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NEW YORKRun-off insurers in the United States are dealing with some aspects of run-off management fairly well, but are struggling in other areas, including gaining reinsurer support, says a study by New York-based PricewaterhouseCoopers L.L.P.
The study, which surveyed 27 primarily property and casualty insurance and reinsurance companies with discontinued insurance operations across the United States, says the run-off industry is dealing fairly well "with the establishment of run-off plans and the development of financial models against which operational results are being measured."
The study, which was prepared by PwC's insurance restructuring group, says, however, "In other respects, the industry is having difficulty meeting its objectives. Insurers are struggling to bring closure to their assumed exposures. They are also struggling to gain the support of reinsurers to meet their goals of early closure.
"Based on the survey feedback, it would appear that greater flexibility and transparency in the states' regulatory framework will help the industry achieve its desired goals," the study says.
Copies of the survey, "U.S. discontinued insurance business survey 2006: How US run-off liabilities are managed," can be obtained by contacting Lauren Benson, at 267-330-1308, or at firstname.lastname@example.org. The survey will also be posted online soon at www.pwc.com/us/insurance.