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ACI : Conference-Papers : 2004 : RUN-OFF AND COMMUTATIONS

The Second International Advanced Forum on

RUN-OFF AND COMMUTATIONS

Thursday, October 23, 2003

About

The unprecedented events of September 11th, combined with lingering claims related to asbestos and other mass torts and recent corporate scandals, have fueled the growth of a multi-billion dollar run-off industry. Analysts note that the value of global run-off exceeds 20% of total liabilities for insurance companies and more than 24% for reinsurance companies. Current estimates of worldwide run-off gross liabilities range from $220 billion to $350 billion and are expected to rise 10% annually, reaching $505 billion by 2006.

Given today's faltering economy and the resulting volatile insurance and reinsurance markets, everyone involved - including insurance, reinsurance, and run-off executives, attorneys practicing in insurance, reinsurance, and insolvency, and brokers - must have a sophisticated and in-depth grasp of the latest challenges attendant with run-off.

American Conference Institute's Second International Advanced Forum on Run-off and Commutations publication has been revised and updated to bring you the very latest information on all of the changes and developments in run-off, including how to reap the greatest benefits and create the most profitable opportunities in this growing niche. Once again, this publication brought together a preeminent faculty of leading industry players who provided you with their perspectives and expertise on:

  • The current state of the property and casualty insurance market in North America
  • Practical issues in conducting insolvent run-off
  • Implementing effective financial and operational strategies for managing run-off
  • The latest on the Rhode Island Solvent Run-off Initiative
  • Strategies in realizing effective collections
  • How to close down run-off pools
  • Recent developments in life and health reinsurance
  • Applying discount rates to IBNR and reserves in a commutation negotiation
  • Reserving for asbestos and other mass torts
  • Choosing an arbitrator
No matter what your role in the insurance, reinsurance, and run-off arenas, this comprehensive and information-packed American Conference Institute publication is one you cannot afford to miss.

Contents & Contributors

About

The unprecedented events of September 11th, combined with lingering claims related to asbestos and other mass torts and recent corporate scandals, have fueled the growth of a multi-billion dollar run-off industry. Analysts note that the value of global run-off exceeds 20% of total liabilities for insurance companies and more than 24% for reinsurance companies. Current estimates of worldwide run-off gross liabilities range from $220 billion to $350 billion and are expected to rise 10% annually, reaching $505 billion by 2006.

Given today's faltering economy and the resulting volatile insurance and reinsurance markets, everyone involved - including insurance, reinsurance, and run-off executives, attorneys practicing in insurance, reinsurance, and insolvency, and brokers - must have a sophisticated and in-depth grasp of the latest challenges attendant with run-off.

American Conference Institute's Second International Advanced Forum on Run-off and Commutations publication has been revised and updated to bring you the very latest information on all of the changes and developments in run-off, including how to reap the greatest benefits and create the most profitable opportunities in this growing niche. Once again, this publication brought together a preeminent faculty of leading industry players who provided you with their perspectives and expertise on:

  • The current state of the property and casualty insurance market in North America
  • Practical issues in conducting insolvent run-off
  • Implementing effective financial and operational strategies for managing run-off
  • The latest on the Rhode Island Solvent Run-off Initiative
  • Strategies in realizing effective collections
  • How to close down run-off pools
  • Recent developments in life and health reinsurance
  • Applying discount rates to IBNR and reserves in a commutation negotiation
  • Reserving for asbestos and other mass torts
  • Choosing an arbitrator
No matter what your role in the insurance, reinsurance, and run-off arenas, this comprehensive and information-packed American Conference Institute publication is one you cannot afford to miss.

Contents & Contributors

TRENDS AND MARKET DEVELOPMENTS IN RUN-OFF
David R. Robb, The Hartford

PROPERTY & CASUALTY CURRENT STATE OF THE MARKET
Michael J. Barry, Fitch Ratings

CORPORATE REORGANISATION UNDER BERMUDA LAW
Robin J. Mayor, Conyers, Dill & Pearman

HIH INSURANCE: A CORPORATE COLLAPSE AND ITS LESSONS
Tony McMahon, KPMG UK Corporate Recovery Insurance Solutions

MANAGING A COMPANY IN RUN-OFF: DESIGNING EXIT STRATEGIES TO MEET THE RISK CARRIER'S OBJECTIVES
Andrew Rothseid, PricewaterhouseCoopers Global Restructuring Services LLP

SUCCESSFUL RUNOFF MANAGEMENT TECHNIQUES
Michael Fitzgerald, Global Resource Managers CAN

CEDENT/REINSURER PERSPECTIVE
Austin Thornton, American Reinsurance Company

THE ROAD TO RHODE ISLAND
Frank Ray, Hinckley, Allen & Snyder

SOLVENT SCHEMES OF ARRANGEMENT AND THE GLOBAL INSURANCE INDUSTRY
Dan Schwarzmann, PricewaterhouseCoopers

STRATEGIES AND TECHNIQUES FOR SUCCESSFUL COLLECTIONS
Dennis Hayes, Reliance Insurance Company, New York Ancillary Receivership, New York Liquidation Bureau

PRACTICALITIES OF RUN-OFF POOLS
Joseph Loggia, Buxbaum, Loggia & Associates, Inc.
Paul J. McGee, Horizon Management Group, LLC

LIFE AND HEALTH REINSURANCE: NEW STREETS AND FAMILIAR NEIGHBORHOODS
Jack R. Scott, White and Williams, LLP

A COMPARISON OF PROPERTY AND CASUALTY AND LIFE AND HEALTH REINSURANCE ARBITRATIONS
James A. Shanman, Edwards & Angell, LLP

TYRANNY OF DISTANCE
Peter Clarke, Cobalt RunOff Services
Colin Russell, Cobalt RunOff Services

SOLVENT & INSOLVENT RUN-OFF IN BERMUDA
David Alexander, Ernst & Young – Bermuda

THE JAPANESE INSURANCE MARKET & THE TAISEI REORGANIZATION
Sean McDermott, Ernst & Young LLP

RUN-OFF TODAY – THE UK
Nigel Morson, Royal & SunAlliance Reinsurance

COMMUTATION AGREEMENTS: DRAFTING A CLEAR AND COMPREHENSIVE CONTRACT
James Veach, Mound, Cotton, Wollan & Greengrass

MOCK COMMUTATION NEGOTIATION
Richard Grant, Horizon Management Group, LLC
Steven A. Falk, RiverStone Reinsurance Services LLC

BEYOND COMMUTATION
Richard White, Grant Thornton

DEVELOPMENTS AND CHANGES IN HANDLING ASBESTOS PERSONAL INJURY CLAIMS
David T. Austern, Claims Resolution Management Corporation Manville Personal Injury Settlement Trust

ASBESTOS ISSUES AND TRENDS
John J. Cuff, JD, CPCU, ARe, Tillinghast-Towers Perrin

ARBITRATION: TIPS, TRAPS AND TECHNIQUES
Peter R. Chaffetz, Clifford Chance US LLP
David J. Grais, Dewey Ballantine