Andrew Rothseid

Principal

Contact Info

Andrew Rothseid
Principal
vCard
ARIAS-US Profile

Location:
Two Bala Plaza, Suite 300
Bala Cynwyd, Pennsylvania 19004
610-660-7738 (Direct)
267-253-3529 (Mobile)
610-500-5071 (Facsimile)

Summary

Andrew Rothseid is the principal and owner of RunOff Re.Solve LLC, providing solutions for all aspects of discontinued insurance and reinsurance business in the US, UK, Continental Europe, and Bermuda.

Andrew has over twenty-five years of professional experience in this market and is recognized as a leading expert on run off advisory and resolution services. His engagements includes terms as an independent director, a partner specializing in run off at PwC, managing director of a London Market run off operation, general counsel and director of American and Bermudian property and casualty run off insurers and reinsurers, and as a lawyer in private practice.

Andrew served as the Commutation Plan Advisor for GTE REinsurance Company Limited, the first solvent US property and casualty insurer or reinsurer to implement an accelerated closure plan under the Rhode Island statute entitled “Voluntary Restructuring of Solvent Insurers”. Andrew designed, drafted and implemented the GTE RE Commutation Plan and negotiated the terms with the Rhode Island Insurance Department and GTE RE’s cedents. In October 2011, the Association of Insurance and Reinsurance Run Off Companies (“AIRROC”), a worldwide association focused on the legacy or “run off” insurance and reinsurance markets, awarded its 2011 Person of the Year to Andrew and Gary Lee of Morrison & Foerster LLP for their work on the GTE REinsurance Company Ltd. closure.

In addition, Andrew designed, executed and concluded the run off of Y-Mutual Insurance Limited (Bermuda). This Bermuda captive reinsurer went into run off in 2007 and, having discharged all of its reinsurance obligations, has been liquidated pursuant to a solvent members’ voluntary liquidation.

He is a former Director of Pioneer Underwriting Holdings Inc., a London market managing general agent, and of ACA Financial Guaranty, a financial guaranty insurance company in run off where he chaired the company’s Compensation and Corporate Governance Committees. Andrew is an insurance and reinsurance arbitrator certified by ARIAS-US, a frequent presenter on topics relating to insurance and reinsurance issues and insurance insolvency and a lawyer licensed to practice in Pennsylvania and New York.

Run Off Re.Solve LLC

RunOff Re.Solve was formed in 2008 to provide a global focus of expertise and innovation in a fast evolving run off market. As an acknowledged pioneer in the run off arena, RunOff Re.Solve is continually developing and honing market moving solutions and provides a broad range of services including:

  • Finality solutions: Development and execution of schemes of arrangement and other forms of exit strategies for solvent and insolvent discontinued portfolios.
  • Acquisition advisory: Specialist advice and support for vendors and acquirers, including portfolio valuation, due diligence, capital allocation and post-deal operational integration.
  • Performance and process improvement: Portfolio valuation, claim and premium audit, reinsurance recovery determination, reinsurance collection and dispute resolution.
  • Arbitration and expert witness evaluations and testimony: Arbitrator and witness expert roles based on years of experience and specialist knowledge.

RunOff Re.Solve works with well-capitalized institutional investors to acquire distressed insurance assets.

Andrew’s specific experience and expertise includes strategic and operational advice on insurance and reinsurance run off operation, transition and closure of US, UK, continental European and Bermuda insurers and reinsurers. His performance allows clients to:

  • Honor valid policyholder obligations;
  • Fairly and correctly adjust liabilities;
  • Preserve assets, capital, industry rating and, in the case of public companies, shareholder value;
  • Control and reduce expenses;
  • Release trapped capital; and
  • Plan and achieve a path toward finality.

Professional and Business History

RunOff Re.Solve LLC

  • Principal and Owner, 2008 – present
    Significant engagements have included:

    • Commutation Plan Advisor to GTE REinsurance Company Limited.
      • Designed, drafted and implemented the first successful accelerated closure of a US licensed property and casualty insurer or reinsurer in run off. (Previously (2004) the principal drafter of the implementing regulations to the Rhode Island Statute allowing for accelerated closure.)
      • Managed the company’s actuarial, finance, claims and accounting functions.
      • Regular reporting responsibility to parent’s (Verizon Communications) Risk Manager, Treasurer and Chief Financial Officer.
    • Principal consultant to Y-Mutual Insurance Ltd, responsible for the design and implementation of a closure plan for this Bermuda domiciled captive reinsurer.
      • Oversaw the closure and elimination of liabilities within four and half years from the time the company entered run off (against original estimate of closure within nine to twelve years of entering run off).
      • Managed the actuarial, finance, claims reporting, claims administration and financial reporting functions.
      • Principal liaison between the company and its Board.
    • Twice an expert witness for a global insurer on the write off of reinsurance recoverable balances due to the insurer from certain of its reinsurers that are now insolvent and subject to liquidation proceedings.
    • Engaged by a captive owner to review its various captive operations and recommend various alternatives regarding the prospective administration and organization of the captives to ensure orderly deployment of capital and segregation of risks.
    • Engaged by a global insurer and reinsurer to conduct a market survey of run off best practices.
    • Party appointed arbitrator in various insurance and reinsurance disputes.

Pioneer Underwriting Holdings Inc.

  • Independent Director, 2015 – 2018
  • Member of Claims and Risk and Compliance Committees

ACA Financial Guaranty Corporation

  • Independent Director, 2008 – 2015
  • Chair of the Compensation and Corporate Governance Committees

PricewaterhouseCoopers LLP

  • Partner, 2005 – 2007
  • Managing Director, PricewaterhouseCoopers Global Restructuring Services LLP, 2003 – 2005
    • Responsible for US Insurance Restructuring Practice.
      Significant engagements included:

      • Oversaw the design, creation and publication of the most recent survey on US run off management.
      • Oversaw the successful closure of three Bermuda domiciled reinsurers through solvent schemes of arrangement.
      • Led run off transition and run off implementation consulting projects involving:
        • RSA USA
        • Converium NA
        • Kemper Insurance Company n/k/a Lumbermens Mutual Casualty Company
        • Alea
        • Quanta
        • PXRe
        • Gerling Global Insurance Company (US Branch)

BD Cooke & Partners Limited, Dominion Insurance Company Limited

  • Managing Director, 2001 – 2002
  • Consultant to the ultimate parent, La Fondiaria S.p.A., 1999 – 2000
    • Designed run off process improvement initiatives.
    • Overall responsibility for company’s and pool’s run off process improvement operations.
    • Implemented assumed and ceded process improvements that increased net asset value by nine and a half times capital and surplus in just over one calendar year.

Consolidated International Group, Inc.

  • Various executive positions with subsidiary US and Bermuda domiciled insurers and reinsurers including General Counsel and Director, 1993 – 1998
    • Commuted hundreds of millions of dollars of direct excess insurance and reinsurance exposures and collected substantial related outward reinsurance recoveries from domestic and foreign reinsurers.
    • Oversaw outside litigation activities which litigation expenses varied between four and seven million dollars annually.

Montgomery, McCracken, Walker and Rhoads

  • Commercial litigation lawyer, 1985 – 1993
    • Primary responsibility for jury and non-jury trials in various state and federal court disputes.

White and Williams

  • Commercial litigation lawyer with emphasis on insurance coverage, 1983 – 1985
    • Significant engagements included:
      • California Coordinated Asbestos Coverage Litigation
      • MGM Grand Hotel Retroactive Insurance Coverage Litigation

Philadelphia Court of Common Pleas

  • Judicial Law Clerk, 1982 – 1983

Education

  • JD, The Tulane University of Louisiana
  • BA, University of Pennsylvania

RunOff Re.Solve has a proven track record of delivering innovative and customized solutions so maximum value can be realized from trapped capital in insurance operations.