2017 Commutations & Networking Forum - AIRROC
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Winter 2017-2018
LEVERAGING LEGACY LIABILITY
Vol. 13 No. 3
www.airroc.org
2017 Commutations
& Networking Forum
IBT OR NOT TO BE? • SOMEBODY’S WATCHING • AIRROC & EECMA SHINE TOGETHER
PRECIOUS METALS • GETTING ARTSY IN JERSEY • HONORING JOHNSON • AWARDS FOR TWO
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EDITOR’S NOTES
A Hazy Shade of Winter Maryann Taylor
Our gallant Editor, Peter Scarpato, with a “how to” guide to develop, use the Robotics Process Automation is
has passed the pen to me while he and employ this tool. As always, Barbara changing the insurance industry and
recuperates from scheduled surgery. provides practical and pragmatic advice finally, an interactive session on What is
Warm regards and best wishes from all on the implementation of a watch list Discoverable?
of us on the Publication Committee to program in Eyeballing Excellence. Tribute was paid to Stephen Johnson
Peter for a swift recovery! Our colleague and reporter of Stradley Ronon and former
It has been a long, strange year. As the extraordinaire, Connie O’Mara, Deputy Insurance Commissioner of
world changes before our eyes, we can provides a bird’s eye view on the Mega Pennsylvania as the AIRROC 2017
count on AIRROC as it continues its Superfund Symposium that was held in Person of the Year. The 6th Annual Trish
steady journey to raise the bar by being a Philadelphia. The program provided Getty Scholarship was awarded to two
trusted educator, network provider, and an in-depth analysis for environmental recipients, Ashley Myers and Samantha
collaborative facilitator in enhancing claims experts in the field in the first, String, both juniors majoring in Risk
and improving industry standards, of what we hope to be many, joint Management and Insurance at St.
honoring professionalism and shining collaborations between AIRROC and John’s University. AIRROC’s charitable
a light on individuals who demonstrate EECMA. fundraising initiatives were presented
that hallmark. The adage that many Carolyn Fahey, our cherished Executive to the Loud N Clear Foundation, a New
hands make light work has never been Director, highlights the relevance of our Jersey addiction treatment program, and
exemplified more by the support and featured feathered friends on the cover the Waipa Foundation in honor of our
contribution of our membership to the with another successful Commutation departed friend Doug Andrews, former
AIRROC mission. and Networking Forum in the books. Eaglestone CEO. We round out the issue
One is Silver and the other Gold weaves with Present Value, by Fran Semaya and
We begin this issue with Luann Petrellis’
together the hosting state of New Jersey Peter Bickford.
article Separate but Not Equal in which
she returns to a recurring theme: touting where AIRROC members flock each On behalf of the Publication Committee,
Rhode Island’s Insurance Business year to gather and the importance of we wish you a joyous holiday season
Transfer (“IBT”) legislation and then relationships in this industry. This with peace and cheer in the
comparing and contrasting it with year’s Forum did not disappoint with New Year!
Connecticut’s division statute. an enchanting kick off dinner at the In the words of Peter
Zimmerli Museum. The Education Scarpato, “Let us hear
Next, Eleni Iacovides provides another
program showcased presentations from you.” l
installment in her continuing series, The
from renowned professionals in the
Legacy Market: Resistance. Protection.
industry on a host of topics summarized
Equivalence. Vision. That Order. This
by Publication Committee members
article provides a look to the future and Maryann Taylor, Vice Chair of
Robert Goodman, Connie O’Mara and
dishes on hot topics being discussed in AIRROC Matters, is a Partner
Ben Gonson. These topics included
the legacy space. at the New York -based
UK Employers Liability Portfolios,
Barbara Murray follows her earlier a look at the Evolving Insurance law firm of D’Amato &
article that introduced the watch list as Workforce, the ripple effect of Viking Lynch, LLP. mtaylor@
an effective management tool (Fall 2017) Pump on the allocation landscape, how damato-lynch.com
AIRROC®Publication Committee
Editor & Chair Peter H. Bickford Carolyn Fahey Frederick J. Pomerantz Design & Illustration
Peter A. Scarpato pbickford@pbnylaw.com carolyn@airroc.org fpomerantz@goldbergsegalla.com Myers Creative Services
peter.scarpato@brandywineholdings.com Jenna Buda Benjamin Gonson Francine L. Semaya nicole@myerscreative.net
jbuda@allstate.com bgonson@nicolettilaw.com flsemaya@gmail.com
Vice Chair The AIRROC® Matters Editorial
Maryann Taylor Mitchell Cohen Robert D. Goodman Vivien Tyrell
mcohen@wechco.com vivien.tyrell@rpc.co.uk Board welcomes authors’ new and
mtaylor@damato-lynch.com robert.goodman@saul.com
reprinted with permission articles on
Bina T. Dagar Jeffrey D. Grossman Greg Wyles current topics of interest to AIRROC’s
Assistant Editor bdagar@ameyaconsulting.com jgrossman@stradley.com greg.wyles@aig.com membership. The Board reserves the
Connie D. O’Mara right to edit submissions for content
Randi Ellias Nicholas H. Horsmon Marketing Consultant
connie@cdomaraconsulting.com rellias@butlerrubin.com and/or space.
nhorsmon@law.gwu.edu Gina Pirozzi
gina@gpirozzi.com
AIRROC MATTERS / WINTER 2017–2018 3
Foley’s Insurance & Reinsurance Litigation Team
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Tell us about your challenges and let us share how Foley can add value to your business.
Contact Partner Neal Moglin in our Chicago office at nmoglin@foley.com or Bart Reuter
in our Milwaukee office at breuter@foley.com.
Foley is a proud Corporate Partner of AIRROC.
FOLEY.COM
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©2017 Foley & Lardner LLP ■ Attorney Advertising ■ Images of people may not be Foley personnel ■ 17.MC6301
AIRROC Board of Directors
& Officers 2018
Leah Spivey (Chair) Munich Re America
Vol. 13 No. 3 WINTER 2017–2018 www.airroc.org Michael Fitzgerald (Co-Vice Chair) QBE North America
William Teich (Co-Vice Chair) The Hartford
Marianne Petillo (Treasurer) ROM Reinsurance
Editor’s Notes Management Company
A Hazy Shade of Winter Maryann Taylor 3 Jose Martinez, Jr. (Secretary)* CNA
regulatory Karen Amos Resolute Management Services
Andrew Hill Zurich Legacy Solutions
Separate but Not Equal Luann M. Petrellis 6
Edward Gibney Vice President, R&Q
AIRROC Board of Directors & Officers 2018 9 William Goldsmith AIG
AIRROC Advisory Council 2018 10 Ivan Jaffa RiverStone ReSources LLC
David Kenyon Swiss Re
TOOLBOX André Lefebvre Arrowpoint Capital
The Legacy Market Eleni Iacovides 11 William Littel Allstate
Betsy Mitchell Armour Risk Management Inc.
TooLBOX
David Presley Enstar (US)
Eyeballing Excellence Barbara K. Murray 14
Peter Scarpato Brandywine Group of Insurance and
AIRROC Reinsurance Companies
Mega Superfund Symposium Connie D. O’Mara 20 Carolyn Fahey (Executive Director)*
Susan Aldridge (General Counsel)* Norton Rose
Present Value Fulbright
News & Events / Mark Your Calendar *Non-Board member
Francine L. Semaya & Peter H. Bickford 22
AIRROC Executive Committees
Advertisers in this Issue 22 Governance Committee
Co-Chair William Goldsmith AIG
AIRROC Update Co-Chair Bill Littel Allstate
One is Silver and the other Gold
Education Committee
Message from the Executive Director Carolyn Fahey 24 Chair Karen Amos Resolute Management Services
Vice Chair J. Marcus Doran Armour Risk
Commutations & Networking FORUM 2017 25
Finance Committee
EDUCATIONAL PANELS
Chair Michael Fitzgerald QBE
• Legacy UK Employers Liability Robert Goodman 26 Vice Chair Marianne Petillo ROM Re
• The Evolving Insurance Workforce Connie D. O’Mara 27 Marketing/Member Recruitment Committee
• What is Discoverable? You be the Judge! Robert Goodman 28 Co-Chair David Kenyon Swiss Re
• A New Allocation Landscape Under In Re Viking Pump Co-Chair Ivan Jaffa RiverStone ReSources
Robert Goodman 29 October Event Committee
• Robotics Process Automation Ben Gonson 33 Chair Edward Gibney R&Q Solutions LLC
Thanks to Our Sponsors 33 Publication Committee
Chair / Editor-in-Chief Peter A. Scarpato Brandywine
AIRROC Person of the Year 2017 Stephen Johnson Vice Chair Maryann Taylor D’Amato & Lynch
Connie D. O’Mara 36 CLIP Committee
Trish Getty Scholarship Recipients Chair Marianne Petillo ROM Re
Ashley Myers and Samantha String 36
AIRROC Advisory Council
Illustrations / R. Edwards Photo Montage of Commutations & Networking Forum 2017 39 David Alberts Mayer Brown LLP
Photos / Jean-Marc Grambert Debra Hall Hall Arbitrations and SagePoint Solutions
Stephen Magnotta Group LLC
Stephen Johnson Stradley Ronan Stevens & Young LLP
Copyright Notice AIRROC® Matters is published three times per year to provide insights and commentary on U.S. legacy Steve McElhiney EWI Re, Inc.
business, to educate members and the public, stimulating discussion and fostering innovation to advance the industry’s interests.
Publishing and editorial decisions are based on the editor’s judgment of writing quality, relevance to AIRROC® members’ interests Connie O’Mara O’Mara Consulting LLC
and timeliness of submissions. Sandra Santomenno Towers Watson
Published articles should not be deemed to reflect the views of any AIRROC® member, unless so stated. AIRROC® endorsement
of any views expressed in articles should not be inferred, unless so stated. AIRROC Board Liaison
Marianne Petillo ROM Re
AIRROC® Matters magazine is published by the Association of Insurance and Reinsurance Run-off Companies. ©2018. All
rights reserved. No reproduction of any portion of this issue is allowed without the publisher’s prior written permission.
AIRROC MATTERS / WINTER 2017–2018 5
REGULATORY
Separate but Not Equal
Division vs. Insurance Business
Transfer Restructuring Legislation The RI IBT is a court sanctioned novation
of transferred policies from one carrier
(that does not have to be a Rhode Island
company) to another (that does have to
be a Rhode Island company). Approval of
an RI IBT is a multi-layered, transparent
process that includes both regulatory and
Recent developments indicate that
judicial review and approval. Like the
U.S. regulators are responding to U.K. Part VII transfer, the RI IBT results
in a novation of the transferred policies,
these market realities. In 2015, providing finality to the transferring
company.
Rhode Island passed regulations
In May of 2017, the state of Connecticut
providing for “insurance business passed Public Act 17-2 authorizing
domestic insurers to divide. Hartford,
transfers” for commercial P&C a Connecticut domiciled carrier that
is one of the state’s largest employers,
runoff business. The Rhode Island supported the law. The new statute allows
a Connecticut domestic insurer to divide
Insurance Business Transfer (RI into two or more insurers and allocate
IBT) is modeled on the U.K.’s Part assets and obligations, including insurance
policies, to the new companies (i.e., new
VII Transfer that has been British or resulting insurers). Resulting insurers
are deemed legal successors to the dividing
law for almost 20 years and has insurer and any assets and obligations are
allocated to them as a result of succession
resulted in hundreds of successful and by direct or indirect transfer. Regula–
tory approval of the plan of division is
transfers of insurance business. required. A public hearing may take place,
but no formal court approval is required.
The commissioner must approve a plan
of division unless (a) the interest of any
policyholder or interest holder will not be
adequately protected, or (b) the proposed
division constitutes a fraudulent transfer.
There is no requirement for policyholder
approval.
While there are some similarities between
the Connecticut division legislation and
the RI IBT legislation, the differences in
effect and application are striking.
Connecticut Division Statute
The Connecticut division statute is
very similar to Pennsylvania’s Business
Corporations Law that also provides a
procedure for companies to divide their
business into separate entities. However,
the Pennsylvania division statute has
not enjoyed wide application. It was
used once, in 1996, when the state
insurance department approved a plan
of restructure that placed all of ACE
6 AIRROC MATTERS / WINTER 2017–2018
Luann M. Petrellis
While the Connecticut protections and guaranty fund coverage. Connecticut Insurance Commissioner
division legislation may Asset adequacy and investments also are is enforceable outside of Connecticut.
important issues. In addition, a company Article IV, Section 1 of the U.S.
provide an option for that considers taking advantage of the Constitution mandates that full faith and
variable annuities, there are division statute needs to take into account credit be given “in each State to the public
other lines of insurance that state licensing requirements for the new acts, records, and judicial proceedings of
can challenge its effective company, notice to policyholders, and every other state.” It is unclear whether
concerns about policyholder rights and regulatory approval alone would be
application.
protections. recognized and enforced in any other U.S.
state without a court order.
---------------------------------- Importantly, the CT division legislation
was promoted by a company that seeks to
USA’s Domestic Property and Casualty use it for its variable life annuity business. Insurance Business Transfer (IBT)
Insurance Group’s runoff business within Variable annuities involve a standard In contrast, insurance business transfers
Century Indemnity Insurance Company, and recognized reserving process to (IBTs) are used worldwide and apply
a subsidiary of Brandywine Holdings. determine the ultimate payout for the to all lines of business, both live and
Importantly, this transaction involved liabilities. Therefore, the variability in runoff. In the U.K. alone there have been
only commercial property and casualty reserve outcomes should be minimal, hundreds of successful transfers, none
liabilities. The process survived legal and ultimately, the sales process between of which have subsequently encountered
challenge, but, since then, no company the buyer and the seller will determine financial difficulties.
has used the statute. whether more or fewer assets are
The Connecticut division statute requires necessary to consummate the transaction. Currently, Rhode Island
minimal financial disclosure. The plan of While the Connecticut division is the only state that has
division need only include “the manner legislation may provide an option for
legislation providing for IBTs.
of allocating [certain property] between variable annuities, there are other lines of
or among the resulting insurers … the insurance that can challenge its effective The RI IBT is a multi-layered
manner of distributing interests in the application. This is particularly so with transparent review process.
new insurers to the dividing insurer or long term care insurance, which involves
its interest holders … and a reasonable an entirely different set of risks and ----------------------------------
description of policies or other liabilities, considerations, including policyholder
items of capital, surplus or other protections and rate increases. One of
property the domestic insurer proposes the key problems for the long term care The IBT is a flexible restructuring tool. It
to allocate to a resulting insurer.” There industry is the high level of uncertainty can be used to combine similar business
is no independent review of financial associated with long term care reserves from two or more subsidiaries, putting
information. A public hearing is at and the reserving practices the industry all into a single company; to separate out
the discretion of the state insurance currently uses. In the case of a division, different books of business, putting them
commissioner and there is no judicial uncertainty about ultimate liabilities for into separate companies; or to transfer
review. The commissioner has the long term care legacy liabilities likely business between third parties. In contrast,
authority to approve a plan of division will result in concern that the unknown the Connecticut division statute applies
unless the commissioner finds that (a) exposure will be shifted to policyholders solely to Connecticut domestic companies,
the interest of any policyholder or interest through future rate increases. In the case allowing them to separate business only
holder will not be adequately protected, of variable annuities, the buyer or seller within their corporate structure.
or (b) the proposed division constitutes a will absorb pricing risks, but in long term Currently, Rhode Island is the only state
fraudulent transfer. care there is a high probability that future that has legislation providing for IBTs.
In the case of consumer lines of insurance experience variables will be borne by the The RI IBT is a multi-layered transparent
such as long term care, a division policyholder in the form of rate increases. review process. It requires notice to all
statute like the one in Pennsylvania or An additional consideration is that the policyholders and extensive financial
Connecticut may not provide sufficient Connecticut division approval process disclosure by both the transferring
transparency and review requirements is solely regulatory and whether the and assuming companies. Both the
to ensure a successful transfer. The division would be enforceable in all regulator in the transferring company’s
applicability of the division legislation relevant U.S. jurisdictions is unclear. home state and the RI regulator must
to certain lines of insurance raises Courts would apply the constitutional approve the IBT plan. The review
important questions regarding its principle of full faith and credit if asked process also includes a report of an
utilization particularly as to policyholder to examine whether the approval of the independent expert that must evaluate
AIRROC MATTERS / WINTER 2017–2018 7
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REGULATORY
Separate but Not Equal (continued)
the impact of the transfer on all affected the IBT review process far exceeds the for insurers and reinsurers. When and if
policyholders, including transferring Connecticut division legislation in terms Rhode Island (and/or another states) does
and non-transferring policyholders and of scope and effectiveness, the Rhode adopt legislation that applies the IBT to
policyholders of the assuming company, Island statute’s restriction to P&C runoff all lines of business, then U.S. (re)insurers
if any. Because of this analysis, a resulting does limit its application. There are will have an effective, flexible restructuring
good bank/bad bank scenario is avoided. ongoing discussions about potentially tool with multiple safeguards to protect
There also is a court hearing, during expanding the IBT to all lines of business. policyholder rights. l
which policyholders have the right to The opinions stated herein are those of the
voice their concerns. If the court finds Conclusion: The IBT shows author and do not necessarily reflect those of
that policyholders are not materially real promise Pricewaterhouse Coopers or its affiliates.
adversely affected, then it will approve Companies need restructuring tools that
the IBT plan and implement a novation have wide application to address a chang-
of the transferred policies. It is only after Luann Petrellis is a
ing business and regulatory environment.
this multi-layered transparent review Managing Director with
The Connecticut division statute does not
process that the transferring company is PricewaterhouseCoopers
have wide application and appears to be
released from liability on the transferred specializing in developing
more a legislative response to the particu-
policies. In short, the RI IBT is a proven strategies for insurance
lar needs of an important local company.
business model with an approval process restructuring and
The IBT is a proven business model, hav-
that is a carefully monitored, transparent runoff. She drafted
ing been used successfully worldwide as a
review that balances the needs of all the RI regulations
restructuring tool for all lines of business.
stakeholders to the transaction. providing for insurance
The experience of the U.K. runoff market
business transfers.
Currently, the RI IBT only applies to has proven that a well-designed IBT pro-
luann.m.petrellis@pwc.com
commercial P&C runoff liabilities. While cess can be an effective restructuring tool
AIRROC
Board of Directors
& Officers 2018
Back Row – left to right: David Presley (Enstar US); David Kenyon (Swiss Re); Bill Goldsmith (AIG); Bill Littel (Allstate). Middle Row – left to right: Jose Martinez, Jr., Secretary (CNA);
Marianne Petillo, Treasurer (ROM Re); Karen Amos (Resolute Management Services); Ivan Jaffa (RiverStone ReSources); Andre Lefebvre (Arrowpoint Capital). Front Row – left to right:
Betsy Mitchell (Armour Risk Management); Ed Gibney (R&Q); Leah Spivey, Chair (Munich Re America); Michael Fitzgerald, Co-Vice Chair (QBE); Carolyn Fahey, AIRROC Executive Director;
Andrew Hill (Zurich). Not Pictured: Bill Teich, Co-Vice Chair (The Hartford); Peter Scarpato, Editor & Chair of AIRROC Matters (Brandywine Group).
AIRROC MATTERS / WINTER 2017–2018 9
AIRROC
Advisory
Council 2018
Front Row, left to right: Sandra Santomenno (Willis Towers Watson); Connie O’Mara; Stephen Johnson (Stradley Ronon); Carolyn Fahey, AIRROC Executive
Director. Back Row, left to right: Marianne Petillo, Board Liaison (ROM Re); Steve McElhiney (EWI RE); David Alberts (Mayer Brown). Not Pictured: Debra Hall
Drawing on our Restructuring
heritage to unlock value for
runoff operations.
A&M drives Performance
Improvement through strategy,
operations and analytics.
We provide Regulatory Support
to navigate complex and
challenging environments.
49016TO O L B OX
The
Legacy
Market
Resistance. Protection.
Equivalence. Vision.
That Order.
Eleni Iacovides
In The Legacy Market article
that ran in the Spring 2017
issue, we discussed the various legacy acquiring market can proudly a transfer of a line of business that they
exit and capital release tools boast zero failure. This, without any wish to continue to underwrite. How
available to the European insurance qualification or footnote, delivers the will the acquirer treat their customers?
market with each providing certainty and reputational promise made Who may still have a policy with the
to clients and, most importantly, to insurer (a concern that is especially
different degrees of finality and policyholders. relevant in relation to direct policies,
capital relief. The second Legacy such as automobile or homeowner’s
Across the Atlantic, more than two
Market article which ran in the Fall years on, the Rhode Island statute policies)? Who will handle their claims?
issue, discussed the first finality remains “unused,” while rumours that Will the acquirer unduly delay payment
statute available in the U.S. and the first transaction will be announced of claims? Will the acquirer try to treat
in the early part of 2018 are widespread. policyholders less fairly given that the
steps taken by other states to adopt
This will be a welcome step in the acquirer would not be interested in any
a similar framework. This third right direction. But why is it taking so future business?
article in the Legacy series will long? Why is the U.S. market not as These are all valid concerns, but express
discuss where we are today and enthusiastic as the European market a failure to see the transaction in its
the concerns and challenges we about the availability of legal and/ entirety, which includes looking at
or economic finality for non-core or
understand are currently being unwanted portfolios? Certain concerns
it from the acquirer’s point of view.
discussed in the market. Acquirers’ core business is insurers’ non-
have been consistently raised that provide core or unwanted business. In order for
While approaching the end of another valid and varied reservations of a market them to be in a position to succeed, to
busy year, the European legacy market that is normally state-focused and state- continue to grow, to meet their business
can look back and be proud for the managed and one that has consistently plans, to satisfy their shareholders’
transactions signed, approved, closed, resisted federal legislation on any expectations and to achieve the plethora
and, of course, last but not least, for those insurance aspect. I outline below some of business goals that all businesses
rumoured to be in exclusive discussions widely-discussed concerns and offer have, they have to build a reputation of
with the various acquirers. The year may some thoughts from experience gained in reliability and credibility so that they can
end with some surprising results, all of the last few decades in Europe. continue to acquire more portfolios and
which will add to the growing attraction to grow their own balance sheet. The
of the legacy space and the increasing Reputation reputation of the seller is only one side
trust and consequent collaboration Insurers are understandably concerned of the same coin. The acquirer is just as
between sellers and buyers. about their reputations when considering keen to preserve its own reputation in
The mechanism is long established, tried the transfer of a portfolio. This is order to gain more business from the
and tested, and with no failures. The particularly relevant when considering same client, new clients, to grow, and
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TO O L B OX
The Legacy Market (continued)
to avoid any regulatory issues that may It would seem to me that that’s a good thing in terms of a global
follow from policyholder complaints. It is industry like insurance.
obvious how the parties’ interests in any this step goes a long way to
It would seem to me that this step goes a
transaction are aligned. recognising that regulators, long way to recognising that regulators,
no matter where they are, no matter where they are, and insurers,
Policyholder protection and insurers, no matter no matter where they are, have a common
Policyholder protection is a key driver where they are, have a goal: “to supervise insurers and reinsur-
in any transaction approval process. It is ers in the interest of policyholders and
common goal…
quite rightly the most important driver other consumers.” It should follow from
for the approving regulator or court. The this, that any regulator, whether a U.S.
approving regulator or court must be sat- ---------------------------------- state commissioner, a regulator of a EU
isfied that policyholders will be protected member state, or the U.K. courts would
in the hands of the new owner. The tions would be completed with certainty, review, assess, and approve a transfer with
examination process before approval is not concerned with potential challenges the same overriding principle. Does it not
long and thorough, whether this is done by other states that do not have similar then follow that all we need in order for
by a regulator in the EU, or by a judge legislation; they would not be dependent the Rhode Island process to be embraced
in the U.K. or Rhode Island. The Inde- on judicial interpretation on whether or by the industry and other states is a rela-
pendent Expert’s report, commissioned not another state court’s decision should tively small leap of faith?
by the Rhode Island Department, would receive full faith and credit. Reciprocity
consider all interested parties, and will be and equivalence are key ingredients to Status quo or utopia?
an important element of the process as a level playing field in business transac-
In the EU, 28 member states (until Brexit,
to whether or not the transfer is sound; tions from which certainty would flow.
hard or soft, hits us) have a uniform legal
the regulator will only approve a trans- Certainty is key to business transactions
framework and a set of rules that governs
fer if satisfied that policyholders will be and to business success.
statutory portfolio transfers. The U.S. and
just as protected, if not better protected,
the EU Covered Agreement commits that
after the transfer. Equally, the acquiring U.S. and EU Covered Agreement stated based collateral will be eliminated
insurer must show that its own solvency The Bilateral Agreement between the for EU insurers and reinsurers that meet
is sound pre- and post-transfer. Regula- U.S. and the EU on Prudential Measures the consumer protection standards
tion 68 provides that both the home and Regarding Insurance and Reinsurance, set out in the agreement. So, if the EU
the receiving regulators be involved in in short, the “Covered Agreement,” and the U.S. can reach agreement on
the approval process and that the court’s provides a level playing field between reciprocity based on the mutual respect
approval is required to effectuate the U.S. and EU insurers that, principally, of each other’s legal and regulatory
transfer. Any new process is bound to be removes the need for authorisation and
encountered with reluctance or doubt. frameworks, can U.S. states perhaps
collateral in each other’s jurisdiction. achieve this reciprocity, in time? Or
The success of the process will be entirely This is certainly a major step in terms of
dependent on the actual success of the perhaps, take an even bigger leap of faith
recognition, reciprocity, and equivalence and find a way to agree that this aspect
transactions themselves. And this can that enables insurers and reinsurers to
only be seen once the process is used. of insurance law and regulation will be
engage in transactions in each other’s governed on federal level? This would
territory acknowledging each other’s certainly achieve a level playing field for
State v. Federal legal framework regulatory framework, noting the benefits insurers, states, and commissioners while
and regulation of enhancing regulatory certainty and providing uniform and equal protection
In the Legacy article published in the acknowledging that group supervision for policyholders. Is that not what we
Fall 2017 issue of AIRROC Matters, I of insurers and reinsurers enables would call “win win” situation? l
questioned whether or not a EU-style supervisory authorities to form sound
legal finality would be possible in the judgments of the financial position of
absence of Federal legislation on this these groups. The Covered Agreement Eleni Iacovides, Group
aspect of insurance law. State commis- further “encourages the exchange of Chief Client Officer
sioners are understandably protective information between supervisory at DARAG Group Ltd.
of their insurance industry and their authorities in order to supervise e.iacovides@darag.eu
policyholders. A uniform system would insurers and reinsurers in the interest of
ensure that all transactions are reviewed policyholders and other consumers.” In
in the same way and are decided within plain English, it says: if you are regulated
the same legal and regulatory framework, by a sound regulatory system and respect
thus rendering state issues less relevant. basic insurance principles, then we trust
In a uniform system, business transac- that you do without further checks. And
AIRROC MATTERS / WINTER 2017–2018 13TO O L B OX
Eyeballing Excellence
3%
Establishing and Executing an Effective Watch List Process/Policy
A well-executed watch list process - Consistent reporting of facts, By guiding a consistent approach to
can significantly benefit P&C coverages, and issues; identifying which exposures to include
- Exposure calculations under on the watch list and staying abreast of
insurance companies. From the current developments and emerging
various scenarios;
initial establishment of the process, trends, the process owner helps
- Specific reporting formats;
which includes identifying which - Routine intervals for reporting;
management better understand and
exposures and claims to include, to execute the defined watch list process.
- Process for updates as new
the ongoing review of the process information emerges; Leading practices also suggest that a
as new exposures and claim types company should formally document its
• Open lines of communication for effec- watch list process and routinely review
emerge, the actuarial, claims, tive information gathering/sharing among the process for necessary adjustments.
and underwriting departments underwriting, reinsurance, claims, actu- A routine review facilitates up-to-date
significantly impact the success of arial, and risk management departments; documentation that reflects existing
a watch list process. Open lines • Reporting of findings to internal stake- resources and protocols as well as
holders for potential remediation initiatives. emerging issues that require assessment
of communication among these and reporting. An organizational culture
departments can pave the way for A clear vision statement serves as a
driven by open communication across all
guide in defining exposures or claims
a successful watch list process. stakeholders is well suited to develop and
assigned to a watch list, including the
maintain an effective watch list process.
key members of management (notably
Creating a watch list leaders from claims, actuarial, and
In order to make effective use of watch underwriting departments) involved Identifying watch list exposures
lists, a company should have a thoughtful in performing a watch list assessment. The external environment, including
and comprehensive process in place to While this component may appear changes in laws and regulations, drives
determine which exposures to monitor obvious, a company should not the exposures selected to appear on a
and how management should consider underestimate the value of the vision watch list. Much like organizational goals
this information. Watch list processes of statement in maintaining the proper and objectives, which change over time,
leading companies typically include the focus of the watch list over time. the evolving nature of watch list exposures
following items: necessitate routine assessment of and
Critical to a successful watch list process
• A vision statement to establish the goal is the determination of the process adjustment to the criterion underlying the
of the watch list program; owner and the associated roles and watch list assessment process.
• Clear ownership and lines of responsibilities. The owner of the watch The criteria used to assess exposures for
accountability; list process, typically a chief reserving inclusion on a watch list may include:
actuary, a claims department leader,
• A defined process that includes: • Types of coverage, time periods,
or another executive, plays a critical
- Identification of key risks to assess; role in establishing accountability and geographical regions of business
- Assignment of appropriate and and facilitating the timely sharing of underwritten;
available resources; information among various stakeholders. • Limits and attachment points;
Developments on claims Identification of new exposures to Other industry emerging exposures
currently reported add to the watch list not yet prime for formal addition to
the watch list
Coverage interpretations/rulings Trigger for placing the loss on the list Types of losses
Changes in filing trends or exposures/damages Filing trends Coverages impacted
Industry perspective/strategies/reserving Coverage and jurisdictional issues Filing and exposure trends
practices Exposure/damages estimates
Updates on resolution strategies Applicable industry reserving trends
Revisions to applicable scenarios Proposed resolution strategies
14 AIRROC MATTERS / WINTER 2017–2018Barbara K. Murray
Information included on a watch list
Watch list triggers Existing claims Potential claims Reinsurance profile
Loss will potentially exceed a defined Claim number Lines of business Reinsurance program structure
financial threshold Lines of business State in which the loss occurred Gross/net positions reflected in the
• Assess from a gross and net Potential coverages at risk potential outcome scenarios
State in which loss occurred
perspective generated
Policies currently exposed • Years underwritten
• Consider what is material Notice provision and confirmation of
• Period/terms • Coverages afforded
• Address losses impacting multiple notice issued to the reinsurers timely
insureds • Coverages afforded • Volume of policies written
Issues that may give rise to reinsurer
Loss type has been defined as a trigger • Policy limits*/attachment points Exposure
disputes
• Historical adverse development Exposure • Limits exposed/attachment points
• Severity of injury • Remaining limits/aggregates • Potential range of damages
• Filing trends • Deductible limits/balances
Description of potential loss (filing
• Outcomes may have significant • Underlying coverage exhaustion trends/severity)
impact on other claims or • Loss/expense payments to date
underwriting strategies Jurisdictional/coverage issues
• Estimated full level of damages
Emerging losses that may present Potential outcomes
significant exposure in the future Description of loss
Date of loss
Claims in which several insured risks
are subject to a common loss Jurisdictional/coverage issues
Potential outcomes
*written and remaining per occurrence / aggregate policy limits by year and coverage type
• Legal trends such as new court filings, their deep knowledge of the underlying Claims personnel may carry out
rulings regarding legal interpretations exposures, claims personnel often have an scenario testing and litigation risk
and procedural requirements, and jury early awareness of emerging loss trends analyses due to the complex nature of
verdicts; and case law changes, which may impact watch list exposures and the associated
• New claim filings (inclusive of the selection of watch list claims or loss coverage interpretation issues, such
underlying carrier exposures), as well as types. A well–run claims department as what constitutes an occurrence
reserve and payment patterns by industry, will establish processes for routinely and or the allocation of exposure across
company, and carrier; consistently tracking key issues and the various defendants or carriers. By
• New business strategies; and associated exposures. carrying out several assessments, each
• Discontinued business exiting strategies. Leading claims department watch list incorporating different assumptions
processes typically include a quarterly as to legal outcomes and ultimate
Asbestos, pollution, health hazard, and
assessment, as per chart on page 14. damages, the claims department
other complex exposures are perhaps
The head of the claims department can provide management and the
most commonly found on watch lists,
but prescient companies effectively typically performs an assessment, relying actuarial department a range of
utilize their claims and actuarial on information he or she gathers from possible outcomes to consider. These
departments to stay abreast of current the claims team, underwriters, and assessments facilitate early identification
trends and identify emerging exposures reinsurance departments (similar to a of claims with the potential to breach
and new claim types to incorporate into routine large loss assessment process) excess coverage layers and, thus, early
their watch list process. and shares the findings with the actuarial notification to reinsurers. Without such
department. The assessment includes assessments, these claims are at risk for
The role of the claims department a factual investigation incorporating future reinsurance denials due to late
Claims personnel typically play an the applicable coverage parameters and reporting of claims, unexpected reserve
important role in identifying exposures assessment of potential liabilities under development, and poorly developed
to include on a watch list. Thanks to various scenarios as follows. litigation strategies.
AIRROC MATTERS / WINTER 2017–2018 15Moving Forward.
Meeting Goals.
Progress Realized.
Our lawyers can help you with:
Regulatory issues applicable to run-off business and
associated transactions
Assumption reinsurance and loss portfolio transfers
A Law Firm with
Tax issues associated with run-off transactions
National and Litigation and arbitration of insurance, reinsurance
International Reach and agency matters
Lew Hassett Robert “Skip” Myers Jr. Ward Bondurant
Co-Chair Co-Chair
404.504.9532
404.504.7762 202.898.0011 wbondurant@mmmlaw.com
lhassett@mmmlaw.com rmyers@mmmlaw.com
Jessica Pardi Joe Holahan Tony Roehl
404.504.7662 202.408.0705 404.495.8477
jpardi@mmmlaw.com jholahan@mmmlaw.com troehl@mmmlaw.com
www.mmmlaw.com
Atlanta Beijing Raleigh-Durham Savannah Washington, DC Strategic Alliance Office - São PauloTO O L B OX
Eyeballing Excellence (continued)
The role of the actuarial department premium values, underwriting office and list process should rely on adherence
current underwriting goals/criteria. to sound policies that encourage both
The actuarial function fills several key compliance and accountability.
Companies should regularly re-assess
roles in the watch list process. Because
the criteria for inclusion of claims The implementation of a robust watch
they typically analyze aggregate data, ac-
and exposures on a watch list and the list process will promote the timely
tuaries have a different perspective from
related assessment process in light of the identification of significant claims,
claims professionals and may identify dif-
continual evolution of organizational facilitate appropriate reserving and
ferent potential watch list exposures and
goals and objectives, as well as the underwriting actions, optimize litigation
emerging claim types by leveraging their
external environment (e.g., changes in and resolution strategies, and lead
knowledge of industry and reserving
laws and regulations). to improved overall underwriting
trends. Actuaries also may be responsible
results. Successful watch list practices
for quantifying the potential liability as-
sociated watch list claims, as well as their
Challenges and opportunities include a multidisclinary team of
stakeholders defining watch list
impact on underwriting and incurred but One of the most common challenges in
triggers and monitoring the assessment
not reported (IBNR) reserves. Because a watch list process is the timeliness of
process. Leading practices suggest that
claims and actuarial professionals have updates, assessments, and quality review.
companies leverage this information in
different perspectives, facilitating collabo- The difficulty lies in the speed with
developing and implementing long-term
ration between these functions is advan- which unexpected new developments
can occur in the underlying exposures underwriting and claims strategies. l
tageous to insurers.
or external influences. Accordingly, the Vicki A. Fendley contributed to this article.
Information included on a watch list process for adding or updating items on
the watch list should be clear and flexible
All company watch lists do not include Barbara K. Murray,
enough to allow authorized individuals
the same information. The data, which to add new items and make ad hoc Director at PwC
is contingent upon the nature of the risk, updates as new claims information Actuarial Services.
legal issues, and the underlying business or developments in pertinent events barbara.k.murray@
or exposure, may include what is in the emerge. Companies should maintain pwc.com
chart on page 15. available resources to carry out
assessments when the need arises.
Using watch lists for more than the core
claims and actuarial assessments may Aligning a watch list assessment with
require a company to collect additional the reserve study schedule can provide
data. For instance, a company that wants efficiencies and valuable insights that For more information: Marc Oberholtzer, Principal,
to consider watch list exposures in management can leverage to make marc.oberholtzer@pwc.com, Samantha Lee, Senior
ongoing underwriting and pricing also decisions. As with any organizational Associate, Samantha.x.lee@pwc.com and Vicki
will need to gather rating information, process, quality assurance of the watch Fendley, Director, vicki.a.fendley@us.pwc.com.
SM
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AIRROC MATTERS / WINTER 2017–2018 17F E A T U R ED
CONTINUING E
Mega Superfund Symposium
ACRONYM FEST: ICYMI1, EECMA2 and AIRROC3
In a joint undertaking on September 7th in Philadelphia,
EECMA and AIRROC presented a symposium on Mega
Superfund Sites. In what seemed like a veritable snowstorm
of acronyms, participants learned about the challenges that
arise under CERCLA4 in dealing with Mega Superfund Sites
such as Portland Harbor, the Lower Passaic River, and other
contaminated sediments sites where remediation costs are
estimated in the billions. Panelists discussed key developments
in the remediation and cost sharing negotiations of the largest
and most complex environmental sites in the country as well
as innovative strategies for dealing with the financial and
technology challenges that they pose.
EECMA is an informal association of major and minor, domestic
and international, property and casualty insurers and reinsurers.
The members of EECMA are focused on continued education
about the many issues surrounding environmental, asbestos, and
other long-term exposure litigation that continues to challenge
our policyholders and us. Every year, EECMA organizes a two
day conference that includes industry specific cutting-edge topics
presented by attorneys, consultants, and insurance professionals
in the U.S. and throughout the world who are experts in their
respective fields. EECMA’s 2018 Conference will be held in
Orlando, Florida on April 25-27, 2018.
CWF5 stated that, “AIRROC was very pleased to have the
opportunity to collaborate with EECMA to produce this
program. AIRROC hasn’t done a program that focused on these
issues before and they are important to our members. A big
thanks to EECMA and our sponsors for helping to make this
happen.”
Gregory Kelder offered, “EECMA appreciated the partnership
with AIRROC and the opportunity to develop an agenda and
assemble a group of experts that focused on the multifaceted
complexities of large Superfund Sites.”
The event got rave reviews from those who were there:
“Excellent comprehensive deep dive by fantastic speakers
into what they said may potentially be a multi-billion dollar
environmental claim exposure for the insurance industry.
EECMA and AIRROC provide the very best bang for the buck in
their formidable knowledge sharing.” Michael Diggin, Swiss Re.
“Speakers were prepared and interesting. Excellent informative
event.” Laura Archie, Argo Group.
“Great deep dive into sediments, no pun intended. The
collaboration between EECMA and AIRROC was a winning
combination.” Leah Spivey, Munich Re. l
photos / Stephen Magnotta
Connie D. O’Mara, connie@cdomaraconsulting.com
1. In Case You Missed It
2. Emerging and Environmental Claims Manager Association
3. Association . . . oh, you know this one
4. Comprehensive Environmental Response, Compensation, and Liability Act
5. Carolyn “Wadsworth” Fahey
20 AIRROC MATTERS / WINTER 2017–2018PRESENT VALUE
News & Events
OPTIS partners, the number of insurance
Regulatory News Covered Agreement Update
agency mergers and acquisitions rose
Both the U.S. and the European Union from 350 for the first nine months of
Federal Insurance Office (EU) signed the Covered Agreement on 2016 to 457 in 2017. Further, the largest
A bill to reform the Federal Insurance September 22, 2017. Full implementation M&A transaction reported in the first
Office (FIO) was introduced in the U.S. in the U.S. may take up to five years half of 2017 was from the brokerage
House of Representatives (H.R. 3861, until all U.S. jurisdictions amend their section: the acquisition of USI by an
the Federal Insurance Office Reform current reinsurance collateral requirement investor group that included private
Act of 2017). Under H.R. 3861, the laws and regulations to conform to the equity firm KKR and Canadian pension
FIO would essentially be barred from mandates of the Covered Agreement. At fund CDPQ for $4.3 billion.
the signing of the Covered Agreement,
domestic insurance issues, including
the U.S. issued a policy statement, which On the legacy front, the
the authority to engage in broad
provided that the Covered Agreement most interesting
information gathering activities or issue
“affirms the U.S. system of insurance transaction (up to our
subpoenas. The FIO would be moved to
regulation, including the role of state column deadline) was a
the Office of International Affairs within
insurance regulators as the primary portfolio acquisition by
the U.S. Treasury Department and be
supervisors of the business of insurance.” insurance and
largely limited to international matters.
U.S. regulators were pleased with the reinsurance legacy specialist Compre
State insurance regulators and many in
reaffirmation of the authority and primacy Group (“Compre”) from Swiss company,
the insurance industry agree with the of state regulation and insurers and AXA Insurance Ltd (“AXA”), formerly
proposed diminished authority of the FIO. reinsurers are elated with the removal Winterthur Swiss Insurance Company.
of “local presence” requirements in EU The acquired
Cybersecurity jurisdictions. While EU insurers and portfolio of
The National Association reinsurers will benefit from the provisions insurance and
of Insurance of the Covered Agreement, post-Brexit, reinsurance
Commissioners adopted Lloyds and London insurers will have to business in run-off
the Insurance Data wait to see if a similar agreement will be was underwritten
Security Model Law on negotiated between the U.S. and United by RW Gibbon
October 24, 2017. The Kingdom. (Underwriting Agencies) Ltd. and RW
model law, which was adopted after seven Gibbon & Son Ltd. (the Gibbon pools)
between 1962-1964. Compre has
versions and much criticism from the
industry, includes many, but not all, of the
Industry News provided AXA with finality in all
requirements of New York Regulation respects regarding its participation in the
A report issued in
500 (23NYCRR500), creates rules for Gibbon pools for an undisclosed sum.
November by Willis
insurance companies, producers, and According to its press release, the
Towers Watson P.L.C.
other licensed entities “covering data acquisition represents Compre’s 26th
predicted that merger
portfolio deal and 10th acquisition of a
security, investigation and notification of and acquisition
company in run-off.
breach. The requirements include the (M&A) activity in the
creation and maintenance of information insurance industry should increase for
security program based on ongoing risk
assessment, overseeing third-party
the rest of 2017 and several years to come.
In fact, M&A activity continued strong
New Member
service providers, investigating data into the second half of 2017 – just not in SunPoint Reinsurance limited
breaches and notifying regulators of a the insurer and reinsurer sectors. (“SunPoint”), an international run-off
cybersecurity event.” According to an October 2017 report by reinsurance company, has become a
10 Alvarez & Marsal 30 Freeborn 16 Morris Manning & 2 Saul Ewing Arnstein &
ADVERTISERS 42 Budd Larner 38 Gardere Martin, LLP Lehr LLP
IN THIS 8 Butler Rubin Saltarelli
& Boyd LLP
17 Genpact
12 Kennedys CMK
43 Mound Cotton Wollan &
Greengrass LLP
42 Squire Patton Boggs
42 Stradley Ronon
ISSUE 37 Crowell Moring 35 Locke Lord LLP 44 Norton Rose Fulbright 34 Stroock & Stroock &
31 EY 19 Mayer Brown 42 Rubin, Fiorella & Lavan
4 Foley & Lardner LLP Friedman LLP 18 White and Williams LLP
22 AIRROC MATTERS / WINTER 2017–2018Francine L. Semaya & Peter H. Bickford
member of AIRROC. “As a veteran of intellectual property, immigration,
the legacy insurance and reinsurance and foreign investment services to WINTER 2018
arena,” said SunPoint’s CEO—Global Saul Ewing’s focus on representing
Head of P&C Run-off—Karl Wall, “I insurers, reinsurers and others in the
cannot overemphasize the value of insurance industry.
AIRROC membership to SunPoint.
Whether the objective is to network Sean Thomas
with others who face similar challenges Keely, formerly
in runoff, to collect reinsurance balances with Hogan Lovells
on legacy books, or to resolve related in New York, has JANUARY 11-13
disputes in a commercial manner, joined Freeborn ABA Torts Trial and Insurance
AIRROC is a valued and trusted partner. & Peters LLP Practice Section (TIPS)
AIRROC’s mission of promoting the (“Freeborn”) as a partner in the 44th Annual Midwinter Symposium
interests of entities with legacy business Litigation Practice Group and a Coral Gables, FL
and enhancing knowledge both within member of the Insurance and
www.americanbar.org
and beyond the reinsurance arena is yet Reinsurance Industry Team in
another important aspect of AIRROC Freeborn’s New York City office.
membership that SunPoint recognizes.” Freeborn, an AIRROC partner law JANUARY 17
firm, recently expanded into the New AIRROC Regional Education Day
York City market through its New York, NY
People (and firms) combination with Hargraves, www.airroc.org
McConnell & Costigan P.C. Sean
on the Move can be reached at skeely@freeborn.com. FEBRUARY 7-9
In October, the American IAIR 2018 Insurance
Insurance & International Resolution Workshop
Reinsurance Legacy Group (“AIG”) Scottsdale, AZ
Association (“IRLA”), made a couple www.iair.org
a UK-based market of important
body for insurance additions to its FEBRUARY 13-15
and reinsurance legacy professionals, legal and regulatory presence by
RAA Cat Risk Management
elected a new director, Darren Truman naming Lucy Fato as General
Orlando, FL
of Enstar Group. Mr. Truman joins Paul Counsel and Thomas Leonardi as
Corver of R&Q, Simon Barnes of Zurich Executive Vice President, www.reinsurance.og
Centrally Managed Business and Mark Government Affairs, Public Policy
Hallam of Swiss Re, who were and Communications. Fato, who has MARCH 13-14
unanimously re-elected. Also, at its held several top legal positions in the AIRROC Spring
annual awards dinner in November, the insurance industry including at Membership Meeting
IRLA presented Bob Howe of AXA Marsh & McLennan, will oversee New York, NY
Liability Managers (UK) Branch with its AIG’s global legal, compliance, www.airroc.org
Service to Legacy Award for 2017, and regulatory, and government affairs
Victor Nelligan of PriceWaterhouse– function. Leonardi, who previously
Coopers LLP as its 2017 Legacy Young MARCH 24-27
served as the
Professional. Commissioner of NAIC Spring Meeting
In September, Philadelphia-based Insurance at the Milwaukee, WI
law firm Saul Ewing merged with Connecticut www.naic.org
Chicago-based Arnstein & Lehr to Insurance
form the firm of Saul Ewing Arnstein Department, and as
& Lehr LLP, with 400-plus attorneys in an investment banker and venture
Delaware, Florida, Illinois, Maryland, capitalist, will oversee AIG’s global If you are aware of items that may qualify for the next
Massachusetts, New Jersey, New York, public policy and government affairs “Present Value,” such as upcoming events, comments or
Pennsylvania, and the District of and build lines of communication developments that have, or could impact our membership,
Columbia. In addition to expanding its with the numerous regulators that please email Fran Semaya at flsemaya@gmail.com or Peter
territorial reach, the combined firm is oversee AIG at the state, federal, and Bickford at pbickford@pbnylaw.com.
expected to add expertise in the fields of international levels. l
AIRROC MATTERS / WINTER 2017–2018 23You can also read
