In January 2018, we launched the eleventh edition of our run- off survey, in conjunction with both IRLA and, for the first time, AIRROC. Our survey was expanded to account for the worldwide nature of the run-off market and estimated the value of the global non-life run-off market to be at least US$730bn. It is no shock that the U.S. dominates the global market by value and, by … [Read more...] about Results Are In… AIRROC Co-Sponsors First PwC Global Insurance Runoff Survey
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.
On January 13, 2017, the United States and the European Union (EU) concluded negotiations on the first insurance covered agreement after this novel multilateral international agreement, envisioned and promoted by the National Association of Insurance Commissioners (“NAIC”) and the U.S. state insurance regulators who are its members, was authorized by Title V of the Dodd-Frank … [Read more...] about Twisting in the Wind: Covered Agreement Dangling by Uncertainty and Politics
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.
On June 23, 2016, the United Kingdom held a referendum on membership in the European Union (EU), which the country had joined in 1973. As a surprise to many, the referendum resulted in a majority favoring an exit. The Brexit vote prompted a change in political leadership in the following month, with Theresa May being appointed Prime Minister. On March 29, 2017, the United … [Read more...] about Brexit Implications for the Runoff Business: A Macroeconomic Perspective
On January 13, 2017, the Secretary of the Treasury (“Treasury”), the U.S. Trade Representative (“USTR”) and the European Union (“EU”) took the industry and regulators alike by surprise when they issued a press release announcing the completion of negotiations and the finalization of the “Bilateral Agreement Between the European Union and the United States of America on … [Read more...] about Does Covered Mean Equal? EU and U.S. Bilateral Agreement on Insurance and Reinsurance