Welcome to Run Off & Restructuring, the resource for those working in or providing services to the fast growing insurance run-off sector. Run Off & Restructuring covers a whole range of issues of interest to professionals in the discontinued business market, including run-off managers, claims and reinsurance recovery specialists, lawyers, accountants, insolvency practitioners, consultants and IT specialists.

We are no longer publishing the quarterly Run Off & Restructuring magazine. We continue to publish the annual Yearbook & Directory in print and online.

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News

US asbestos losses could reach $100 billion

AM Best has raised its estimate for losses that US property/casualty insurers can ultimately expect from third-party liability asbestos claims by approximately 18 per cent to $100 billion. The $15 billion increase to the net ultimate asbestos loss estimate comes as insurers are incurring approximately $2.1 billion in new losses each year while paying out nearly $2.5 billion on existing claims. READ MORE


Rhode Island IBT set to drive US restructuring

Managers of US run-off business are focused on finality and ready to take up new tools for restructuring in order to achieve it, says the first survey of the US run-off market conducted by AIRROC and Ernst & Young (EY). A majority (73 per cent) expect it will take ten years or more for them to achieve finality but they are ready to consider new approaches, including the possibilities offered by the Rhode Island Insurance Business Transfer (IBT) legislation. Many respondents view that regulation as the most significant development impacting the US run-off market  READ MORE

 



ASBESTOS and FRACKING reports - new price!

asbestos book coverAsbestos - the Future Risk
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Fracking FCFracking - Risks and Rewards
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IRLA announces awards winners

IRLAawards2016

The Insurance & Reinsurance Legacy Association (IRLA) held its Annual Members’ Dinner at the Gibson Hall in London last week. The evening included the presentation of IRLA's annual awards for Services to Legacy and IRLA Young Professional in Legacy.

Luke Tanzer of RiverStone Management (third from left in picture) was presented with the IRLA Services to Legacy Award 2016 by IRLA chairman, Paul Corver (far right of picture). Jenny Fair, deputy chairman of IRLA, presented Adam Horridge of Swiss Re (second from left) with the IRLA Young Professional in Legacy Award 2016.

Directory link: IRLA

 


US restructuring

The case for expanding the Rhode Island IBT

LuannPetrellisLuann Petrellis of Ernst & Young* says the Rhode Island Insurance Business Transfer should be opened to other lines of business besides P&C

Entire industries are being challenged like never before to open up, innovate and reinvent themselves. In a world where everything is changing, the biggest risk is standing still. This is as true for the insurance industry as it is for any other industry seeking to stay competitive in a growing global economy.

The global game of re/insurance is evolving at an accelerating pace. There are significant restructuring activities going on in the global and US market. In 2013, Fitch Ratings, when referring to accelerating   READ MORE



PwC run-off survey

More restructuring in Europe

The high levels of activity seen in the European run-off market over the past 12 months show no signs of slowing; 77 per cent of respondents to PwC’s 10th annual Survey of Discontinued Insurance Business in Europe say they expect to engage in exit or restructuring activity by 2019.


Sales of legacy liabilities to specialist run-off acquirers and group restructurings through business transfers (UK Part VII transfers and European equivalents) will be the key tools deployed; 81 per cent of respondents predict that READ MORE


Legal

Fraudulent devices and collateral lies

Versloot Dredging BV & Anor v HDI Gerling Industrie Versicherung AG & Ors [2016] UKSC 45 ('Versloot Dredging')

Stephen CarterThe Sun reported this Supreme Court decision as a 'shock judgment' under the headline 'Insurance premiums set to rocket after Judge rules it’s OK to LIE on your claims'. The Director of Insurance Policy at the Association of British Insurers commented that the decision 'flies in the face' of work by the industry and government to crack down on fraudsters.

Stephen Carter, partner with Carter Perry Bailey LLP, says it is an important and controversial judgment which reversed the law as it had developed, so that the use of 'fraudulent devices' in support of otherwise valid claims no longer falls under the fraudulent claims rule. READ MORE


Events

IRLA Congress report 2016

The 2016 IRLA Congress got off to a good start with a look at the ‘year that was’ which provided a variety of observations from an industry-wide panel. Leslie Fenton of PwC in the US said she had seen a ‘healthy focus on core competence’ within US insurance companies which had led to an increase in carve out deals of parts of businesses. However, she said this had attracted a number of companies – particularly from Asia – with little or no knowledge in the market buying up business. She drew gasps from the audience when she said that READ MORE


DirCover2016Download our Yearbook & Directory 2016 here 

To read the Yearbook & Directory including feature articles click here.

To search the online Directory of Service Providers click here

 

 

 


Latest News



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An Updated Guide to

Part VII Transfers


Price drop - only £55

Part7FCThe Part VII transfer continues to be one of the most popular tools for insurance business transfers in the UK.

This newly revised e-book gives an up to date review of the Part VII process, including current legislation and regulation, court procedures and decisions, implementation issues, and the role of the independent expert. It also includes details of completed Part VII transfers since 2002 as well as recent case studies.

Available now as a PDF, only £55 (was £95).

For more information and to order go to www.iskaboo.co.uk

Or contact
Barbara.Hadley@iskaboo.com


greenrule

asbestos book cover
Asbestos is not just a problem of the past, nor is there an identifiable point in the future by which we can stop worrying about its legacy.





Hard copy with free PDF £29.99 (was £39.99) 

PDF format only £14.99

"A wide ranging and well informed piece of work which covers virtually everything you need to know about the risks still to come from asbestos claims on the insurance market"
John Winter, Ruxley Ventures

This special report pulls together the historical background as to how this mineral came to be so widely used; the medical view of asbestos related diseases and their treatment; the current patterns of consumption that indicate where future claims may come from; and current practice for dealing with asbestos in the built environment.

Full list of contents, sample pages and details of how to order click here

greenrule

Fracking - Risks and Rewards

New lower price!

Fracking FCA game-changing energy revolution or a risk-filled dash for gas? Fracking, the controversial technique of hydraulic fracturing to extract shale gas, has become one of the most divisive issues of the 21st century.

Fracking: Risks & Rewards takes a detailed look at the issues and hype surrounding the fracking industry. What does hydraulic fracturing really involve and what are the risks arising from shale gas exploitation? Are the proposed economic benefits realistic? What regulations apply to fracking activities and are they sufficiently stringent? Who is responsible and who will pay in the event of an accident?

Hard copy with free PDF £29.99 (was  £39.99)

PDF format only £14.99


View full contents list and sample pages HERE.

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