity. Capital Appeal. That Order.
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 Rhode Island Superintendent of Banking and Insurance in the Department of Business Regulation. Jack Broccoli is in the Rhode Island Department of Banking and Insurance and … [Read more...] about Is Reg. 68 Good for the Industry? A Chat with Dwyer, Broccoli and Brennan
What is not readily discernible about Susan Aldridge is her rich and varied legal career. She began in the white collar criminal group at Fulbright & Jaworski (now Norton Rose Fulbright), and also did pro bono work, principally on child custody cases. When her one-year pro bono sabbatical ended, she was relieved to return to representing large insurance companies fighting … [Read more...] about Susan Aldridge: Counsel at Chadbourne & Parke and General Counsel of AIRROC
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 capital management with an eye towards long-term trends. Rhode Island’s amendments to Insurance Regulation 68 are the first step in providing greater flexibility to the U.S. … [Read more...] about Can U.S. Insurance Companies Afford Not to Restructure?
In the Fall 2016 edition of AIRROC Matters, we discussed a series of contentious arbitration disputes between Meadowbrook and National Union that led to a noteworthy Sixth Circuit decision concerning the involvement of courts in arbitration proceedings and the impact of ex parte communications. In August 2016, in Star v. National Union, 2016 WL 4394563, at *1 (6th Cir. 2016), … [Read more...] about Sixth Circuit Follow-Up: Court Interventions in Arbitration Proceedings
Our process of writing a profile of the Person of the Year began, as it always begins, with an interview of our star, Bill Flaherty, and questions that lend themselves to a description of his career. But the storyline of Bill’s career is epitomized by the fact that this interview may be only the second time in his career he has been interviewed. The first was when he entered … [Read more...] about AIRROC Person of the Year 2016: Bill Flaherty
AIRROC presented the Trish Getty Scholarship to a very deserving Temple University student this year. The 5th Annual award recipient is Taylor Stack, who is a Senior majoring in Risk Management and Insurance. In presenting the honor, Ed Gibney shared some remarks from the namesake of the scholarship, former Executive Director Trish Getty. Although she wasn’t able to be there in … [Read more...] about AIRROC Awards Trish Getty Scholarship: 5th Annual Award Recipient Taylor Stack
Leah Spivey is the type of person who wanted to put her own stamp on her career, and that philosophy led her to the highest levels of the legacy sector of the reinsurance industry. Leah believes her personality—as a self-described “driver” as well as a “people person”— allows her to simultaneously produce results and build strong client relationships. Leah’s route to the top … [Read more...] about Learning about Leah: Head of Business Runoff Operations at Munich Reinsurance America, Inc.
When Barbara Murray sends you her “long form” resume, it depicts a career ranging from claims professional, to consultant, to claims executive, to consultant again with milestones and accomplishments to which we can’t begin to do justice in our Spotlight article. We can give you some flavor of what propels her enthusiasm for her work in the industry and in support of … [Read more...] about Barb Murray Revealed: Multi-disciplined, Multi-skilled
Assume you are a reinsurer and you receive a number of arbitration demands. At least one of the demands pertains to a claim (“OLD CLAIM”) where you denied reinsurance coverage nearly 10 years ago. You agree to consolidate the arbitrations. You also name your arbitrator as a precaution because the treaties require that an arbitrator be named quickly and you still have to … [Read more...] about Lessons of ROM v. Continental: Who Decides Whether Claims are Timely and Under What Circumstances?
George Washington reportedly grew it. Bill Clinton and Barack Obama have admitted to smoking it (although only one admitted to inhaling). A 2015 Gallup poll revealed that 44% of American adults have tried it. Twenty-three states have legalized it for medical use, and four have done so for recreational use. “It,” of course, is marijuana, also known as cannabis, weed, or pot. … [Read more...] about Clearing the Smoke: Legal Marijuana: An Insurable Risk
Peter Scarpato and Marcus Doran have been named new Vice-Chairs as a result of their work and commitment to the organization. We asked them to tell us why they have put so much energy and time into their work for the organization or, in other words, what was in it for them? Since you have dedicated a lot of time to AIRROC over the last 10+ years, tell me what you get out of … [Read more...] about How to Win Friends and Influence Run-off Companies: J. Marcus Doran & Peter A. Scarpato
The legacy sector offers expanding investment opportunities as more companies prepare to sell off non-core or non-performing portfolios while investors look for new outlets. Barbara Hadley reports. This could well herald a boom time for the legacy market; an increase in sellers, favourable regulatory climate and capital looking for somewhere to go. According to a Swiss Re … [Read more...] about Legacy Attracts New Investors: Hadley Explains How “Runoff” Equals “Payoff” for Investors
Update Since the time when I penned this article that appeared in the Spring 2011 issue of AIRROC Matters, a lot has changed. At the end of 2014, the U.S. still topped the world market with a GDP of $17.3 Trillion, up $4.4 Trillion from year end 2009. China was second, with a GDP of $10.4 Trillion. The Federal Insurance Office published its Annual Report for the U.S. … [Read more...] about Blending Free Market Economy with a Sense of Reality: The Federal Insurance Office
If you know Dick White from industry meetings or dealings with Integrity Insurance Company in Liquidation, you probably did not picture him wearing a biker jacket and cruising down Route 1 to Florida. Of course his jacket patch, rather than depicting an outlaw insignia, would probably include a reference to his favorite leadership book, the Bible. He says “Bible” is an … [Read more...] about The White Knight: Dick White — Proud and Principled