News
Courts aren’t a rubber-stamp: UK ruling offers sharp reminder of the challenges of securing judicial approval for insurance business transfers
The UK High Court’s rejection of Prudential Assurance’s proposed Part VII transfer of annuity policies to Rothesay1, which came despite prior approval from both the Regulators and the Independent Expert, should raise questions about the nascent insurance business...
read moreOn August 2, 2019, Andrew Rothseid, Principal, RunOff Re.Solve LLC, delivered a talk to the Financial Examiners Education Foundation entitled “Restructuring alternatives: Will new legislation help to bridge the legacy gap?”
A copy of the text of the talk is available here and a copy of the slides supporting the talk are...
read morePotential opportunity or legacy cul-de-sac: Do insurance division statutes deliver finality?
This is a corrected update to a post sent on May 28, 2019. In that earlier post, we relied on language, found in each of the insurance division statutes, to question the finality of these division mechanisms. The quoted language is: “If a division breaches an...
read moreRecent US Judicial and Regulatory Developments Effecting Legacy Insurance Liabilities
On November 7, 2018 I had the pleasure of speaking in London at the Fall Technical Meeting of the International Alliance of Asbestos & Pollution Reinsurers (IntAP). The presentation, US Regulatory and Judicial Developments Effecting Legacy Liabilities, covered:...
read moreLaw 360 publishes analysis by Andrew Rothseid of RunOff Re.Solve and Joseph Donley of Clark Hill of court ruling confirming reinsurance arbitration award
Pa. Reinsurance Ruling Sets Precedent For Insolvency Cases In an April 11, 2018, memorandum and order, Pennsylvania’s Commonwealth Court: Confirmed an arbitration award in favor of the Pennsylvania Insurance Commissioner, as liquidator of Westmoreland Casualty...
read moreAndrew Rothseid of RunOff Re.Solve quoted in recent Insurance Day article on pending amendments to Rhode Island Restructuring Statute
Rhode Island moves to address legacy transfer uncertainties Article from Insurance Day Run-off insurance deals have so far failed to materialise in Rhode Island despite a new regulation – Regulation 68 – implemented in 2015, which was expected to boost the market in...
read moreRhode Island House Bill Scheduled for a Vote on June 19, 2018
Who We Are Andrew Rothseid, Principal of RunOff Re.Solve, designs and executes solutions that provide insurers, reinsurers, cedents, policyholders, and regulators with legal and financial finality from run off captive and legacy liabilities. To find out more, please...
read moreOpening up the Rhode Island Statute: Proposed amendment to offer insurance business transfer without requiring subsequent commutation
What if an insurer wanted to separate legacy from live business by transferring it into a new entity, but didn’t want to go all the way to commutation? A proposed amendment to the Rhode Island Statute could make this possible. In 2011, the Rhode Island Statute was...
read moreAndrew Rothseid of RunOff Re.Solve has written the captive closure chapter for the American Bar Association’s Captive Insurance Deskbook for the Business Lawyer.
Read...
read moreOh, Oklahoma: Landmark legislation could provide huge boost for run off solutions
If a proposed new law is enacted, Oklahoma would become the first US state to allow the blanket transfer or novation of insurance business from one company to another, without requiring specific policyholder consent1. What are the opportunities for insurers with...
read moreAccelerated Closure: Where There’s a Will There’s a Way
The imminent closures of the insolvent Westmoreland Casualty Company and Rockwood Insurance Company highlight how seemingly endless and intractable issues emanating from insurance and reinsurance policies that were written long ago (legacy issues), and which have been...
read moreA Distinction With a Clear Difference
The Rhode Island Insurance Business Transfer process is not the equivalent of the UK’s Part VII Transfer. Why do the critical differences risk undermining the credibility of the IBT process and how can this be resolved? With no clear regulatory time limit for moving...
read moreMaximizing value from run off: Have you explored all the unfolding options?
In the mid-1990s, a major insurer and reinsurer estimated that between $150 billion and $250 billion were tied up in run off reserves in the US. The exact size of the US run off market – from all affected lines of business – has not been determined. However, data from...
read moreOne Size Does Not Fit All
Andrew Rothseid of RunOff Re.Solve LLC explores the diverse and evolving options for legal and financial finality of US legacy risks in the Run Off & Restructuring Yearbook and Directory 2017. A copy of the article can be accessed...
read moreCutting the Gordian Knot on Run Off Insurance
Andrew Rothseid of RunOff Re.Solve addresses the opportunities and concerns presented by the Rhode Island Commutation Plan in the current issue of International Corporate Rescue. Fill out a short courtesy form to view the full...
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